Mithril (MITH) Monetizes Social Media Influence
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Mithril (MITH) Monetizes Social Media Influence

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Mithril

In the field of emerging technologies, it’s not unusual to see platforms that attempt to merge multiple industries. Social media, now firmly entrenched in the public mindset, is an easy fit for blockchain technology. Further, the organic nature of social media interactions is preferable for advertisers. As users grow more immune to advertising practices, the skill set of social media influencers is increasingly critical. Attention is a valuable commodity in the age of the Internet, and those that can command it come at a high premium.

New cryptocurrency Mithril (MITH) taps into that market by giving influencers a means to ‘mine’ their influence. Content creation, likes, views and time spent watching videos converts directly into MITH. Traditionally, an influencer’s revenue stream comes from advertisers that contact them directly. Now, with the Mithril system, their influence alone can earn them money. Mithril can then be converted directly against ETH or used within an internal marketplace. This form of ‘social mining’ replaces the Proof of Work or Proof of Stake algorithm that most currencies use.

The Mithril Integration Protocol

While blockchain based social media platforms are not a new concept, they require the construction of an entirely new network. The process of building a social media network from the ground up is long, arduous and particularly difficult in the face of non-blockchain competition. The Mithril team realize this and sidestep it entirely. Their Mithril Integration Protocol allows MITH mining on any included social media platform. As a result, Mithril does not need to create their own platform – they can leverage existing sites for their own purposes.

In addition, it allows social media influencers to use their pre-existing follower network to mine Mithril. This is a huge draw to the platform, requiring far less work than establishing a following on a new platform. It also allows Mithril to gain an immediate, large user base. In effect, influencers need only to start using the Mithril integration protocol to start making money off something that they are already doing. The less friction there is in integration, the larger the potential adoption.

The Lit Mobile App

Outside of social media integration, Mithril also released their own mobile content app – Lit. Lit is available on Android and iOS and allows content creators to share their stories in return for Mithril. Again, it is based on views and reach, ensuring that those who drive the largest audience receive the largest rewards. This direct form of monetization will attract many of the users that already see influencing as their main profession.

Steem pioneered the idea of a blockchain social media platform but suffers from some growing pains. Distribution is slow, and the platform plagued by users that have learned to game the system. Lit and Mithril could correct those problems, and the integration of outside networks should mitigate the gaming issues that Steem ran in to.

Market Performance

The beginning of 2018 saw a severe bear market. Many coins crashed to a fraction of their former price, and the market only started recovering now in the second quarter. Despite that, Mithril has seen persistent growth since their release in March, defying the bear market. One of the best performing coins of 2018, Mithril is early in their development cycle. Their app is in beta, and their integration protocol has yet to be released.

Although past performance is not indicative of future success, Mithril’s solid business plan and early release of a working product speak volumes about their ambition. Should the development team continue at this pace, the future of Mithril is bright, and they may live up to the mythical namesake they chose as a token name.

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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.

Image courtesy of Brantley Davidson via Flickr

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How Can Foreigners Get Loans in Singapore

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loans for foreigners in Singapore

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What defines a foreigner in Singapore? 

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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social

When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

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Mission Statement

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CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip

As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

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