Mithril (MITH) - A decentralized social media platform that rewards all content creators.
Mithril - Intro
Mithril is a decentralized social media platform on the Ethereum Blockchain. Mithril
will integrate into new and existing social media networks to reward content creators
for contributions to the network - we call this Social Mining.
Mithril (MITH) will leverage blockchain technology to ensure that transactions are
secure and safe for all participants. This technology revolves around decentralized
data storage that can record transactions between parties in a efficient, trustless,
and immutable manner.
MITH will launch as a utility token on Lit, an innovative social media platform that
addresses the needs of this current generation of users. This younger generation of
social media users seeks a platform that addresses both their needs as early crypto
adopters as well as their evolving needs in social media. Features such as instant
messaging, story feeds, and discovery of new friends are all built into Lit for launch.
Lit will enable Social Mining of MITH to reward users for contributing their personal
content to the network, and provide the Mithril Vault for its users to store, use, and
exchange MITH for BTC and ETH. Lit will seamlessly integrate into into major social
networks to help users more easily monetize their personal content.
With MITH tokens, users will be able to spend it across the MITH application
ecosystem, such as dating services, premium content channels, and live-stream
applications. The Mithril Merchant Network aims to allow retail acceptance of MITH
as a payment method, beginning with retailers in Taiwan and Hong Kong at launch.
The MITH network, armed with its user base of social influencers, will be a
highly-desirable customer base which Mithril Merchant Network partners will benefit
through a deep MITH integration.
Lit has been developed to fully integrate with the MITH token, and has laid out a
three-part plan to establish and grow Mithril’s network value:
1. Drive network and user adoption for the Mithril platform.
2. Develop a system of rewards and benefits for users and partners.
3. Enable mobile wallet to spend MITH at both retail and online Mithril Merchants .
Lit will serve as the leading platform to illustrate the network value of a decentralized
contributor model and act as the cornerstone for future digital and social media
The Mithril team will assist in integrating the Mithril ecosystem into our launch
partner social media platforms and help bring their users into the Mithril network.
Mithril Solution Overview
The Mithril token is an ERC-20 token.
The Mithril team has implemented exciting new features to help rebalance the
current social network ecosystem. We are implementing a new mining concept we
term “Social Mining”. Social Mining seeks to automate content monetization and will
equitably reward all content contributors with MITH.
Our decentralized model will give power back to the content creators, thus providing
incentive for content creators to deliver quality content and attract highly-influential
users and viewers. This is the genesis of the Mithril ecosystem. With the large influx
of quality users and viewers, we believe that the Mithril ecosystem will quickly
generate significant amounts of revenue for Mithril partners and their content
producers, thus making the Mithril network more sticky for both content creators as
well as Mithril Partners. This creates a virtuous cycle that enables sustainable
Another feature of the Mithril ecosystem is the Mithril Vault. Mithril partner platforms
and users can leverage this tool to track, maintain, and manage their MITH across
multiple networks. Ease of use and security is a priority for the Mithril Vault. We seek
to provide seamless integration to the Mithril Vault across all partner platforms.
A new concept that is integral in the new Mithril ecosystem is Social Mining. The idea
is simple. As users produces valuable, user-generated content on the network, they
will earn MITH via Social Mining. 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.
35% of the total Mithril pool will be available for users to mine via Social Mining. For
the next several years, a total of 350 Million Mithril will be distributed to users of the
Mithril network through Social Mining. The Mithril quantity that is available for
discovery will be halved annually over the course of a predetermined number of
years. At the end of this mining period, all 350 Million Mithril will have been mined
and distributed. Social Mining will have distribution controls that will act similarly to
Bitcoin’s dynamic difficulty retargeting adjustments.
The above graph displays the Mithril distribution model via Social Mining. This model
awards early adoption of the Mithril token, as Social Mining rewards are reduced
exponentially. Initially, network growth will be driven via larger MITH mining rewards.
As Mithril user base and network scales, Mithril’s network value will increase
accordingly, allowing the lower MITH reward to continue as an effective incentive for
Social Mining to continue.
All Social Mining transactions will be verified and secured via Ethereum smart
contracts, providing a safe and reliable infrastructure for Social Mining. All
transactions can be tracked and verified on the Ethereum blockchain, creating a
much-desired transparency for all users and partners on the Mithril network.
The Mithril Vault will be an easy-to-use transaction system for each user and partner
platform to manage, secure, and spend their Mithril. We seek to lower the barrier of
entry for users of all platforms and allow for cross-platform integration of the Vault.
The Mithril Vault will feature reward estimation tools that can estimate a user's Mithril
reward based on their recent contributions. The reward estimation tools will show
users a rough estimate of their potential Social Mining Rewards.
