Mithril coin (MITH) wants to ensure that social media is fully in the hands of the users. The internet should once have ensured that everyone could share their content and be rewarded for doing so. However, large companies such as Facebook and Google have completely taken over this. Thanks to Mithril, we can now be rewarded for all the content we create, no matter how big or small you are as a user. Read in this explanation how you can use this today.

View quickly

• What is Mithril (MITH)?
• Characteristics token
• Team
• roadmap
• Advisors
• Partners
• Popularity
• Criticism
• Conclusion
• Buy Mithril

What is Mithril (MITH)?

In a nutshell, Mithril is a decentralized social media platform that rewards all users for creating content. Social media channels as we know them today (Facebook, Instagram) benefit enormously from the content we as users create. In fact, the users do all the work and the central platform takes advantage of this. Of course it is also possible to advertise as an influencer, but in the end there are billions of smaller users like you and me who add value to the social network and see nothing in return. Mithril was created for this purpose. In this way there is not one central entity that benefits from all others and it becomes possible for everyone to be rewarded for his/her contribution to the social network.

On to decentralized social media

Mithril’s goal is to build the largest and most optimized decentralized social network based on blockchain. To achieve this, their main goal is to be able to integrate with the largest social media platforms of the moment. This is a hugely ambitious goal, but certainly not impossible because the founder, Jeffrey Huang, has built up a big name in Asia. Before we get into Huang (see team), let’s take a closer look at how he wants everyone to get paid fairly for their content on the Mithril network. Mithril has created “social mining” for this purpose.

Social Mining

Social mining is a completely new concept introduced by Mithril himself. In a simple picture with a difficult-looking formula, it looks like this:

IMG

 

A total of 350 million MITH (Mithril’s token) will be mined in the coming years. All these tokens are distributed among the users of the network. The issuance of these tokens is arranged in such a way that early adopters are rewarded more than people who join the social network later. This also makes sense, because early adopters run the risk that the platform will not take off at all. The amount of tokens you receive as a user depends on the following factors:

• The number of times your content has been viewed
• The number of likes your content has received
• The total amount of time people viewed your content
• The “weight” attached to a like or view

Example social mining

An example can clarify how this works. Suppose the Mithril network consists of three users: Bob, Alice, and Carol. They are all three new users. In the past week, Alice has published four stories that have been viewed a total of 400 times but never liked. Bob published five stories that have been viewed 200 times and liked a total of 80 times. Carol has really just poked around this week and added nothing to the network. Currently the weight at Mithril is 1 for views and 5 for a like. If we then use the formula from the picture above, Alice will have mined 400 “ore” (400 * 1), Bob 600 (200 * 1 + 80 * 5 ) and Carol nothing. Assuming 10,000 MITH becomes available that week, 6,000 ((600/1000)*10,000) will go to Bob and 4,000 ((400/1000)*10,000) will go to Alice. So instead of Mithril taking maximum advantage of Alice and Bob’s content, it is the two themselves who are now rewarded. This is a much fairer way of social media than we are used to and there is even an app that runs based on this economy: LIT.

IMG

Mithrill’s dApp: LIT

Lit is currently still running in beta. It is designed for users who are mainly fans of both social media and crypto (chances are that you, the reader of this article, belong to exactly this target group). It has everything that existing social media platforms also have. You can discover new friends, create stories for 24 hours and write messages to each other. It also has all kinds of extra functions so that you can brighten up your photos even more, just like with Instagram and Snapchat. Mithril’s main goal is for LIT to integrate seamlessly with all major other social platforms such as Facebook, Twitter, Snapchat, WeChat and Instagram as soon as possible.

IMG

The Token of Mithril: MITH

As mentioned, you can earn MITH by creating content that will appeal to your followers, but it is also important to know why you would want the token, otherwise you have little reason to actually want to earn something. Fortunately, there are many reasons why you would want the token. You can spend MITH on the Mithril platform on the following things:

• dating services
• Premium Content Channels
• Livestream applications

In addition, the team is working hard to enable MITH adoption for small and medium-sized businesses in Asia. They call this the Mithril Merchant Network. If Mithril becomes one of the largest social channels, they assume that companies will definitely be open to getting more brand awareness by accepting the coin. A company that is already part of this is INST.RECYCLE, a clothing company that often collaborates with Asian celebrities.

