Mithril decentralized coin social platform is modeled after Instagram. It’s a Steem-like concept where users are rewarded for supplying their personal content (ie, photos, posts, links, stories, comments, etc.) It was first announced in March 2018, and thanks to the recent jump in price it is one of the hottest coins in the market. Mithril’s success is due to being user-friendly, its coin, and social mining.
LIT is a beta version of a future Mithril desktop component. Currently, LIT integrates with other existing social networks to allow current users to post contents and get rewarded in Mith coins. LIT offers all common amenities found in mainstream sites such as photo editing, chat rooms, and privacy functions. It will borrow from the concept of ‘Snapchat’ where all content will be visible for a 24 hour period before disappearing.
Mithril’s uses basic, off the shelf, tried and true, Ethereum ERC20 token technology. The company has yet to decide on a choice of blockchain for future development. In the meantime it relies on its LIT interface.
Mithril is forming partnerships with online retailers and services to form a merchant network. Mith tokens will be used to exchange for online content like live streaming, dating services, or tangible items like apparel or accessories. In addition, Mith will offer its own native wallet called “The Vault” which in the future will have atomic swap capabilities to exchange Mith for other crypto or fiat currencies. the Vault will also automatically calculate and store the amount of Mith earned during social mining. Token rewards will follow YouTube’s business model of earning one dollar per one thousand views. Therefore, users will earn one dollar worth of Mith coins at current market price.
Social mining is the commercialization of online social interaction. Today, users interact with each other and social websites providing content for free. However, their content creates traffic and data which is sold for profit to advertisers. Social Mining pays users for their content in Mith coins. Therefore, the more an user interacts with the site or othet user, the more rewards he/she gets.
The popularity of Mith is due to its successful market appeal. The initial market audience is growing among youth in major Asian markets. It’s composed of young South Koreans, Chinese, Japanese, Taiwanese, etc. Of particular interest is the idea of social mining and the creation of a social marketplace using the mith token. Mithril stands to revolutionize the social experience by introducing crypto currencies and its technology behind it.