Mithril (MITH)

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Overview

Mithril serves as a decentralized social media platform rewarding users for creating content. The Mithril token(MITH), an ERC20 social media token riding on the Ethereum ecosystem, can be earned through the process of social mining. This is a novel process forming an integral part of the Mithril blockchain, where users automatically receive rewards for interacting with others and generating content based on the platform’s algorithm. Mithril mined can be sold or spent in the respective social media platforms with which they are integrated, and can be managed by both the users and social media managers through the application Mithril Vault. The Vault provides statistics, product options and potential estimation of reward based on your popularity and features. MITH launched in March 2018 as a utility token on Lit, a new social media platform that caters to the needs of this current generation of users, who seek a platform to meet their demand for adopting cryptocurrency and compensating them for their social media habits. Popular stories on Lit are rewarded with Mithril, with people earning tokens as they try to climb the popularity web.

Team

The Mithril team is led by founder Jeffrey Huang,a Taiwanese based entertainment and technology industry leader. He is the man behind 17 Media, a major live-streaming app in Asia. The extensive reach of his projects in Asia most definitely shows promise for the widespread adoption of Mithril integrated media in the east.His passion for and early pursuit of new technology has always kept him ahead of the curve. Mithril’s partners and advisors include Pantera Capital,Sora Venture, and QTUM Foundation.

Future Developments

Currently, the team is developing the Mithril Wallet, set to launch in the final quarter of 2018, along with the Alpha and Beta versions of the Mithril Shift.The company also plans to work toward developing a wider merchant network called the Mithril Merchant Network which will serve as one of many ways to make use of the MITH tokens. To promote retail and brick-and-mortar application of MITH tokens, Inst.recycle, a vintage clothing company, is the first retail partner to accept the tokens at launch. Users can use MITH tokens to purchase products and services of their choice in the marketplace. At the initial release, retail services will be limited to Taiwan and Hong Kong, with future prospects of going global.

Users will also be able to use the Mithril Vault to exchange their MITH for ETC or BTC, cryptocurrencies that are supported by almost every wallet. Moreover, the Mithril Vault allows the users to store and use MITH tokens at their own convenience. Mithril seeks to integrate the Mithril Vault with other platforms to stimulate the adoption of the ecosystem. The additional features of the Vault will include tools for estimating rewards based on current contributions, giving users an approximation of how much they will receive through Social Mining rewards.

Risk and Opportunity

A rather ambitious project, Mithril was developed to integrate a blockchain platform with the current social media network. In view of the traditional workings of social media, this token could prove to be either very successful or fail due to the difficulty that lies in penetrating a market already filled with competitors like Facebook and Instagram on the social network, as well as blockchain rivals like Steemit and Jet8(which centers around building a peer-to-peer marketing platform mainly used for promoting brands in exchange for JUMBO coins from the advertising brands).Unlike Steemit, Mithril allows the users to not only engage in the multi-app platform, but also award content providers with Bitcoin or Ethereum, as well as MITH, tokens.Moreover, the main distribution model has been designed to favour early adopters who will be attracted to the platform with larger rewards. They believe that lower rewards will be offset by increased demand and value for the tokens, but do not clearly mention how the platform will continue to reward to users once all the MITH has been mined. Such limitations are a possible result of Mithril still being in its early stages of development. However, with Huang’s widespread prominence in the Asian social media market, MITH could truly grow into a sizeable opportunity with mass adoption by a large community.

Disclaimer: Cryptomover is not a licensed financial adviser. The information presented in this piece is an opinion, and is not purported to be fact. Cryptocurrency is a volatile virtual commodity and can move quickly in any direction. Cryptomover is not responsible for any loss incurred by following this advice.

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