The ultimate goal of the Mithril team is to become the best and most optimized
blockchain for social network applications. The first step to achieving this goal is to
integrate MITH into all major social networks. Mithril features are intended to be
leveraged across any major social media to give all users direct impact over their
social content ownership, thus awarding them for their work on any relevant social
network. Furthermore, we are exploring MITH acceptance on partner apps and
services, where MITH may be accepted as a form of social currency to pay for
premium features and services on these platforms.
The Mithril Integration Protocol is designed for seamless integrations between social
networks and the Mithril Ecosystem. Through this protocol, we intend to make
integration of the MITH token, Social Mining, Mithril Vault, Mithril Merchant Network,
and other Mithril features easy for major social networks.
As blockchain platforms continue to evolve, we intend to continually assess
platforms for their ability to support the best and most optimized social network
token. Scalability, transaction cost, and community support are the top metrics by
which we will measure platform viability. As Mithril evolves, we intend to keep close
watch on leading Ethereum scalability solutions such as Plasma , Raiden Network , as
well as platforms outside of Ethereum, such as EOS and Zilliqa . Finally, we intend to
explore the option of launching our own Mithril blockchain to best address the needs
of social network applications, swapping all ERC-20 MITH token holders onto our
Mithril Merchant Network
In addition to having apps and services accept MITH as payment, we are also
working toward a broader merchant network across physical, brick-and-mortar retail
acceptance of MITH. Among the first retail partners that will accept MITH at launch is
inst.recycle1, Taiwan's largest celebrity vintage and used clothing retailer. To join the
Mithril merchant network, contact us at [email protected] .
Token Exchange — 30%
The token exchange takes place in two rounds of private placements. The first round
of placement has ended.
Development Team — 5%
Our team is committed to long-term growth. Team tokens will vest over 4 years with
a one year cliff.
Community Development — 20%
There will be several bounties program, security testing, and smart contract auditing.
We will also provide incentives for early adopters and key influencers.
Early Backers and Advisors — 5%
Future Reserves — 5%
Social Mining — 35%
The participants in the Mithril ecosystem will receive rewards based on their
contribution to the social network. As contributors provide valuable content and
increase network value, they will receive mining rewards. Mining rewards will
decrease annually for the next several years of the Mithril ecosystem.
Latest update! Introducing Lit’s new feature: Archive!
With the launching of video editing feature, we’ve received tremendous feedbacks from our users, hoping to preserve the stories they’ve shared on Lit in the future. We’ve heard you! Mithril is launching a brand new feature, “Archive”, for you to review and collect all your posts, making it your personal diary.
Let’s see how it works!
In the latest update of Lit, we have seperated your posts into two sections: “Latest” and “Archive”.
Archive: appears in your profile page, it works as your personal gallery, collecting all your posts from the past.
Latest: a feature that all Lit users must be familiar with. It collects your stories over the past 24 hours. Through the algorithm of Lit, content creators are rewarded the MITH tokens through social mining based on their content quality and performance.
Two Developing Keypoints
There are two highlights of the new feature “archive”:
- Throw back to the good times you once shared
No longer need to screenshot to save a post when using Lit! You can now review all your previous posts in the “archive” section. You can always take a trip down the memory land whenever you want!
2.Review your social mining performance
It enables you to review and analyze the social mining performance of each post, as well as to optimize the content to accelerate your social mining speed.
*Please note that the MITH you acquire through social mining on Lit will only be calculated within the 24 hours after posting.
This new feature is now available to download in the latest update for both iOS and Android device. Want to try out this new feature?
Update your Lit now: https://mith.pse.is/9E8BD
Mithril Roadmap 2018–2019
Mithril reveals its roadmap — Here is a sneak peek of Mithril’s plan for the future:
In light of the popularity of Vault’s latest feature “Shift”, Mithril will support the exchange of MITH tokens with Bitcoin, as well as other ERC20 tokens in Q4, in addition to Ether now.
Mithril kicked off in 2018, and will leap forward in 2019, as it introduces MITH Payments and the Mithril Ad Network in H1 2019.
Payments is the next big thing for Mithril. While building strategic partnerships, Mithril is also developing APIs to connect with different payment networks and companies to facilitate payment. When “MITH Payment” comes live, it will dramatically advance the circulation of MITH tokens.
Mithril Ad Network serves as a network for companies to gain access the millions of users on the Mithril network through advertisements , and for users to promote their content. The unique social regenerative model of Mithril allows content creators to invest MITH tokens rewarded from social mining, back into the ad network to reach an even larger audience!
Stay tuned to find out more about our developments, partnerships and joint programs!