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.
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.
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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
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. One of the ways to have a successful trading…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
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…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
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…