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Mithril (MITH) Monetizes Social Media Influence

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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

Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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