Token Distribution and kind

MITH is based on Ethereum and is therefore an ERC20 token. Ultimately, the team wants to switch to their own blockchain. What is striking is that the (developer) team only owns 5% of the tokens. This shows that they take the concept of decentralized very seriously. The distribution of the tokens is as follows:

• 35% for social mining
• 30% for the token trade
• 20% towards community development
• 5% to reserves, early backers, the team and advisors

IMG

Characteristics
Token symbol	MITH
Total number of tokens	1,000,000,000
Number of tokens in circulation	306,417,022
token type	ERC-20 (based on the Ethereum protocol)

Team, advisors and partners

As mentioned earlier, the most notable name in Mithril’s team is that of the founder, Jeffrey Huang. The web entrepreneur is the big man behind “17 Media”, Asia’s number 1 live streaming app. Because this company has such a major impact on Asia, it is not inconceivable that he will use this to put Mithril on the map there. The most important names within the team can be found below. The rest of the team can be found on page 20 of their white paper.

Name	Position	Experience
Jeffrey Huang	Founder	CEO of 17Media
Wilson Huang	Crypto Researcher / Developer	Wilson Huang has 4+ years of experience as a crypto researcher in the field of blockchain and consensus mechanism algorithms. He is also co-founder of Hackoin.
Roy Lin	Product manager	Lin has 4+ years of product development experience and 2+ years of crypto research experience.

Advisors and partners

The advisors and partners behind Mithril are impressive. They have top people from companies such as Pantera Capital, Maicoin & AMIS, Sora Ventures and Qtum behind them. Below you can find the most important names.

Name	Position
Paul Veradittakit	Partner Pantera Capital
Alex Liu	CEO Maicoin & AMIS
Jason fang	Managing Partner Sora Ventures
Stella Kong	Head of PR and Marketing Qtum Foundation

roadmap

As mentioned, Mithril’s roadmap is very ambitious. Especially the fact that they want to integrate seamlessly with the largest platforms such as Facebook and WeChat as quickly as possible is a major goal. This shows that they are not just a startup that wants to try something out, they are very serious about growing their project.

•  

2017 Q4

• • Origin Mithril
  • Development LIT

•  

2018 Q1

• Private trading platform
• LIT (Alpha & Beta)

•  

2018 Q2

• • lit release
  • Mithril wallet development

•  

2018 Q3

• Mithril Wallet (Alpha & Beta)
• Mithril Shift development

•  

2018 Q4

• • Mithril Wallet release
  • Mithril Shift (Alpha & Beta)
  • Mithril Vault development

•  

2019 Q1

• Mithril Vault release
• Mithril Vault (Alpha & Beta)
• Mithril Blockchain development

•  

2019 Q2

• • Mithril Vault release
  • Mithril Blockchain (Alpha & Beta)

Popularity and community

It is striking that Mithril only shows “western” social media channels on their website and no Asian ones. Chances are their Asian community is many times larger than those here in Europe and America. It is also striking that they are active on the platform of their biggest competitor Steemit.

• Twitter
• Telegram
• Reddit
• Steemit

Criticism

The biggest risk for Mithril is that they tap into a market that already includes huge players such as Facebook, WeChat and Snapchat. Moreover, Steemit is already a fairly large player in the field of blockchain and this project also has a nice and good concept. So it remains to be seen whether Mithril will manage to emerge victorious in the battle against these superpowers.

Conclusion

Mithril’s concept is beautiful and ambitious. The internet should have become what Mithril envisions now. Unfortunately, the opposite has turned out to be true. Superpowers such as Facebook and Google in particular benefit enormously from the content that we as users put on the internet. The way in which Mithril wants to counter this in the field of social media can only be applauded and we are therefore very curious to see what result this will lead to. However, it will be quite a challenge for Mithril to win the competition from Facebook and WeChat. Fortunately, in Huang they have a leader who enjoys widespread fame in Asia and who already has a lot of experience in setting up a social media platform. They already have major partners behind them, so at least they have the material to fight. We hope (and secretly think) that they will come out of this battle successfully.

How do I buy Mithril?

Buying Mithril on Binance is a piece of cake. With this explanation you will be the proud owner of MITH within a few steps.

1. Sign up for free at Binance here
2. Login to your account
   Please note: keep your username and password safe!
3. Press Buy Crypto at the top left and choose Bank Deposit
4. Fiat tab instead of Crypto and check that it ‘s on Euro
5. Choose iDEAL if you want the money directly on your account and Bank Transfer (SEPA) if you also like it if it takes a few days before the money is on your account
6. Wait until your euros have been deposited into the Binance account
7. Click on Trading at the top and select Classic
8. You are now on the trading section of Binance. Click on FIAT on the right and select EUR
9. A number of coins can be traded on Binance for euros. But, most of them are traded against Bitcoin. Look up the trading pair BTC/EUR and buy Bitcoin with your euros.
10. BTC tab and look up Mithril using its ticker MITH
11. You will now find the trading pair BTC/MITH . By clicking on it, you can buy Mithril
12. Congratulations! You are in possession of your favorite cryptocurrency!

Sources

• Website
• White paper
• Blockonomi