What Is Mithril?

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 will not be mined by Dwarves.

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.

Mithril is founded by the team behind 17 Media, with advisors from Pantera Capital, Sora Ventures, QTUM Foundation, AMIS, and Blockstate.

Mithril Ecosystem

what is mithril

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 networks.

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

Mithril Token - The Mithril token is an ERC-20 token.

what is mithril

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 growth.

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.

Social Mining

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.

what is mithril

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.

Social Mining Distribution

what is mithril

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.

Below is the technical breakdown of Social Mining:

what is mithril

Social Mining Example

what is mithril

In this example, we have 3 users: David, Bob, and Carol. They are new users to Mithril and have 0 MITH each. Over the span of one week, David contributes 4 stories to one of Mithril’s partner platforms and receives 400 views and 0 hearts, Bob contributes 5 stories and receives 200 views with 80 hearts, and Carol contributes nothing to the network. Using our social mining algorithm, while setting the current per view weight at 1 and the per heart weight at 5, David will have mined 400 ore, Bob at 600 ore, while Carol has mined 0 ore.

Based on preset calculations, the total Mithril Reward for this 1 week period was automatically determined to be 10000 MITH. Based on the purity weight of the three miners, David will receive 4000 MITH, Bob has earned 6000 MITH, while Carol will receive nothing.

Mithril Vault

what is mithril

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.

Mithril Platform

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 mainnet tokens.

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.recycle , Taiwan's largest celebrity vintage and used clothing retailer. To join the 1 Mithril merchant network, contact us at [email protected].

Lit: Launchpad for Decentralized Social Networks

Lit Overview

Globally, 2.46 billion people use social tools and networks to establish connections and communities within the world around them. The frequent sharing of an individual's life is considered normal and a major part of our always connected social society.

Stories are a recent new social trend that has been making huge waves in the social content world. Lit offers a feature-rich and well designed Stories platform that directly integrates into the Mithril ecosystem. As users share their stories via Lit Stories, users can be rewarded with Mithril tokens based on their stories impact and influence across the network.

Stories Overview

Stories is a time sensitive sharing feature that gives content producers a way to share small intimate glimpses of their life with their friends, family, and the general public. Within 24 hours, the story will be automatically be removed from the platform. Stories can consist of individual photos, slideshows, videos, posts, etc.

Users can choose to share their stories publicly or privately. This allows users to be carefree about sharing their own life while maintaining their privacy at a level in which they are most comfortable.

This sharing model was first implemented by Snapchat and has since been a leading feature among top social media platforms.

Six months after the launch of Instagram’s stories feature, Instagram added 100 million additional users, and the platform grew to over 500 million active users. Instagram stories had a huge growth impact on their platform and helped boost its popularity. A surprising but also exciting statistic is that approximately one-third of the stories that are actively followed are directly associated with business accounts, which directly suggests that stories would be an excellent tool for businesses to leverage for their digital marketing campaigns and goals.

Lit Camera / Video

what is mithril

Lit will directly integrate with mobile device cameras and apply advanced and modern camera algorithms to give Lit users the tools and features to take the best looking pictures.

In addition, Lit Video will connect directly with users’ cameras for feature-rich video recording, providing all users the ability to record high-quality videos up to 10 seconds in length.

Lit will also provide superior filters, effects, and retouching options for beautiful photo/video retouching and improvement options. The combination of technology and post-effects will allow Lit users the capability of sharing and showcasing their life through the best lens.

All Lit Camera and Videos can be directly posted to Lit features such as Stories, Chat room, etc.

Lit Story Feed

what is mithril

The Story Feed will be the most active and important feature of Lit. The Story Feed will allow users to have quick and easy access to stories across the social network. The Story Feed will feature stories of Friends and Followed feeds and put them right at the fingertips of Lit network users. Intuitive gestures and navigation will be implemented to provide a seamless, fast, and simple user experience.

The community interaction functionality of the Story Feed is a top priority for our team. We have given our story readers the ability to connect with their family, friends, communities, and fan base with the addition of the heart and story message feature implemented directly into the Story Feed. With fast and simple gestures, our team focuses on allowing any user to be able to quickly access, share, and to give and receive feedback on their stories feed.

