What is Mithril (MITH)?Sep 03, 2018 at 20:58
Founded by the team behind 17 Media, Mithril is a decentralized social media mining platform which aims to monetize both personal and high-quality content contributed in Mithril’s ecosystem.
According to its white paper, this reward structure will be implemented by social media platform Lit which has features such as instant messaging, story feeds, and discovery of new friends.
“Their mining rewards will be directly linked to their influence and success as a contributor on the network. The more network value they bring to the platform, the more MITH they will earn. All mining efforts and rewards will initially transact via the Ethereum Network,” the white paper read, noting that the proposition caters from everyday users to popular celebrities or influencers.
Tapping the blockchain technology which will ensure secure and easily-completed transactions for all, the LIT platform will launch the MITH token.
These tokens are usable across several aspects of the MITH social media structure such as dating services, content channels, and live-stream media.
The platform will also partner with retail merchants — beginning with those in Taiwan and Hong Kong — who will accept MITH as payment for services and products.
The overall development of the platform was made possible with Pantera Capital, Sora Ventures, QTUM Foundation, AMIS, and Blockstate as advisors.
Where to buy?
MITH coins are available in BITFINEX, BitForex, bithumb, BitoPro, DigiFinex, Ethfinex, HitBTC, LBANK, MAX, and OKex. The Lit platform enables the Mithril Vault for its users to store, use, and exchange MITH for Bitcoin and Ethereum.
Is it mineable?
A total of 1 billion MITH tokens are in supply. Of this, 35% or 350 million will circulate as part of the reward system of the Mithril ecosystem — mining rewards will decline yearly in the next few years.
Meanwhile, 30% or 300 million are sold directly to private investors.
About 20% or 200 million is allocated for community development, while 5% or 50 million each will be used as funds for the development team, early backers and advisers, and future reserves.