What Is Mithril (MITH) – Crypto Beginner’s Guide
In an endeavor to appeal to both cryptocurrency fanatics and the newest generation of social media enthusiasts, Mithril has combined both into an unprecedented social media mining program. Working hand in hand with its unique social networking application, Lit, Mithril rewards “social miners” with MITH currency based on achieved likes and interactions through the program.
Mithril employs the coin MITH, which users can receive by mining through social media use. Mithril believes that an influx of users within the social media application will allow for increasing profit opportunities over time. Specifically, 35% of the available supply of MITH will be distributed through the application over the next few years, wherein specific amounts of MITH will be allocated and the algorithm will divide it among social miners based on likes and interactions. However, due to the limited amount of MITH dedicated to the project, awards for social networking within Lit will decline as more and more of the coin is distributed.
The blockchain technology used makes all transactions safe and secure, and the decentralized storage of data allows for efficient transaction recording. Mithril is built on Ethereum’s ERC-20 standard and can be stored in the Ethereum wallet that can accommodate the ERC-20.
Users are able to exchange MITH for goods and services, including retailers and applications, on the Mithril Merchant Network. MITH can also be exchanged for more common crypto such as BTC. MITH can be kept in the Mithril Vault indefinitely, and the vault also has the capability to help users estimate how much they will earn via social networking.
The Social Network
Mithril has taken a new approach to mining cryptocurrency by designing a social networking program with the goal of rewarding content creators. Users will earn currency through what has been termed “social mining,” via all created content and interactions within the app. Mithril is also prioritizing accommodation of other popular social networking sites.
Lit will function similarly to other social media platforms by allowing stories, chat, and messaging, and like other platforms, users can post videos, pictures, text, and much more to Lit Stories which will make the content available for 24 hours. Photos will offer retouching and other effects, and messaging options will allow for sharable content across the application. Users will be able to adjust who can see their content, allowing them to keep their privacy while still being able to mine for MITH.
Mithril is attempting to contribute an entirely new mining process to a generation that is accustomed to social media in their day to day life. By offering a reward system in exchange for use of their network, Mithril is not only finding a unique way to distribute their currency, but they are bringing immediate relevancy to their social networking application. If content creators find Lit to be a program that caters well to their creative process and interests, the social network itself may continue to remain successful even beyond the mining rewards that it offers.