Social networking has taken the world by storm ever since the launch of Facebook. In the beginning, there wasn’t much to hate about the social networking websites. Once the privacy barrier was breached by these websites, people have lost their trust in them. Another troubling thing is the fact that the social media websites make billions of dollars from the data we provide them and we don’t get anything in return. Hence, the idea of Mithril was conceived in an attempt to reward the activities of people on social media.
What is Mithril and how does it work?
Mithril is a new blockchain based project that integrates over existing and new social media websites. Mithril rewards people for each and every activity they do on social media websites. The whole project is based on the Ethereum blockchain and hence, people are rewarded in the form of ERC20 tokens called the MITH tokens. Additionally, using the Ethereum blockchain ensures quick and cheap transactions which are vital when the number of transactions is at the magnitude of that of social media.
Mithril uses a new consensus mechanism called social mining to reward tokens to its users. A pre-written algorithm calculates the number of tokens each user should be given for their activities online. This means that a person who does not post anything on social media does not get any rewards.
The reward calculation is based on the number of views and the number of hearts each post gets. The number of hearts a post gains, has the maximum amount of importance in the system. Thus, frequently posting new stories on your favorite social media website will certainly earn you a lot of MITH tokens.
How did Mithril Start and who is the founder?
The idea behind Mithril was first conceived in Q4 of 2017 when the whole crypto market was mooning and the existing social media websites were being criticized at the same time. The idea of rewarding people for the content that they post on social media websites was truly remarkable and was very quick to gain a lot of attention and popularity.
It is due to this popularity that Mithril ranks 53 on Coinmarketcap with a market cap of over 181 million USD. This could not have been possible if not for the dedicated and highly talented team behind the project.
The project was founded by Jeffrey Huang. Jeffrey has been interested in new technologies from a very young age. He was one of the earlier investors in the dot-com bubble and his latest masterpiece being 17 Media which is the No.1 live streaming app in developed Asia.
Others on the team include Wilson Huang who is a software developer as well as a cryptocurrency researcher. Roy Lin is the product manager on the team. Li-Chun Yang is the senior developer, Chiao-Yen Chang is the senior Android developer, Alex Huang is the senior iOS developer and Ching-Wen Yang serves as the UI/UX designer on the team.
The advisory board is also very impressive and it includes Paul Veradittakit who from the Pantera Capital. This means that the Mithril project has gained so much popularity that Venture capital companies such as Pantera have also noticed the project. Paul is also an advisor for several other blockchain projects. Thus, he plays a key role in the success of the Mithril project.
Investing in the MITH Token
MITH is a utility token that follows the ERC20 protocol and is based on the Ethereum blockchain. It is required for one to utilize the full potential of the Mithril platform. The token is listed on several exchanges such as Bitfinex, BitThumb, OKEx, HitBTC, etc. Additionally, you can also earn some MITH tokens by using and posting stories on the LIT app that they have released (BETA version).
MITH is an amazing token with massive scaling potential. However, at the end of the day, it is still a cryptocurrency. This means that they do experience huge price shifts just like any other cryptocurrency. Hence, invest only the money that you are willing to lose.
Mithril is a newer project with great potential in the future. However, there are several other projects which are in the same niche. However, Mithril has got an edge over them as it integrates on top of existing social media websites than create a new one. Thus, Mithril is a project to consider if you want to invest in something new.
Find out more on: https://mith.io/