What Is Mithril? Introduction To MITH Token

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What Is Mithril? Introduction To MITH Token

Sun Aug 05, 2018 7:20 pm

Social media is a big business. Pew Research shows 68 percent of American adults are on Facebook alone, and 74 percent of those users access the platform daily. Mark Zuckerberg is worth over $67.1 billion from the social media juggernaut. It’s no wonder tech entrepreneurs and startups like Mithril rush to become “the next Facebook.”

Mithril is bringing this social trend to the blockchain, along with decentralized competitors like Sapien, Steemit, Sola, Indorse, and Waves. It uses the Ethereum blockchain to create an app ecosystem that rewards social content creators and curators with MITH tokens for participating.

Founder Jeffrey Huang believes social media users should profit from creating content on the platform instead of being used as advertising fodder. And despite barely being launched in March 2018, Mithril has skyrocketed up the charts to become one of the most valuable cryptocurrencies.

Before exploring Mithril’s market viability and determining if it’s worth the buzz, let’s review MITH, the platform’s proprietary ERC-20 token.

Breakdown of MITH Token
Mithril has a market cap of $180,504,102 as of August 5th, 2018. This is based on a circulating supply of 356,761,850 MITH (out of a total supply of 1,000,000,000) and an exchange rate of $0.505951. Its peak price so far was $1.47 on May 11, 2018.

Instead of an ICO, Mithril held a private crowdsale where 400,000,000 MITH was distributed and 50,000,000 was retained by the Mithril team for development and marketing.

MITH is mined by participating on partner applications. Creating and sharing content earns MITH, which can then be spent with partner applications. Because mythril is a crafting ingredient in the Final Fantasy video game series, online searches for how to spend MITH have these pages mixed in, which will likely continue for several years until the platform gains enough big-name retail spending partners to rise up SEO rankings.

The Mithril Vault is the platform’s wallet, and it will synchronize and store MITH across all platforms. It will also allow exchanges between MITH and other currencies like ETH, and eventually BTC and fiat currencies. The amount of MITH in your Mithril Vault affects your staking level in this Proof-of-Stake blockchain.

MITH is tradeable on many popular crypto markets, including Bitfinex, OKEx, HitBTC, CoinExchange, Bithumb, Bitforex, and LBank, although the vast majority of trading occurs at OKEx. Its trading pairs are typically ETH, BTC, and USDT.


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