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An Inside Look at the Mithril Blockchain

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Mithril

With the market booming with a variety of blockchain projects, cryptocurrency has become all the rage in the recent times. Given the tremendous surge of crypto projects, the technology has been appropriated in almost all the major industries. Speaking of blockchain innovations, one of the latest trends in the crypto market is the decentralization of social media. While many eminent projects have been experimenting with decentralization of social media platforms, Mithril attempts to bring something new by tokenizing content.

The proof of work algorithm, which was introduced by Bitcoin, has been successfully replaced by more advanced algorithms in the recent times, each promising to deliver high-end security features to the users. In this regard, Mithril can be regarded as an absolute game-changer. As a next-generation blockchain platform, Mithril rewards users who develop content. Interestingly, users can earn Mithril tokens while socializing with others, regardless of whether they are a social media celebrity or an important influencer. If you are missing out on the developments on the Mithril Blockchain, here’s a brief insight into the blockchain network.

Mithril, a Currency on the Rise

While Bitcoin and Ethereum are the big names in the market, there has been a subsequent surge in altcoins, which aim to eliminate the critical challenges in the existing currencies, from scalability to faster transactions. Considering the goals of this mammoth blockchain project, it is not hard to imagine Mithril as the next-generation of decentralized applications. Prioritising the seamless integration of the blockchain into existing social media platforms, Mithril anticipates becoming the most optimized blockchain for social media applications. As a part of the expansion plan, Mithril team is working on important partnerships. Besides this, the team has created a Mithril Integration Protocol, enabling seamless integration between the Mithril network and social networks.

Mithril and Social Mining

The concept of “social mining” is unique to this blockchain, allowing users to mine currencies while interacting with others within the Mithril ecosystem. As per the algorithms, the users will be rewarded with MITH tokens for sharing unique content. Going by the burgeoning popularity of decentralization of social networks, one can imagine Mithril breaking barriers to become one of the leading blockchain projects of all times.

The amount of MITH that can be earned by users will directly depend on the algorithm, besides the number of stories posted, the number of views, likes, etc. Depending on preset calculations, a certain amount of MITH is allotted for a definite time span, which will be distributed to miners based on the mining algorithm.

Lit, an Important Component of Mithril

Available in the beta version of Mithril, Lit is one of the key elements of the platform. The Mithril team developed Lit to cater to the requirements of the tech-savvy generation which are at once interested in cryptocurrency and the social media. This dynamic app is responsible for finding new contacts, stories, and instant messaging functions. With the agenda of monetizing personal content, Lit is designed for seamless integration into almost all notable social media channels. Just like any other digital platforms, Mithril allows users to share stories, which disappear after 24 hours. The stories can range from posts, videos, slides to photos, and the rewards are given in the form of Mithril tokens. The Lit Chatroom, which has generated quite a buzz among the users, lets users manage personal information including stories and a separate Lit Public Profile.

Mithril and the Market

Since MITH is based on ERC-20 tokens, the coins can be kept in any standard Ethereum wallet supporting ERC-20 tokens. If you haven’t observed the performance of the Mithril currency, you will be surprised to know that it’s rapidly gaining momentum in the market and the price is moving up exponentially. After a remarkable bull run in March, the coin has witnessed a temporary setback recently, wherein the price dropped by a great margin. Considering the last few days’ price movements of Mithril, the price of MITH crashed by a striking $0.016493644 or -3.73% on June 17. However, the price climbed back to $0.449371611 on June 18. As per the analysts, the price of MITH is going to touch $0.482275287 price level soon. For June 17-18, the highest and the lowest value of MITH were tantamount to $0.482275287 and $0.407995731 respectively. As of June 19, 2018, the price of MITH stands at $0.458356, dropping by 2.26% from its previous position. Ranking 76 by market capitalization, Mithril boasts a trading volume of $36,937,900 USD at the time of writing.

Final Thoughts

As a decentralized social media platform based on Ethereum Blockchain, Mithril has been designed for integration into various kinds of social media networks, rewarding content developers for their contributions. Regulated by the unique protocol called “social mining”, the Mithril network specializes in data storage recording transactions in a secure and immutable manner. Looking at the significant developments on the blockchain, which include listing on BitForex and BitPro and the launch of improved features for iOS devices, the popularity of the project makes perfect sense. Besides this, the launch of the most hyped-up application, Lit, has also helped the coin reach out to a wider audience. Now that the coin is rapidly gaining recognition across the community, it might just outpace its competitors to make it to the list of the most promising currencies in the crypto space.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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