Lit Chatroom

what is mithril

Lit will also feature an interactive chat system that can facilitate private conversations between friends in addition to hosting groups, and community chat rooms. The Lit Chat feature will allow for sharing of stories between friends, groups, and communities.

Lit Discover

what is mithril

Lit Discover is a feature for those looking to connect with more people, groups, and communities that share similar interests. It will feature news, business, media, and celebrity story feeds based on the user's current trending interests calculated via data collection algorithms or based on user selection.

This feature will also include Friends of Friends, Interests Groups, Category Feeds, etc. in which Lit Discover feeds will cater to user interests and help facilitate a more active and community enriched social life.

Lit Profile

what is mithril

The Lit Profile is the centerpiece of each user’s personal data, managing and storing their current stories, shared stories, and saved user content. In addition to this profile, all users can view their current Mithril availability and will help connect all users to Mithril features such as Social Mining and the Mithril Wallet.

The Lit Public Profile will present user selected stories, content and data for the general public to view and access. The public profile will be an engaging billboard for users to have a user-customized filtered view of each's personal information.

Getting Started With Mithril

what is mithril

One Pager

what is mithril

How To Get A Mithril Wallet?

Mithril (MITH) is a decentralized social media platform that incentivizes and rewards content creators. Users are rewarded based on the likes, comments and shares that their content earns. Users can acquire MITH tokens by using applications with the decentralised Mithril network — a term referred to as social mining.

MITH launched as a token on the Lit social media platform. On the Lit platform, users receive rewards for contributing content. Moving forward, Mithril will integrate into both new and existing social media networks.

Currently, the team is developing the Mithril Wallet, set to launch in the final quarter of 2018, along with the Alpha and Beta versions of the Mithril Shift.The company also plans to work toward developing a wider merchant network called the Mithril Merchant Network which will serve as one of many ways to make use of the MITH tokens.

To promote retail and brick-and-mortar application of MITH tokens, Inst.recycle, a vintage clothing company, is the first retail partner to accept the tokens at launch. Users can use MITH tokens to purchase products and services of their choice in the marketplace. At the initial release, retail services will be limited to Taiwan and Hong Kong, with future prospects of going global.

Users will also be able to use the Mithril Vault to exchange their MITH for ETC or BTC, cryptocurrencies that are supported by almost every wallet. Moreover, the Mithril Vault allows the users to store and use MITH tokens at their own convenience.

Mithril seeks to integrate the Mithril Vault with other platforms to stimulate the adoption of the ecosystem. The additional features of the Vault will include tools for estimating rewards based on current contributions, giving users an approximation of how much they will receive through Social Mining rewards.

Mithril Resources

How To Buy Mithril?

Buying Mithril is very easy these days. If you want, you can use cash, card – even PayPal! However, you still need to follow a few steps to do it – that’s why we made this easy tutorial for you! It is separated into parts – just follow the one that matches your purchase method.

Buy Mithril with Credit Card or Debit Card

No matter what people say, it’s easy to buy Mithril with a credit card.

Your first step will always be buying Bitcoins or Ethereum with your credit card. They can then be converted to Mithril.

Follow these steps:

  1. Buy Bitcoin or Etherium at an exchange you like.
  2. Transfer Bitcoin or Etherium to an exchange that supports Mithril currency.
  3. Finally, exchange Bitcoin or Etherium to Mithril.

Please follow our step by step guide bellow to buy Mithril.

1. Create an Account on Coinbase

To buy Ethereum from Coinbase – which you will exchange for Mithril (MITH) later – you have to create an account at Coinbase. Click this link here to create an account.

what is mithril

Click ‘sign up‘ button and fill out the form. Enter your name (it has to be exactly the same as it’s written on your photo ID), email, password and location.

Coinbase is regulated by the US government and follows strict financial rules. As such, they have to verify your identity. It takes some time and effort, however, this makes Coinbase the reputation of the must trustworthy way to convert regular currency into cryptocurrency.

what is mithril

Verify The Coinbase Account

Since Coinbase needs to verify your account, you have to give them your phone number, upload an image of your photo ID and verify your card (credit or debit) or back account. Only then will you be able to buy cryptocurency.

