I’m not talking about the metal from Lord of the Rings, I’m talking about Mithril, the social mining cryptocurrency. Seated within coinmarketcap.com’s top 100, Mithril has been on a steady incline this month despite the volatility seen around the main body of cryptocurrency markets.
On Wednesday (28/03/2018) Mithril was up 47%, coming in at around $0.43 per token. Nothing to shout about but still interesting nonetheless, especially considering the high spike in value of late.
Mithril is created through ‘social mining’, a new concept generated by the Mithril developers, the white paper describes this as the following:
“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.”
Essentially as users create content via social media, they will be rewarded for their contributions, the better the contribution the more they will earn. Mithril expect that overall 350 Million Mithril will enter circulation, this will be halved each year through mining until eventually of the initial 350 Million, no more tokens remain. They will have all been distributed to users who contributed, by this stage the value of each token will have changed. Given that this is a plan for the future, I would expect that the value of the tokens will be far greater than their current $0.43 standing.
Alongside this, Mithril are building a merchant’s network which allows users to spend their tokens. The tokens will be based on Ethereum ERC-20 so will take a similar format and thus will be easy to spend on services for dating, premium content channels, live-streaming and retailers that are part of the Mithril Merchant Network. Moreover, Mithril will be directly exchangeable for Bitcoin and Ethereum, opening up new possibilities for those who have a large amount of coins held.
Mithril is heading in the direction of content control, they obviously want a network of people working together that can share and create interesting content. Other works in the pipeline include ‘Lit’ the Mithril social network. This, coupled with the development of their own merchant’s network means that in the future Mithril could become quite prominent. I guess at present it aims to reach a younger generation and as I understand it, Mithril want to use the younger generation to launch Mithril into orbit.
Find out more and view the Mithril white paper here- https://mith.io/whitepaper.pdf
Featured Image Source: Pixabay