In the world of blockchain and cryptocurrency, there is no shortage of innovative ideas. If Mithril is any indication, the way we think about social media will come to change in quite spectacular fashion. This particular project aims to decentralize social media and reward content creators in a fair and transparent manner.
The Idea Behind Mithril
One could argue that there is no shortage of social media platforms out there. That is certainly true, but all of them are designed to harvest user data. Mithril takes a completely different approach, as it aims to put the “social” back in social media. Rewarding content creators, using social power to “mine” Mithril tokens, and bringing people closer together are just some of this project’s goals.
The Technology Under the Hood
With such ambitious goals, Mithril will need to pack a fair amount of technology to make it all work. Even though the MITH token is based on the ERC20 standard, users will be able to “mine” this currency through social interactions and content creation. Any action taking place on the platform will mine MITH based on the project’s algorithm. This will incentivize people to use the platform quite frequently, as they will be rewarded for doing so.
It is also expected that this social media ecosystem will encompass a lot of different areas. Online applications for Mithril will range from online dating to premium content and even live streaming. Additionally, the goal is to make MITH a payment method for merchants, although it remains to be seen if that will be successful. After all, there’s a fair bit of competition out there in that regard.
Additionally, there is a beta Lit app available for mobile. This application is a part of the overall Mithril ecosystem, which lets users share their stories. Depending on how those creations impact and influence others across the network, the creators will be rewarded with a certain amount of MITH tokens. It’s an interesting take on things, even though “yet another social mobile app” will have a difficult time succeeding.
The MITH Token
As mentioned before, Mithril has its own token, known as MITH. It is used to reward content creators, promote social activity on the platform, and so forth. Getting this token into the hands of merchants and their clients will be a different matter altogether. Even so, the team will set up a dedicated Merchant Network which will include apps for dating and live streaming, among other things. It’s an interesting concept that may eventually succeed.
Building this decentralized social media ecosystem will require a lot of work in the months and years to come. Although the beta version of the mobile app is a positive step in the right direction, further improvements can be made. The top priority is getting content creators excited about Mithril to ensure that they produce and share unique content on this platform, rather than copy and paste the same information across multiple networks. Achieving that goal will be pretty difficult.