The Mithril ecosystem has been rapidly expanding. Yet perhaps most users only have vague idea of what Mithril is trying to achieve and what it has to do with Lit.

This post is a fast read for those who wish to understand the differences between Mithril and Lit in a heartbeat.

Mithril is establishing an integrated ecosystem that revolves around MITH tokens.

MITH tokens can be acquired through social mining, while its applications include assets and purchases of various sectors.

“Lit” app, as it may sound familiar to the ear, is the very first social mining app. It is a social platform where users can upload photos and videos while acquiring and accumulating MITH tokens. When connected to “Mithril Vault”, users are able to manage their MITH asset at the tip of their fingers.

Mithril has been discussing partnership opportunities with several companies regarding using MITH tokens as a payment method. Soon, MITH holders would be able to put their asset into use by purchasing everyday supplies and streaming services with MITH tokens.

The graph below would give you a better idea of the 3 fundamental concepts of the Mithril ecosystem:

Social Mining

• Social mining is the process of acquiring MITH tokens at supported social mining platforms through creating and uploading worthy contents as well as interacting with other users.
• “Lit” app is the debut of such mechanism of social mining. You can upload and share stories in photos or videos of your daily lives with families and friends while letting your creativity go wild. Mithril distributes MITH tokens as rewards based on the quality of the content uploaded and the how other users interact with the post.
• Mithril is still discovering and developing other potential social mining platforms — exciting news is right around the corner.

MITH token as a payment method

• As an utility token, it is anticipated that holders will be able to spend the token in all walks of life, getting the goods and services they need.
• Platforms that currently support MITH tokens as a payment method include:

Minni:

A new dating platform that matches potential friends or partners.

WeStreamers:

A subproject of WeBackers, founded internally by Gamania. Providing live business streaming services.

Assets Management

• In addition to using MITH tokens as a payment method, Mithril also provides an easy and breezy way for MITH holders to manage their own asset. Through “Mithril Vault”, users can shift MITH tokens into other cryptocurrencies as well as exchanging it after withdrawal.

Mithril aims to create an integrated ecosystem —
one that models after the use case(s) of various mainstream ecosystem currencies, from dollars to game points — from acquiring, to spending MITH tokens. Mithril ecosystem participants can earn or acquire MITH, and spend MITH whenever and wherever, within Mithril’s ecosystem, or store its value for use later.

Imagine, in the near future, you’ll be getting breakfast with the MITH tokens you’ve earned from a work article. At noon, >you captured a beautiful shot of a rainbow, and with the MITH tokens from the photos of your trip aboard, you get to treat >yourself with a cup of heart-warming latte.

At night, you’re revisiting your financial strategies, decided to shift the remaining MITH tokens at Mithril Vault into Ether >and use in a trending ICO.

This is the future that Mithril envisions.

Hope that this post has gave everyone a better comprehension of Mithril. Please do not hesitate to contact us via Mithril’s social media channels were there any question!