Bitcoin has been on a downtrend that seems to be testing even the strongest of hands this past week and the project we’re looking at today has not been able to escape being pulled down with the tide. Today we’ll be examining the project Mithril and their innovative solution for rewarding users for using social media. The Mithril project looks to accomplish that with their ERC20 Mithril token and I’ll be explaining why people are loving this project, how users are paid for using social media, and the application Mithril is using to prove their concept and expand.

Excited for Mithril

Want to get paid for using social media? Well Mithril turns that fantasy into reality and it’s that innovative system why Mithril garners so much attention. Mithril has what’s called social mining. Through social mining a user is able to earn the MITH token by performing regular tasks on a social media platform such as “liking,” sharing content, and viewing it.

That system is already up and running on a platform called Lit. Lit was created as a social media platform by the Mithril team and is currently in beta. At its heart, Lit proves the working concept of the Mithril project and there are goals by the team to integrate Lit with other social media platforms and applications allowing for the earning of Mithril tokens with the most common of sites today like Facebook if integration occurs.

The concept of earning tokens and integration with already established social media sites is the biggest draw of Mithril. Many other projects are attempting to start their own sites and fight to take market share away from the giants of Instagram, Snapchat, Twitter, and Facebook. Mithril takes a safer approach of opting to integrate their concept into the established market leaders. Because of that design, the project has a major leg up with convincing people to use their system as users won’t have to leave the media sites they’re accustomed to or suffer from a lack of user base on a new website.

Social Mining

Mithril’s breakthrough concept of social mining is the first key to their platform. To reiterate, users earn Mithril tokens through posting, viewing content, liking, and sharing and the amount earned is based on Mithril’s social mining algorithm. This algorithm takes into account the number of stories posted, the amount of views stories receive, and how many of those stories are liked in a given time frame and the preset amount of MITH for that time frame is then taken and divided among the social miners based on the conditions above.

For example a time frame used by the algorithm could be one day with a preset allocation of 100 MITH. You and 9 other friends each post one story and each like each other’s stories. The algorithm with see an equal contribution and activity among all users and each would receive 10 MITH.

It’s Lit Fam

The social media platform that is integrated with Mithril at this time is the Lit app. This app was created by the Mithril team and they will leverage the expertise of their founder Jeffery Huang in its growth. Mr. Huang is the designer of the app “17” which is a popular live streaming application in South East Asia. Due to that relationship many speculate that the 17 app will be one of the first to integrate Mithril and extend the projects reach to millions across Asia.

At this time the Lit app is still in beta and can be downloaded via the Google Play Store or the Apple App store. The application itself is a story chaining app that allows users to post pictures of videos and link them together to create a “story” which is available for 24 hours. This system mimics that of the story feature on Snapchat.

The app itself has a nice design that I enjoyed and the application is currently sitting at a great 4 star rating on the Google Play Store. From what I’ve experienced, the application is still predominantly used by those in Asian countries. Adoption in the North American and European countries will need to be worked on for the app to have a global presence in the future.

The MITH Token and Its Uses

The token that user’s will earn on the Lit app is the ERC20 token MITH. The idea behind MITH is that users will then take that MITH and use it in one of two ways either on the Mithril Merchant Network (MMN) or with the Mithril Vault.

The MMN is a marketplace that accepts the currency of MITH for payment. Currently the team plans on offering dating services, premium content channels, and live-stream applications (17 cough cough) or even retailers. At this time Mithril has signed the INST.RECYCLE vintage clothing brand to be a retailer on the MMN. That service will be availbe in Taiwan and Hong Kong with the platform fully launches.

In addition to the MMN there is the Mithril Vault. The Vault is a feature for users to exchange their Mithril for BTC or ETH and also transfer that BTC or ETH. Users will be able to deposit MITH and ETH into their vault on launch with plans to add BTC in the near future. The exchanging of MITH to ETH is called Vault Shift. With Shift users are able to instantly exchange ETH and MITH between each other. Lastly, users will be able to use the Vault for staking their MITH for 30 days.

Outlook

Mithril released an updated roadmap well about 12 hours ago at the time of this writing and can be seen as the pinned tweet on their Twitter page (it’s nice to be lucky). In the roadmap we can see that the feature I discussed in the previous paragraph the Mithril Vault and Shift will be launching in Q3 of 2018. Following that the team will be adding in BTC and other ERC20 tokens for use in those features too.

Looking further into 2019 we see the development of the Merchan Network and on boarding for its release as well as the Mithril Ad Network. From what I can see, Mithril will be aggressively developing and releasing features to give value and functionality to the Mithril token in the next year alone.

Price

Mithril is currently trading at a price of $0.40 or 6355 Sats or 0.00110702 ETH. The total supply of the token is 1 billion and the circulating supply is 356 million. Given those numbers the market cap for the project is $143 million. Daily volume for the token was $86 million.

Exchanges

There are several exchanges that offer pairings for MITH and the majority of trading takes place on only a few of them. Those exchanges are OKEx, DigiFinex, and Bithumb. I’ve omitted BitForex from the options as there is evidence of volume manipulation on the exchange. OKEx occupies the first through third positions in terms of daily volume with its USDT, BTC, and ETH pairings in their respective order. USDT and BTC both have 25% of the daily volume and ETH comes in at a respectable 15%. DigiFinex has 10% daily volume on its BTC pairing and Bithumb has 7.5% on its KRW pairing.

OKEx — https://www.okex.com/lang/en-US/

DigiFinex — https://www.digifinex.com/

Bithumb — https://www.bithumb.com/

Community

To learn more about Mithril please see the following links.

Website — https://mith.io/

ANN — https://bitcointalk.org/index.php?topic=3108554.0

Twitter — https://twitter.com/MithrilOfficial

Medium — https://medium.com/@MithrilOfficial

Conclusion

Social media isn’t going away anytime soon and as crypto becomes more ingrained into the mainstream people are going to begin to look for ways to acquire it. Mithril positions itself well for future growth as a way to earn crypto without changing little to anything about daily life all while posting selfies. Whether or not Mithril will be able to continue growth in this bear market and deliver on its promises for the next year remains to be seen but I’m optimistic that 2019 will show how Mithril really is as strong as dragon scales.

Thank you for reading today’s article! I have one more article coming out this week tomorrow on SONM! As always follow me on here or on Twitter @thant1194 or on InvestFeed @thant11 in order to stay up to date on all my articles as I release them. I am not associated with the Mithril project and am not a holder of their token. Thank you again for reading. I have to return some video tapes.

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