All social media platforms essentially have one thing in common — data (a whole lot of it). This is a result of users sharing information on these platforms on a regular basis. Social media networks can use large chunks of this data to see how users communicate with each other. This data is very valuable, but the valid question would be: “to who?” Is this data valuable to its creators, the platform on which it was created or a totally different set of people?

The irony is that this created data doesn’t benefit its creators — but instead profits the social media platforms and companies looking to use the data to determine customer or consumer behaviour. This had gone long enough until cryptocurrency entered the fray, with Steemit playing a major role in redefining the way people see social media platforms. However, another platform called Mithril has taken things even further.

What is Mithril?

Mithril is a decentralized social media platform that gives incentives to content creators. With a process called “social mining”, users will be able to earn tokens while also interacting with their friends and followers.

There are a lot of social media platforms out there, and virtually all of them have been established to take advantage of monetizing user data. Mithril doesn’t follow the norm here and have decided to take a different approach altogether. Mithril makes use of its social app called Lit (that allows the social mining of MITH) to reward contributors on the network. This contribution can come in the form of posts, instant messages, or stories.

This app can be referred to as the blockchain version of Instagram or Snapchat. They share a lot of similarities but the major difference between them is that Lit rewards its users. A mathematical formula will use a user’s amount of likes, views, and watch time to determine the size of the reward. This will no doubt make people with a lot of followers happy, however, everyone on the Lit also stands to gain as well.

Mithril — Introducing Crypto to the Masses

It’s not a new thing to see ideas that looked game changing at a point fall short after some time. However, this won’t happen in the case of Mithril because there are a lot of advantages that the platform brings to the table.

The Mithril ecosystem makes integration with any existing social platform very easy. With this, creators of content can be given MITH in return for what they bring to the table. These tokens can ultimately be utilized for the purpose of in-app or in-store purchases — something already functional in Hong Kong and Taiwan. The MITH tokens can also be exchanged for other cryptocurrencies. These services are something that other social media platforms like Facebook and Instagram don’t offer.

With Mithril and its social mining, you don’t need to purchase expensive mining equipments to mine crypto — you just need to create content. All that is needed is for you to continue doing what you’ve being doing already — except this time, you’ll be rewarded for it. This shouldn’t sound farfetched as advertisers already pay plenty of money for your content, it’s just that the funds don’t usually reach your pockets. The value of created content on the Mithril network is represented by MITH tokens. These advertisers can dump the intermediary by buying these tokens. With this, the advertisers can now pay content creators for the attention of their audience. These content creators are you, me, and everyone else — ordinary people with no special blockchain knowledge can benefit from Mithril.

When people find out that they can actually be paid for anything they post, numerous users will jump ship and climb aboard social media platforms that have integrated with Mithril. This will fast track the development process and also ensure Mithril’s popularity is increased.

With Lit and Mithril, non-crypto users can also be introduced to the world of cryptocurrencies without the complexities that usually come with it. Mithril ensures that the blockchain interface is convenient and user-friendly, thereby making it easy for non-crypto users to utilize the platform and app.

Mithril — Bright Future Ahead

Mithril is truly a revolutionary shift in social media that introduces the opportunity for social media users to benefit from the content or data they create. What this entails is that any user can post a video in story form and get rewarded for each of the likes, views, and comments. In addition, content creators are given a reward-oriented platform to deal one-on-one with potential sponsors.