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Mithril
Mithril coin (MITH) (do not confuse with the MTR coin) is a ERC-20 token designed to power the Mithril social media platform. Mithril coin is intended to become a way to encourage and reward content creators and other active participants of the networks (both in the already existing networks via the connection through the Ethereum network and within the Mithril platform itself).
Mithril was developed by a Taiwan-based team with Jeffrey Huang as a leader. Mithril coin was announced on March 12, 2018.
Mithril coin price and market capitalization online according to CoinMarketCap:
Mithril team has a number of partnerships with notable cryptocurrency ventures. Some of them are the QTUM cryptocurrency project, the Machi X exchange, and the Sora blockchain foundation.
However, many of the features promised by the Mithril company are still under development and the company lacks an established network of partnerships to become a significant force in the social media industry.
Mithril coin distribution
Mithril has a total of one billion tokens. 300 million of them were sold on the private sale. Mithril has no airdrops, bounties and public crowdsale.
Mithril can be bought on multiple exchanges, including:
- BitForex
- OKEx
- LBank
- DigiFinex
- Bithumb
- Gate.io
- HitBTC
And many others. Mithril has also won a “Community Coin of the Month” competition of the Binance exchange and is under the listing process at the time of writing this article.
Social mining
Social mining is a concept introduced by the Mithril coin team. Developers of the Mithril coin consider the current situation considering content creators of social media unfair. They believe that creators are not rewarded according the value they produced for the network. In order to fix the situation, they developed a social mining principle.
Social mining is a system that can be used by the social media platforms. In those platforms, creators can acquire MITH for producing and uploading content. Other users can get MITH for the active interaction with other users. Taiwan-based social network 'Lit' is first to support social mining and currently the only one to do it. However, many other social mining platforms now under the negotiation process with the Mithril team.
Lit is a social network where users upload stories like short films, photos, or videos. Different concepts of the social network demand different approaches from the Mithril team. In the Lit network, Mithril coins are distributed in accordance with the content quality and interactions that were caused by the content.
“Mined” MITH tokens are stored in the Vault wallet, an application, developed by the Mithril company. Vault supports various cryptocurrencies other than Mithril to provide users with an opportunity for quick and convenient MITH exchange.
Mithril coin is intended by the developers to become a convenient cryptocurrency for the everyday use. Currently, the Mithril company seeks partnerships with other businesses to provide MITH users with new ways to spend their coins, mostly in entertainment and media services.
Sources:
- Mithril official website
- Mithril onepager
- Bitcointalk: Mithril announce
- GitHub: Mithril
- Coinhills: Mithril ICO review
