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Mithril is a unique decentralized social media platform based on the blockchain technology. It has internal tokens called MITH that act as a reward for active users, who create and post content. Mithril calls this “social mining” since the process includes interactions among users, rewards and personal popularity within the network. Users get tokens for every deed they perform within the network: from making public posts to “liking” someone else’s content.
Currently, services and businesses are actively adopting the blockchain technology. As for the Mithril, it is the first social media platform on the web that uses blockchain. This gives a new way of functioning to a well-known social media websites and keeps token transactions safe for all parties. Also, blockchain serves as a decentralized register of all operations made by users. It is crucial for Mithril because users get digital coins for their active participation in the life of the network.
Mithril’s main goal is to become a widely-accepted blockchain-based social network and attract as many active users as possible. Currently, Mithril is trying to build connections with existing large social media platforms and provide them with original features and ideas. In turn, Mithril hopes to receive their support and assistance with popularization. They have already developed a Mithril Integration Protocol that allows integration between social networks and Mithril’s ecosystem.
Social mining is an original concept of Mithril. Users are encouraged to create content, interact within the network, and receive a reward for their actions. Every move automatically mines MITH.
Mithril developers hope that this will bring more users and viewers to the platform and allow Mithril platform to generate significant revenue. Profit opportunities may grow if the network becomes more popular with time.
MITH is the Mithril token, based on Ethereum’s ERC-20 principle. Developers claim that 35% of MITH will be devoted to social mining, 30% will be for the exchange, 20% will be for the community development (testing, security, new programs, and apps), and 5% will be for the future reserves, advisors, backers, and team of developers. It is planned that 350 million MITH coins will be issued over the next couple of years. Tokens available for the community will be halved each year over a certain period of time. Due to this fact, the social media rewards will be reduced as well.
Transactions within the Mithril network are regulated by Ethereum’s smart contracts. The network also uses the Ethereum’s blockchain, which allows users to verify transactions personally.
MITH tokens will be widely used on the Mithil platform, where users can enjoy premium content channels, dating services, retailers, live stream apps, etc. In the future, these tokens will be accepted in marketplaces like any other digital currency.
Users are free to use Mithril Vault to exchange their MITH tokens for BTC or ETH, which are accepted widely by various resources and cryptocurrency platforms. Mithril Vault also provides storage for MITH tokens for an unlimited time period.
Developers strive to encourage other platforms to integrate Mithril Vault. This will bring new functions to the platforms and help Mithril expand its ecosystem. Vault also includes a reward estimation tool to let users be aware of the amount of their income based on the contributions they have made before.
Mithril is a project that combines digital money and blockchain with social media. Due to the reward system known as Social Mining, users are expected to have interest in using Mithril. The future of Mithril depends on users’ reaction and interest.