Mithril token and Lit app. A new kid on Social Media and Crypto Rewards block

in #crypto7 years ago

I saw this project about a month ago here on Steemit and it got my attention. The more Social Media that rewards us, the better for us, right?

Screen Shot 2018-03-12 at 20.19.03.png
Screenshot from https://mith.io/

Their app launched the previous Monday, I installed it, used it for a week and I will share my experience thus far.

The Project

Mithril is a decentralized social media platform on the Ethereum Blockchain that rewards all content creators, through a process they call Social Mining. It uses blockchain technology to ensure that transactions are secure and safe for all participants. This is what actually blockchain is. A technology that can record transactions between parties in a efficient, trustless, and immutable manner.

Mithril (MITH) for the time being is as a utility token on Lit, an app that is just like Snapchat, but with every like you get a little bit of MITH. It features as instant messaging, story feeds, and discovery of new friends. More about the app in a while. They will also build a wallet , they call it the Mithril Vault and will let you store, use, and exchange MITH for BTC and ETH. Lit will seamlessly integrate into major social networks to help users more easily monetize their personal content.

Screen Shot 2018-03-12 at 20.20.55.png
Screenshot from https://mith.io/

Lastly, we will be able to spend Mithril tokens within the ecosystem with services such as premium content channels, dating services, live-stream applications and at retail stores with the Mithril Merchant Network that will initially launch in Taiwan and Hong Kong.

It is an ambitious project and I would like to see succeed, along with any other project that rewards its users. The project is funded by the team behind 17 Media, with advisors from Pantera Capital, Sora Ventures, QTUM Foundation, AMIS, and Blockstate.

The Token

Mithril (MITH) is an ERC-20 token and this is the distribution.

Screen Shot 2018-03-12 at 17.30.53.png
Screenshot from Mithril whitepaper

It has only be listed on okex.com and currently it is valued at $0.70 .

Screen Shot 2018-03-12 at 17.32.17.png
Screenshot from https://www.okex.com

The 35% of the tokens will be distributed to the users by Social Mining. The distribution through time is exponential as shown in the graph below.

Screen Shot 2018-03-12 at 20.23.43.png
Screenshot from Mithril whitepaper

Social Mining is the process of giving out the rewards to the users. As we produce valuable content on the network, we will earn MITH via Social Mining, according to our
influence and success as a contributor on the network. The more network value we bring to the platform, the more MITH we will earn. All mining efforts and rewards will initially transact via the Ethereum Network. In the graph below we can see the math of the process :

Screen Shot 2018-03-12 at 17.54.15.png

Screen Shot 2018-03-12 at 17.54.43.png
Screenshots from Mithril whitepaper

The team

The most crucial part of every project is the team. Jeffrey Huang the founder is a Taiwanese-American music, entertainment, and technology industry leader based out of Taipei, Taiwan. His most recent project, 17 Media, the number 1 live-streaming app in developed Asia. The mobile app quickly became the most popular app in Taiwan, Malaysia, Hong Kong, Singapore and Indonesia. They have a complete team of researchers, developers and marketers and they are backed by ventures capitalists. If you want to do research on them here they are. They seem legit. At least they have full LinkedIn profiles.

Screen Shot 2018-03-12 at 18.03.47.png
Screen Shot 2018-03-12 at 18.04.01.png
Screenshot from https://mith.io/

This is where you can find them :
Website : https://mith.io/
White Paper : https://mith.io/whitepaper.pdf
Telegram : https://t.me/MithrilChat
Twitter: @MithrilToken

Lit app

The Lit app is where all the action takes place. This is the profile screen.

Screenshot_20180312-181822_resized_20180312_062001005.png

By pressing the two circles you can see your stories feed. Next you have the discovery feed, the big circle in the center is the camera , then you have your private messages and last is your profile icon. At the top right you have settings and your notifications, but they are not shown in this screenshot.

This is your stories feed.

Screenshot_20180312-181853_resized_20180312_062000912.png

The app is for now only available for Android in Google Store.
It will be available for iOS devices soon.

My take

I've been using the app for a week now. It is easy to use , quite intuitive, but heavy on the battery and data usage. For most time it works as expected. I haven't experienced any crashes or unresponsiveness.

