How Mithril (MITH) Works & Tokenization of Social Apps

I’m not talking about Mithril in The Lord of the Rings, I am talking about a blockchain that is designed with uttermost security. The founders of this cryptocurrency envisioned a crypto that can secure the transaction for the parties involved. More to that, this currency allows for a storage data tech that is decentralized.

In this article therefore, we are going to discuss the history of Mithril (MITH) cryptocurrency, its founders and some of its features. This will be aimed at giving you a better understanding of this cryptocurrency.

History of Mithril Cryptocurrency

Mithril is a cryptocurrency based on the Ethereum platform. The team behind this cryptocurrency include;

  • Laura S. Hopkins- Chief Executive Officer
  • Mattew K. Steehler- President, Mithril Ore Board of Directors
  • Micheal Mint- Director Strategic Planning
  • Lawrence ‘Buc’ Brown- Chief Technical Officer
  • Victor Tan- Chairman web and Software Development
  • James Scribner- Chief Financial Officer
  • David C. Hairston- Director management and marketing
  • Andrew Lubahn- Lead Marketing specialist
  • Tyler Cooper- Cooperative Management supervisor
  • Jeremy Gifford- Senior Technical adviser

The Mithril Ore Token has a goal of becoming one of the most optimized as well as one of the best blockchain that uses the social network apps. That is why, the integration between Mithril and social media platforms is a major concern. The tech team behind this crypto made it in such a way that the crypto can be used in major social media pages. The team is also working in collaboration with other partner services and any app that will accept the Mithril token.

The tech team has also developed a MIP (Mithril Integration Protocol) that will allow the integration of Mithril and social media networks seamlessly. With the daily evolutionary development of the social media platforms, the tech team will always be on high alert and changing the Mithril network to suite the growing changes in the platforms. This will ensure the network is able to provide transactions costs, community support and scalability to its utmost efficiency.

Understanding Mithril

This will be an entirely new concept to most of the social media platforms hence there are bound to be a lot of questions on how it operates and its authenticity. Here is a simpler understanding of the crypto and its functionality. For every content the users will be creating on their platform plus their interaction on the Mithril blockchain will lead to them automatically mining Mithril tokens based on the algorithm behind the network.

The team is optimistic because of the vast interactions in the social media platforms hence the users will be able to mine the crypto. This will increase the capacity of this cryptocurrency through the social mining and in the end pick up to levels of other big leagues in the cryptocurrency world. With the growth of this network, the profit margins will also increase hence this will increase the growth rate of the platform.

The amount of Mithril token that will be earned in every social network will be majorly dependent on the algorithm that runs it hence mining of the coin will take place through this process. The algorithm takes into consideration the number of people viewing the account and how many likes it will receive. Afterwards, the platform will allocate a given amount of Mithril depending on a given time frame which will later be divided among the social miners who are awarded their compensation through the algorithm.

The foundation has also introduced a beta test named LIT. The tech team created LIT to help the new generation interested in the crypto world and also the social networking. Some of the features in the app will include story feeds, instant messaging and discovering any new friends. The platform will also integrate with the current social platforms hence helping the users monetize on their social activities.

Any user who will upload and share their creativity or any content on the platform will receive compensation in terms of Mithril depending on the attention and impact the upload will have in the network. The stories in this platform will disappear after every twenty-four hours just like in other social platforms. A story can be a video, post, slideshows or any other individual posts and you also have the liberty of making it private or public. This will allow any user to have some privacy even with the social mining.

The platform will also be able to integrate with the camera of devices connected to the system so that the users have the chance to upload pictures or videos of the best quality. This will include some effects like retouching, filters among others. The software will also include a Lit chatroom that will have a number of features for example the users will be able to share photos or stories among the community and friends.

The Mithril Token

The token is based on the Ethereum platform hence you will be able to store the tokens to any wallet that can support Ethereum. About 35% of the cryptocurrency will be given to the social miners. About three hundred million Mithril tokens will be distributed using this process over the next few years. The token will however be halved every year hence reducing the rewards given to social miners.

The Mithril coins will be used in market places on any product of the owner’s choice. The number of products sold will increase as the platform grows. During the launch of this coin, the sellers will be limited to some regions which include Taiwan and Hong Kong while the rest of the services offered by the platform will be worldwide.
The users will also have the option of trading Mithril tokens for other cryptocurrencies for example bitcoin or Ethereum through the Mithril Vault.

Mithril Vault

The tech team is working on integrating the Mithril vault with other platforms to increase its adoption. The vault will include an estimation tool for rewards earned hence users will be able to know their total value of rewards based on their current activities.

Though, Steem (STM) is the most known protocol for social sharing & rewards based blockchain startups but with Mithril, Snapchat would probably need to de-centralize & tokenize its economy.

Noor Najam

Contributes guest posts to BlockPublisher with industry analysis & news in the blockchain space. Email: editor.opinions@blockpublisher.com

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