Cryptocurrency

Understanding Mithril and MITH Token

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Mithril is a blockchain based digital currency token representing a newer kind of social media which is decentralized. The unique thing is that it will pay all the users on its platform for content creation. With such kind of feature and blockchain mechanism, Mithril is considered to hit the right chord by carving its own place in the crowded marketplace.

Mithril – Brief Information

Ever since its beginning, social media has been perceived as a hot business. According to  Pew Research data, there are 68% American adults active on Facebook, of which 74% are daily users. The Facebook founder has a worth of about more than 67.1 billion dollars. It pretty much explains why start-ups like Mithril are eyeing to be the upcoming Facebook.

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Mithril which is adding a social angle to the technology of blockchain is competing with a number of decentralized platforms including Waves and Sola. It is utilizing Ethereum for creating an app that’s aimed at offering rewards to users in the form of MITH tokens for their participation in creating and curating social content.

Jeffrey Huang, the founder of Mithril, firmly thinks that people who create content on social platforms should be able to earn a profit. The founder’s thought seems to have worked as the cryptocurrency Mithril MITH, introduced in March last year, has earned a reputation for itself as the valuable digital asset in such a short span.

Analyzing MITH Tokens

As per the data records last registered on 5th August 2018, Mithril stood strong with a market capitalization of 180,504,102 dollars. Out of the total token supply of 1,000,000,000; MITH has around 356,761,850 tokens as its circulation supply. With 0.505951 dollars of an exchange rate, this MITH ERC-20 token had reached the highest price of $1.47 as on 11th May last year.

Mithril didn’t choose the ICO way but conducted a private crowd sale wherein the marketing and development team of Mithril kept 50,000,000 MITH leaving 400,000,000 MITH in distribution.

In order to earn these MITH tokens, one has to create and share content. Once earned, the tokens can be easily spent on partner apps. Your MITH tokens will be stored in the platform’s official wallet called Mithril Vault. The wallet will be synchronizing MITH seamlessly across various platforms. Moreover, Vault will also enable cryptocurrency exchange between Mithril tokens and other digital money such as ETH and finally fiat assets and BTC. As it is a Proof-of-Stake kind of blockchain, the MITH token amount you have in your Vault wallet will directly affect your stake-levels.

The trading pairs of MITH are USDT, ETH, and BTC. MITH tokens can be traded on major crypto exchanges such as CoinExchange, HitBTC, Bitfinex, LBank,  Bithumb, and Bitforex, apart from the massive trading done on the OKEx platform.

The Social Media Scope

Developing and maintaining a chart-topping social media platform is a difficult task especially in the times when users are seeking complete control of the data they’re sharing on the social mediums. The demand for solid data privacy in the current scenario is keeping all the social media giants on their toes.

Despite the tough road ahead, Mithril is positive about gaining the user trust with its budding blockchain-backed social network. Mithril has promising plans of rewarding its users for utilizing its platform while guaranteeing smooth working with other compatible platforms. As Mithril is decentralized, end users will have more control and enhanced security than usual.

From Facebook, YouTube and Twitter to Instagram and LinkedIn, a majority of topmost social media networks can incorporate MITH tokens for monetization of user actions as well as increasing user engagements. What’s interesting is that these biggies are exploring avenues for the development of their own digital money. Facebook and Snapchat have already taken steps in this direction. While the former had previously added a payment feature in the Messenger in 2015 and was testing the same on WhatsApp last year, the primary investor of Snap was contemplating a crypto-based investment fund.

With these current favorable conditions, the future looks quite bright for Mithril although it has its competitors like Waves and Steem who’ve ventured into the market much before Mithril. But the uniqueness Mithril brings to the table in the form of providing a platform to enthusiastic users who are keen on becoming the next internet sensation, might help it win the race.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.
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