Mithril is a decentralized social media platform existing on the Ethereum blockchain as an ERC-20 token. Content creators can earn/mine MITH tokens by posting content on the social media platform.We’ll take a close look at this platform and see how it benefits the users.
Mithril Introduces Social Mining
Mithril uses a unique concept called “Social Mining”. It is a concept of rewarding users for contributing content to the network. Unlike many other platforms that don’t have any working product, Mithril has an application called “Lit” that can be downloaded on Android and IOS enabled mobile devices. Users earn MITH using the Lit app when they post content using the app and also earn using social influence. The platform has a social mining algorithm that determines the amount of MITH one can earn using the app.
Users get rewarded in MITH when they share stories using the Lit app and also earn additional tokens based on the influence of their content on the network. For example, if one shares a story on their “Trip to Las Vegas” and it becomes a trending topic, then the user gets rewarded according to the likes and shares that he/she receives for that story. The number of MITH tokens that are to be rewarded is based on the algorithm mentioned in their whitepaper. The more value a user brings to the Mithril network, the more MITH they earn. 35% of all tokens are contributed to Social mining and in the upcoming years, a total of 350 million MITH tokens will be distributed to the users through social mining. The token quantity will also be halved yearly just like “Halving in Bitcoin”. So, the MITH token rewards reduce by time, so the earlier we get onto Mithril network, the more MITH tokens we earn.
The Lit app is still in beta version, but it is a very popular app running on the blockchain. Users get rewarded on the stories that they share via this app and also based on the influence it has on the network.
The Lit app has three goals to make the platform more powerful
- Drive Network adoption for Platform
- Rewarding the users and adopters
- Enable mobile wallet to spend MITH tokens.
The lit app is designed to attract the current generation of users who use social media as well as cryptocurrencies. Lit not only allows users to share their stories (Stories can include photos, videos, posts or slideshows) but also allows users to discover new friends, chat with them using the instant messaging feature and also help in taking photos and videos using inbuilt filters in the app. Lit chat rooms are also available for the users to share stories among friends and groups. Even if they have their own social media app, the Lit team wants to integrate MITH across all other social media platforms to give the users ownership of their content.
MITH tokens can be used by the merchants who come forward to integrate the Mithril network into their platforms. Online applications and premium content can make use of this network and allow users to spend the tokens for their services. INST.RECYCLE is one clothing company that is already using blockchain and there are many more merchants who want to integrate in the future. In short, MITH tokens can be used to spend on the MITH blockchain enabled ecosystems.
Below is the MITH token distribution :
50% for the token creation event (Social Mining event)
10% for the development team
10% for the Early adopters
20% as a reserve
Other platforms can integrate the Mithril blockchain using the Mithril Vault and the vault will also help the users to estimate their rewards based on their contribution. The vault will only give the estimation of rewards that a user will get using Social Mining.
Mithril has a clear roadmap ahead and they want to achieve all the targets/milestones in order to increase their adoption and network effect.
Below is a brief summary of their roadmap:
- MITHRIL PLAY alpha in Q3 and full version in Q4 to be released.
- MITHRIL AD-CONSOLE Full version to be released in Q2.
- Game Crowdfunding Full version to be released in Q4.
Mithril wants to use both the social media and blockchain technology to attract the younger generations. Also, the reward system attracts many users towards this platform. But only time will tell if this platform and the Lit app can replace famous social media platforms like Instagram and Snapchat.