13 Jul Mithril – A Platform for Creators
Mithril is a social media platform with a built-in reward mechanism to incentivize content creators. User content and interactions within the ecosystem will generate the Mithril Token (MITH). The tokens are accepted as legal tender by the Mithril Merchant Network and are used to pay for online services such as premium content channels, live-stream applications, dating services, or retailers.
Designed to be applicable across any participating networks to ensure that all users retain direct control and ownership over their published content, the Mithril Platform will employ the use of the Mithril Integration Protocol. This protocol will provide access to Mithril features such as the Mithril Vault and Merchant Network across various platforms.
Supporting this ecosystem is the Mithril token, accessible through a unique mining concept called Social Mining. The process automates content monetization and will distribute rewards to all content contributors with MITH.
Mining rewards are determined by the user content submitted and its resulting influence and success. 35% of the total Mithril token supply will be available via Social Mining and will be subjected to distribution controls that act similarly to Bitcoin’s dynamic difficulty retargeting adjustments.
The advantages offered by the Mithril Platform clearly outweigh those of traditional current social media services and will serve to support content creators and gain their support in return. The benefits gained from this relationship will also serve the interests of Mithril partners in terms of revenue, further strengthening the ecosystem.
The Mithril Platform will also provide an easy-to-use transaction system for each user and partner platform to manage, secure, and spend Mithril. The purpose is to allow the ease of cross-platform integration of the Vault and enhance the user experience.
The MITH token is ERC20 based and is located on the Ethereum blockchain. As previously mentioned, the tokens are generated by social media contributions and interactions and are used to pay for various applications or exchanged for BTC/ETH. Mithril plans to process all of the initial mining efforts and rewards through the Ethereum Network.
MITH was launched in March 2018 as a utility token on Lit, a social media platform that set an example as an early adopter and enabled the Social Mining feature of MITH in an effort to incentivize their audience.
Minni Interactive, a dating platform, will also be the first application partner to utilize the Mithril Ecosystem, using MITH as a method of payment on Minni.
Retailers can also accept MITH, beginning with merchants in Taiwan and Hong Kong at launch.
In total, there will be a maximum supply of 1 billion (1,000,000,000) tokens. Three hundred million (300,000,000) tokens have already been sold in private placement, with no public crowdsale available. 35% of the total Mithril pool will be available for Social Mining, totaling 350 million MITH.
Mithril was founded by the team behind 17 Media under the leadership of Jeffrey Huang. Also involved are advisors from Pantera Capital, Sora Ventures, QTUM Foundation, AMIS, and Blockstate.
Prior to establishing Mithril, Jeffrey was the founder of the mobile live-streaming app 17. He was also part of a Taiwanese hip-hop group in the early ’90s before he became an entrepreneur.
Partner at Pantera Capital
Paul studied at Berkeley and has worked at Pantera Capital since 2014. His expertise revolves primarily around building relationship with startups and growing businesses.
CEO of MaiCoin & AMIS
Alex is a Stanford graduate and worked as the Director of Marketing for Qualcomm until he founded MaiCoin in 2014 and AMIS Technologies in 2016. MaiCoin provided digital asset brokerage and custodial services, while AMIS is leading a blockchain consortium of financial institutions in exploring use-case applications such as payments, insurance, and securities.