If you use a card on Coinbase, your fees will be higher, but your purchases will be instant. It is cheaper to use bank transfers, but it is slow – it can take up to a week to get your coins.

When your payment details are verified, click ‘buy/sell’ button on the top menu.

Select ‘Ethereum’, and enter how much money you want to spend/how many coins you want to buy in the windows on the bottom of the page.

Once you have done that, click the ‘Buy‘ button.

what is mithril

You will now have to confirm you purchase.

Do this by pressing the ‘Confirm Buy‘ button.

You now own some Ethereum. However, don’t close Coinbase yet – we’re going to use it later!

what is mithril

2. Open An Account In An Exchamge That Accepts Mithril (MITH)

Now that you have some Ethereum, you to find a place to exchanged it for MITH.

Here is a list of online exchanges where MITH is traded:

This coin is not available in any exchange as we know.

Exchanges are listed in the descending order of trade volume (that is, how much trading happens on those sides).

3. Transfer Ethereum from Coinbase to Exchange

After you have opened an account at one of the exchanges from the above list, you should find your ETH wallet address.

The details of finding the address can be different depending on the website, but it’s usually easy and simple.

Make sure that you get your “deposit” or “receiver” address.

what is mithril

4. Transfer Ethereum To Your New Wallet

Transfer Ethereum from your Coinbase account or any other account/wallet where you keep your ETH to the receiver/deposite ETH address from the step #3.

5. Exchange Ethereum for MITH

When Ethereum appear in your new exchange account (it may take a few minutes), you are read to trade it for MITH in the new the exchange.

The process of trading depend on the exchange, but it’s largely similar across the platforms.

Generally, you will want to find the MITH/ETH trading pair and “place an order” to buy MITH with your ETH funds.

The order can work immediately – any delay is usually because the exchange is trying to find enough “sell” orders to fulfill your “buy” order.

Congratulations! You are now the proud owner of some amount of MITH!

Can I Buy MITH With Cash?

You cannot directly buy Mithril with cash. Even if some ATMs support Mithril, they are less than 1% of all cryptocurrency ATMs.

If you want to buy with cash, you will have to buy bitcoin first and then exchange bitcoins for MITH using a service like Binance.

From May 5th 2018, Mithril will be listed on gate.io, ZB.com and Joyso. We believe this new move will make it easier for our token holders to use the platform.

Mithril Is Set To Be Listed On a Hat Trick of Exchanges

Gate.io - Gate.io is a crypto-exchange that assures trading in more than 20 digital coins. Gate.io’s list of coins include Bitcoin, Ethereum, Dash, Ripple, Qtum, Zcash, OmiseGo, Doge, Bat amongst others. MITH — Mithril’s cryptocurrency — will join this prestigious category.

ZB.com - ZB.com offers crypto-to-crypto spot trading and crypto-to-fiat trading. ZB.com offers trading in more than 15 digital currencies — which now includes MITH. ZB.com also offers an advanced trading platform, low fees and the option to buy and sell cryptos in a decentralized manner.

Joyso - Joyso is a hybrid exchange — comprising of centralized and decentralized designs. This exchange gives users the features and speed common with a centralized exchange and the security and privacy of a decentralized network. Mithril is now part of the initial token listing for Joyso with the latter’s beta scheduled to launch in June.

These listings will provide users with the opportunity to use MITH in additional exchanges and it will also ensure the continued growth and development of Mithril. More information will be released in the coming days/weeks.

Latest Mithril News

2018.5.14 Lit App Update

what is mithril

We are more user-friendly than ever!

Download Lit Now! http://pcse.pw/7279P

WeStreamers will soon accept Mithril tokens for its Rewarding System!

what is mithril

WeStreamers is a subproject of WeBackers, founded internally by Gamania, which provides live business streaming services.

When users go live, the page will display product information for consumers to place orders effortlessly through the link provided. They will also provide a “Rewarding System” that support Mithril tokens as one of the rewarding methods.

In addition, WeStreamers has a variety of templates and features to choose from — allowing instant interaction between users and consumers.