The learning curve is small. Play a little bit with it and you are good to go. To be honest there is not that much to do. Post photos, follow, like and sent PMs. I guess you wouldn't need anything else. As I said it like snapchat, which means your photos will be erased after 24 hours. I am not sure how this works with blockchain, which everything posted there cannot be deleted. I guess they store the media somewhere and use blockchain for transactions. Your photos are presented in form of stories. So, nothing new here. The app supports small videos around 5-10 sec, but they are slow to load , and sometimes they keep on playing over and over.
For those who care , I haven't seen nudity, maybe this is some kind of future premium content. Some sexy shots here and there do exist.

Screen Shot 2018-03-12 at 20.16.13.png
Screenshot from Mithril whitepaper

Generally , I like the app and the approach. By joining now, you will have the early adopter advantage, but if it fails you've wasted your time. My biggest concern so far is that there no wallet, that means you cannot spend or exchange your hard earned MITHs. Apart from that, it is fun to use , but you have to spend time in order to follow and like other people's stories. After a week I have some followers and if you take the time to like photos, other users tend to like back. There is a build in chat that works , but haven't really used it. Most of the users are from Asia.

I hope this project succeeds, because we will have more chances of income and that something we all want.

So, that was it. Tell me your opinion. Will you use it ?

If you will , let's LIT the world on fire !

And of course, keep on Steeming !!!

footer.png

Sort:  

Are you still using Lit?

Sporadically. It's pretty much vote for vote and I don't have time for that.

Ya that’s what I thought, seems like a teen thing. Cause those kids Snapchat all day lol

You think mithril is a good investment?

Don't know. I think that MY time is better invested elsewhere.

It's so cool! Another blockchain-community! I think this is the future, not Facebook.

Facebook now is a necessary evil. Thank for resteeming . :)

Hopefully it will no longer be a necessary, but probably will still be evil.

Plewn nomizw oti tha ta poulisw ola ta kriptonomismata.. kai tha ta kanw soublakia stin kilia mou... :ppppp

Τα αγοραζω . Χωρις πλακα.

Xaxaxaaaa.. tha se exw ipopsin mou...😀😀😀

η εθνικη τραπεζα μαλλον εχει μπλοκαρει την coinbase και δεν μπορω να παρω τιποτα.

I like the concept but I have iOS at the moment... actually it seems like the direction most things are going in is blockchain or they are at least experimenting with it. Which is a good thing. The problem is that most icos and cryptos are pump and dumps or ponzis.

There is iOS app , but I think you have to apply and they sent it over. But you don't want to be their alpha tester. :)
I think we are heading to a "tokenize" everything approach. Which is a good thing.
To be honest I am through with ICOs. I will invest only to projects that have released a working product.

The app is for now only available for Android in Google Store.
It will be available for iOS devices soon.

I read this and it stuck with me. I’d rather be a Gama tester.

Yeah working products are the way to go. A wise person once told me: if it seems to good to be true it [probably] is.

Hey Ilias, what you think? Which one is better??
Steemit or Mithril?

i think there are deferent aproaches to each one so u cant compare wich is the best

It is two completely different platforms and approaches.
Why choose when you can have both ? Or more ? :)

we just saying with my gf if we die and someone starts searching our accounts around the net it would be a book with user names and passwords lololol

That's right. How much time should I spend in Mithril?? And comparatively is steemit more profitable??

I spend an hour. For the time being and for me Steemit is much more profitable. But you compare a platform that's 10 days old with one that it is 2+ years

As photo junkie i propably give a try lol

Yes sure and I discovered one more platform. And we have Appics here on Steem Blockchain.

ok are u gona make a post about it ? or in general inform me im interesting but if u will to make apost also for this i will wait it and talk when u get it. honestly idk if all these are buble but i like posting on instagram has nothing to give me back so i will give a try

If you want info now, sent me a message on discord. Or else wait a couple of weeks for a post. :)

ok wait a bit to read your post

Πολύ ενδιαφέρον , θα το δοκιμάσω!!!

εξαιρετικα . οταν με βρεις στειλε μυνημα να σε ακολοθησω.

Resteemed to over 14900 followers and 100% upvoted. Thank you for using my service!

Send 0.200 Steem or 0.200 Steem Dollars and the URL in the memo to use the bot.
Read here how the bot from Berlin works.

@resteem.bot

We are happy to be part of the APPICS bounty program.
APPICS is a new social community based on Steem.
The presale was sold in 26 minutes. The ICO will start soon.
Read here more: https://steemit.com/steemit/@resteem.bot/what-is-appics

@resteem.bot

I looked everywhere on the internet for something like this! You are the man!?

glad you liked it

Coin Marketplace

STEEM 0.17
TRX 0.16
JST 0.029
BTC 61015.50
ETH 2395.46
USDT 1.00
SBD 2.64