Mithril is a decentralized social network ecosystem that rewards creators for making unique and engaging content. It introduces the concept of Social Mining where users can earn Mithril tokens while interacting with applications within the decentralized ecosystem.
Social Mining is a concept first introduced in the Mithril Ecosystem, created with the intention of rewarding content creators. Users can acquire MITH by uploading and interacting with content, it’s important to note that the Mithril protocol allows MITH mining on all existing social platforms.
It also allows content influencers to use their already existing follower base to mine Mithril. The amount of MITH earned will highly depend on the platform’s social mining algorithm. As the network grows, profit opportunities will increase, encouraging gradual growth.
Lit is one of the most important components of the Mithril Ecosystem. It’s a service that is targeted towards the interest of the new generation in both cryptocurrency and social media. Users will be able to create personalized profiles, discover new friends, story feeds, message each other and share stories of their own. Mithril is seamlessly integrated within the LIT platform. Lit stories will be the main feature of the platform, where users will be rewarded with MITH corresponding to the influence and impact of the stories they share. Lit will also come along with its own advanced algorithms for cameras in order to maximize photo quality.
The MITH token is based on the Ethereum ERC20 standard. Consumers can use MITH tokens on a marketplace of products and services within the ecosystem, including online applications and premium content channels.
As with all projects of this type, it all comes down to adaptation, and so far, nothing much has been happening. If anything, thinking that people would shift from social media giants like Instagram or Facebook to Lit is all a little bit too utopian in nature.
Mithril is an ok project. It attempts to combine the worlds of social media and cryptocurrency, providing users with opportunities for better monetization of their content. The project already has a strategic partnership with a smaller social media known PiePies, which despite not much, is great for the company, as many well-established social media giants are very skeptical towards cryptocurrency integration. You can get the token on many reputable exchanges like Binance and Bitfinex to name a couple, which means that the project is legitimate as far as that goes. It’s definitely an interesting, niche project we’ll probably be hearing more about.
