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Mithril (MITH) Monetizes Social Media Influence

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Mithril
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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

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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