The problem:
There are a myriad of social media platforms available to users out there already. However, on many, users do not get rewarded fairly for their contributions to the community, or in some cases, at all. This is where Mithril comes in.
What is it?
Mithril is a decentralised social media ecosystem running on the Ethereum BC. It is not another social media platform such as Facebook, YouTube or Steemit, but a protocol which will integrate with different social media platforms, both old and new. The end goal is to become the go-to blockchain for Dapps on social media platforms. Mithril will support these platforms through the development of DAPPS and the users through the MITH token.
The Native ERC-20 token used on the platform is MITH. MITH will be used to pay for premium services within the Mithril ecosystem, but more importantly, it will be used as a financial incentive for users who provide value to the ecosystem.
For example, if a person was using a Mithril developed DAPP on Facebook, depending on their contribution to that app, they might receive a reward in the form of MITH.
Social mining:
Social mining is the process of rewarding creators for content contribution and curation. This is similar to how the Steemit platform works, but slightly different. There are a dedicated 350 million MITH which will be mined and distributed through social mining over the next few years. The MITH mining rewards will be reduced exponentially in a similar method to bitcoin, with the mining reward halving every year.
As users create and curate content within the Mithril ecosystem, MITH is automatically mined. Social mining rewards seem to be based on one week periods (Mithril Whitepaper) or in simpler terms, every week there will be a set amount of MITH to be distributed to users who contribute to the ecosystem. The amount of Mithril distributed to each user will depend on multiple variables e.g. Views, Likes, and watch time. I questioned in my YouTube video how they would nullify the creation of spam accounts which generate false perceptions of views, however this problem is solved by accounting for watch time.
Social Mining example:
Over a 1 week period, there are three users contributing to platforms on the Mithril network. Say for example, from left to right, we have Keith (Mohawk), Craig (Beard), and Susie. The current social mining reward for this week was determined to be 10,000 MITH. Once the week is over, the algorithm will calculate how much each factor (Views, Likes etc...) are worth. In this example, 1 view is equivalent to 10 MITH, and 1 like is equivalent to 5 MITH.
Keith:
Keith received 400 views on his 4 posts over the last week. However, he did not get any liked on his content. Based on the weighting of each factor, Keith received 4000 MITH as he had 400viewsx10MITH.
Craig:
Craig received 200 views on his posts this week, meaning he received 2000 MITH from his view count. But how did he receive more MITH than Keith? He may have less views than Keith, but Craig received 80 likes on his posts. Since each like is equivalent to 5 MITH, Craig received 80x5=4000 MITH from his likes. This gives Craig a total of 6000 MITH as 2000+4000=6000 MITH.
Susie:
Susie did not post anything last week, therefore she did not received any views or likes. Because of this, Susie received 0 MITH.
Lit:
Lit is a social media platform developed by the Mithril team. It was created to drive adoption to Mithril, demonstrate the reward system and enable the mobile wallet to spend MITH at partnered online/Brick and Mortar retailers e.g. inst.recycle: Taiwan's largest celebrity vintage and used clothing retailer.
Lit is an application which you can download now off both the app store and on the Google Play store. It contains basic abilities found on most social media platforms e.g. Adding friends, Posting stories and Instant messaging, whether this is peer to peer or in a group chat. Lit allows the user to post various types of content- posts, videos, slideshows, or individual photos. All these posts can be uploaded either in a public or private fashion. One of the features on Lit is Lit Discover. In my opinion, this features is almost like a Combination of Snapchat discover and Instagram explore. It provides all types of content based on each users current trends.
The Team:
My overall opinion on the team behind Mithril is that they are definitely not an all-star team, they do not have a wealth of experience in large companies, or in blockchain for that matter. However, the fact that they already have a working product is a positive sign. Like I always say on my YouTube videos, the biggest thing to look for in a team is not who they are, but rather what they are doing. The team is however backed by a few experienced advisors who will hopefully push this project in the right direction. You can find out more about who the team members are within the Mithril whitepaper: https://mith.io/whitepaper.pdf
Where do you buy Mithril (ZIL)?
For quite a new cryptocurrency, it is a positive sign to see that MITH is already being traded on quite a few exchanges. You will need to be weary of volume at the moment so for liquidity purposes, look to buy the MITH token on OKEx and Bithumb if you are chasing it.
Where do you store Mithril (ZIL)?
• Since the MITH token is an ERC-20 token, you can store it on most ERC20 wallets. Some of these include the MyEtherWallet online wallet, or my recommended method being a hardware wallet e.g. Ledger Nano s, Trezor.
Roadmap:
The current roadmap for Mithril runs until Q2 of 2019. It really focuses on the core development of the Mithril protocol and launching all the features which come with it. I believe, after the completion of this roadmap the team will begin to focus on attracting people to develop and use the Mithril platform. Another thing to note is that the team is watching Ethereum and other Blockchains to see which future solutions they will adopt e.g. Raiden/Plasma. If they find a Blockchain which they think suits the Mithril ecosystem more, they will change to that chain. If there are no viable chains out there, they will look at potentially creating their own Blockchain if needed.
Conclusion:
Mithril and its token are looking to solve one of the biggest problems on social media today; demonetization or inequitable monetization. The technology used on the platform is robust and makes it applicable in a multitude of situations. The social mining algorithm also eliminates the whale problem which the Steemit platform is facing. The fact that this project already has a working product is a massive bonus as it has a first mover’s advantage within its niche. Overall, this project is a solid one, not revolutionary by any means however it is a step in the right direction nonetheless. If they are able to partner with large social media platforms, the MITH token may become a very successful investment. It is definitely one to keep on the radar.
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