In this article, What is Mithril (MITH)? We will answer the question and provide detailed information about the project.
Mithril (MITH) Nedir?
Mithril aims to create a content ecosystem where content creators will be rewarded directly economically.
When a user posts content on the Lit social media platform, the Mithril algorithm calculates the amount of Mithril tokens users must buy and updates their balance in their iOS / Android apps. This process is called social mining.
Another product developed by Mithril is Vault: Users can use the MITH token for dating apps, premium content and live streaming, or through the Mithril Merchant Network to purchase retail, physical products in Hong Kong and Taiwan.
The Mithril token (MITH) is used as a payment for various services in the Mithril ecosystem, as well as for content creation.
What is Mithril (MITH) Token?
Mithril is a decentralized social network ecosystem that rewards content creators for their contributions through a “Social Mining” process – an incentive structure that allows content publishers and consumers to earn MITH tokens based on activity within the ecosystem. Capture the value generated by the content they create, and users can be rewarded based on social activity and interaction with the content they consume. The ecosystem currently consists of three basic components:
MITH token: a token that is earned as a reward for content publishing or consumption (likes, shares, comments, etc.) and can be staked to accelerate earnings, exchanged for digital assets, or used to pay for goods and services.
Social media application and first platform to support Mithril’s Social Mining process with features such as instant messaging, “Stories” and “Discover”. Lit can 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 kept in each user’s Mithril Vault, which supports seamless payments to various app services. With the concept of social mining, the Mithril ecosystem is structured to encourage viral sharing of content by rewarding users for a number of factors such as influence, activity, access and staking. As the first example of this incentive structure, the decentralized social media app Lit attracted more than 100,000 users in a few months with minimal paid marketing.
MITH is an ERC-20 utility token built on top of the Ethereum blockchain with three basic use cases:
Social Mining: Users can earn MITH tokens by participating in social media ecosystems by generating and publishing user-generated content or interacting with content.
Staking: Users can put MITH in the Mithril Vault, which acts as an accelerator to increase the rate of Social Mining.
Payments: users can use MITH to pay for items on the Mithril Merchant Network and other products / services related to dating apps, paid content and other apps; MITH stored in Mithril Vault can also be exchanged for ETH / BTC.
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