The social media networks have started to play a very significant role in our lives, and since the centralized business model manages each network, the people from Mithril have found a way to bring decentralized applications closer to the conventional social platforms.
What is Mithril?
Mithril is a decentralized social media platform created on the Ethereum blockchain using an ERC20 token called MITH. However, besides using the MITH token on the Mithril platform, the team behind this project aims to integrate the token on all major social media networks.
Besides that, the project aims to create a reward system for the content creators and for the users that are joining the network. The team described this process as social mining.
While the project has a massive competitor in this area, Steemit, the Mithril platform will be different than what we’ve seen. We’ll go into detail later.
First, let’s see what is social mining.
According to the whitepaper, the team of developers has created a new concept which could prove itself to be groundbreaking. The Social Mining is a simple but gratifying idea, as long as the users provide valuable information they will earn MITH tokens depending on their contribution.
This is an excellent idea since our lives have started to revolve around social platforms like Facebook and Twitter. So instead of a “rush” given by the instant validation, the users can transform into content creators and be paid to do it well.
Their mining rewards will be directly linked to their influence and success as a contributor on the network. The more network value they bring to the platform, the more MITH they will earn. All mining efforts and rewards will initially transact via the Ethereum Network.
Furthermore, the MITH will be a utility token, and it will be used at first on a social media platform called Lit. The paper hints that the team has created this social platform as a starting point for mass adoption. The social network will have the following features:
- Instant messaging
- Story feeds
- The possibility to add friends.
Besides that, the platform has a “vault” that will play the role of a wallet and exchange.
“The Mithril Vault for its users to store, use, and exchange MITH for BTC and ETH. Lit will seamlessly integrate into into major social networks to help users more easily monetize their personal content.”
We’ve mentioned earlier that Mithril is not the first project aiming to decentralize the content creating businesses and social networks. Steemit is trying to do the same thing by incentivizing it users to write original content with Steem dollars. However, Mithril has taken this idea a step further. While Steemit is built to resemble the Medium platform, namely for bloggers and writers, Mithril aims to reward all types of contents, from stories to simple day to day posts.
David, Bob, and Carol. They are new users to Mithril and have 0 MITH each. Over the span of one week, David contributes 4 stories to one of Mithril’s partner platforms and receives 400 views and 0 hearts, Bob contributes 5 stories and receives 200 views with 80 hearts, and Carol contributes nothing to the network.
Using our social mining algorithm, while setting the current per view weight at 1 and the per heart weight at 5, David will have mined 400 ore, Bob at 600 ore, while Carol has mined 0 ore. Based on preset calculations, the total Mithril Reward for this 1 week period was automatically determined to be 10000 MITH. Based on the purity weight of the three miners, David will receive 4000 MITH, Bob has earned 6000 MITH, while Carol will receive nothing.
The project was launched in March 2018, and in less than two months it managed to place itself among the crypto giants. The team announced that 35 percent of the total supply which consists of 1 bln tokens will be available for users to mine with the social mining algorithm. Furthermore, in less than two months the token was listed on some of the most prominent crypto exchanges in the world.