Mithril is a decentralized social network that rewards content creators with blockchain technology. Users can mine Mithril tokens through social mining. Every interaction on the social media within the Mithril ecosystem, as well as the content uploaded, is transformed into corresponding Mithril tokens based on our algorithm. The Mithril token is a decentralized token issued under the Ethereum ERC-20 token standard. Mithril tokens will soon be usable in various products and features within the Mithril ecosystem. Social, live streaming software, or content sharing websites are all in our plans, and the first to join will be INST.RECYCLE. Through the Mithril Wallet, users can convert Mithril tokens into Bitcoin or Ether.

Project Vision

Mithril will debut as a practical currency on Lit. Lit is an innovative community platform tailored to meet the needs of this generation of users: early adopters of cryptocurrencies and the increasing demand for social media. Younger generations of social media users seek platforms that hit the mark: meeting the demands of early cryptocurrency users as well as the growing needs of social media. Upon launch, Lit encompasses various features such as instant messaging, story updates, and discovering new friends. Lit will utilize social mining with Mithril tokens to reward users for contributing private content to the network, providing the Mithril wallet for users to store, use, and exchange Mithril tokens into Bitcoin or Ether. Lit will seamlessly integrate into mainstream social sites, helping users earn money more easily from their private content. 

Users will be able to spend Mithril tokens throughout the entire Mithril application ecosystem, such as dating services, premium content channels, and live streaming applications. The Mithril business network aims to make Mithril tokens widely accepted in retail, initially focusing on the retail sector in Taiwan and Hong Kong. With a large population, influential figures, and a promising customer base, Mithrils physical channel partners will benefit from deep and comprehensive Mithril integration.

Project Highlights

Mithril is an Ethereum community token based on the ERC-20 standard, which will be integrated into various emerging and existing social platforms to reward the contributions of users and operators within the platform. 

Mithril will leverage blockchain technology to ensure that all users can transact safely and securely. Blockchain is a decentralized data storage technology that effectively records transactions between two parties in a trustless and fixed pattern.

Use Cases

Mithril Wallet 

Every user and partner will be able to easily manage, store, and spend Mithril tokens through the Mithril wallet. We aim to lower the entry barrier for all users across platforms and integrate the Mithril wallet seamlessly. 

The Mithril wallet will provide a rewards evaluation tool, allowing users to assess potential Mithril token rewards based on recent contributions to network content. This rewards evaluation tool will show users the potential valuation of their social mining rewards. 

Mithril Platform 

The ultimate goal of the Mithril team is to become the top and most advanced social networking blockchain application. The first step towards this goal is to integrate Mithril into all mainstream social sites. Any mainstream social media should be able to leverage Mithrils features and directly influence user ownership of social content, allowing them to be rewarded for their contributions on any relevant social site. Furthermore, we are currently exploring the acceptance of Mithril by partners applications and services, such as where Mithril tokens can be used as currency to purchase premium features and services on these platforms. 

Mithril protocol is tailor-made for the integration of social sites and the Mithril ecosystem. Through this protocol, we aim to integrate Mithril tokens, social mining, Mithril wallet, Mithril physical channels, and other Mithril features, making it easy for mainstream social sites to apply. 

As blockchain platforms continue to evolve, we will continually assess whether different platforms can support the best and most excellent community website tokens. When evaluating platform usability, scalability, transaction fees, and community support are primary considerations. As Mithril continues to optimize, we will closely monitor Ethereum scaling solutions like Plasma and Raiden Network, as well as non-Ethereum platforms like EOS and Zilliqa. Ultimately, we will continue to explore the best technology to suit the needs of Mithrils social blockchain application, and Mithril tokens on the Ethereum networks ERC-20 can be exchanged for future mainnet tokens. 

Mithril Physical Channels 

In addition to apps and services that accept Mithril payments, we are also working to develop more physical stores and brick-and-mortar retailers that accept Mithril payments. Upon launch, the retail partner accepting Mithril payments is inst.recycle, the largest celebrity antique and second-hand clothing retailer in Taiwan. 

Tech Overview

Social Mining 

Social mining is a crucial new concept in the Mithril ecosystem. The idea is simple: when users post valuable, original content online, they can earn Mithril tokens through social mining. Rewards from mining will be directly related to the impact and success of their content on the network. The more network value they bring to the platform, the more Mithril tokens they can earn. All mining mechanisms and rewards will initially be processed through the Ethereum network. 

35% of the total Mithril supply will be allocated as a source for user social mining. Over the next few years, 350 million Mithril tokens will be distributed to Mithril network users through social mining. The number of Mithril tokens available for mining will halve at predefined intervals over time. By the end of the mining cycle, all 350 million Mithril tokens will have been mined and distributed. The distribution control of social mining will resemble the dynamic difficulty adjustment mechanism of Bitcoin. 

Social Mining Distribution 

The above figure shows the distribution model of Mithril tokens through social mining. It encourages early adoption of Mithril tokens, as rewards from social mining decrease exponentially over time. Initially, higher mining rewards for Mithril tokens will promote overall network growth. As the Mithril user base and network grow, its network utility and use cases will expand, keeping lower Mithril token rewards as motivation for social mining. 

All social mining transactions will be validated and guaranteed through Ethereum smart contracts, providing a secure and reliable foundation for social mining. All transactions can be traced and verified from the Ethereum blockchain, meeting the transparency requirements of all users and partners for the Mithril network. 

For example, there are three users: David, Bob, and Carl. They are all new users of Mithril and each has 0 Mithril tokens. Within a week, David posts 4 stories on the Mithril partner platform, with 400 views and 0 likes; Bob posts 5 stories, with 200 views and 80 likes; Carl does not post anything on the network. Through our social mining algorithm, set currently with a weight of 1 for every view and 5 for every like, David mines 400 units, Bob 600 units, and Carl 0 units. According to the pre-defined formula, the Mithril token reward for this week is automatically set at 10,000 Mithril tokens. Based on the weights obtained by the three miners, David will receive 4,000 Mithril tokens, Bob will earn 6,000 Mithril tokens, and Carl will get nothing. 

Asset Management 

Besides the diverse application scenarios of Mithril tokens, Mithril also provides a convenient channel for holders to easily manage their assets. Through VAULT, users can convert Mithril tokens into different currencies with one click, or withdraw and exchange them for other assets they wish to hold on the exchange. 

In the Mithril ecosystem, Mithril tokens obtained from mining can be withdrawn or exchanged for other cryptocurrencies, and can also be used for tips and consumption discounts in the future. VAULT is your all-in-one vault for managing Mithril tokens and other cryptocurrency assets. 

Strategic Alliance 

As an application token, Mithril aims to enable holders to easily spend Mithril tokens on daily necessities and audio-visual entertainment streaming services in various life scenarios. Mithril is actively negotiating with partners; stay tuned! Also, merchants interested in joining the Mithril ecosystem and accepting Mithril tokens for consumption discounts are welcome to contact us. 

Related Links: 

https://www.qukuaiwang.com.cn/szhb/2633.html### 

*The above content is compiled by the official Non-Small Number. If you want to reprint, please indicate the source.