Mithril is a decentralized social network ecosystem that rewards the contributions of content creators through a “Social Mining” process - an incentive structure that allows content publishers and consumers to earn MITH tokens based on activity within the ecosystem.
- Raised $51.6MM (60,000 ETH) in private sale in Feb 2018, selling 30% of total supply
- 154,000+ downloads & 7,800 DAUs on the Lit social network app since Q2 2018 launch
- Mithril Vault, a software wallet that allows users to store, stake, spend, and exchange MITH tokens, was released in June 2018 and has roughly 6,400 users and 1,300+ DAUs
- Announced a strategic partnership on 7 Aug 2018 with M17 Entertainment, a global media company with over 40MM users and content creators
WHAT IS MITHRIL?
Through Social Mining, publishers are able to capture value generated by the content they create and users can be rewarded based on social activity and interaction with content they consume.
The ecosystem currently consists of three core components:
- MITH Token: A token earned as a reward for content publishing or consumption (likes, shares, comments, etc.) that can also be staked to accelerate earnings, exchanged for digital assets or used for payment of goods & services.
- Lit: Social media application and first platform to support Mithril’s Social Mining process, with features such as instant messaging, “Stories” and “Explore.” Lit can already be downloaded from both the App Store and Google Play.
- Mithril Vault: Software wallet that allows users to store their rewards (MITH tokens), stake them for additional MITH token earnings and exchange them for other digital assets. MITH tokens generated through Social Mining are held in each user’s Mithril Vault, which also supports seamless payments to various application services.
With the social mining concept, the Mithril ecosystem is structured to encourage viral sharing of content by rewarding users for a number of factors such as influence, activity, reach and staking. As the first example of this incentive structure, Lit, the decentralized social media application, has attracted over 100,000 users in a few months with minimal paid marketing.
MITH Token Overview & Use Cases
MITH is an ERC-20 utility token built on top of the Ethereum blockchain that has three core use cases:
- Social Mining: Users can earn MITH tokens by producing and publishing user-created content, or by participating in their social media ecosystem by interacting with content
- Staking: Users can stake MITH in their Mithril Vault, which acts as an accelerator to increase the rate of Social Mining
- Payments: Users can use MITH to pay for items in the Mithril Merchant Network and other products / services related to dating apps, paid content and other applications; MITH stored in the Mithril Vault can also be exchanged for ETH / BTC
MITH is traded on a variety of exchanges, most notably Binance, Bitfinex, Bithumb, Lbank, OKEx and HitBTC, with trading volumes historically dominated by OKEx in the core trading pairs (MITH/BTC, MITH/ETH, MITH/USDT and MITH/QTUM). Most recently, MITH was officially listed on Binance (15 November 2018), thus adding additional liquidity and global investor access to the project.
Volume & Market Cap
Despite being currently listed on only one of the top five exchanges, MITH has generated investor demand since its public debut as highlighted both by an ~$13.15MM 30 day avg. trading volume and ~$100.17MM 30 day avg. market cap (data as of 11 November 2018).