Mithril: How it’s Social Mining Concept Rewards Your Social Media Use
Disrupting social media industry
Mithril has a goal to disrupt the social media industry, in a good way. With their introduction of Social Mining, more people will be posting online content as they’ll be getting rewarded for it.
Technology is always evolving. From Instagram to Facebook, there has become no excuse not to connect with family or friends, whether they’re living in your city or thousands of miles away.
While you may be happy with just posting our ideas, thoughts or pictures on social media, have you ever wondered if there’s something more you could be doing? How can your love of sharing and retweeting translate into financial rewards?
We’re not talking about being an influencer, which is not a viable aspiration for the more than two billion global users of social media. We’re talking about an all-inclusive solution that will allow all of these networkers to benefit from another type of disruptive technology: blockchain and cryptocurrencies.
Even though they have been around for nearly a decade, last year saw virtual currencies steal all of the headline spotlight. From just one currency, Bitcoin, there are now over 1,500 different options. However, not all of them will be successful and the ones that will be, understand that the key lies in creating this inclusivity, a concept that Mithril is fully aware of.
Social networks with rewards to content creators
According to its site, it is a “decentralized social media platform that rewards all content creators”. Essentially this means that you’ll get paid for your posts depending on the number of likes, comments, and shares you get. However, this is just the tip of the Mithril iceberg.
Members can be rewarded with Mithril tokens and be a part of Social Mining via the use of certain apps. According to CoinMarketCap, these tokens (MITH) already have a market cap of over $117 million after having launched just three months ago. The platform combines their algorithms with their users’ social media interactions to actually mine the MITH.
Mithril works with Lit, whose members will receive MITH for sharing their content and interacting on the network, which in turn will enable the Social Mining. The more sharing and activity by users, the more they’ll be rewarded and the more normalized the concept of Social Mining will become.
These tokens can be stored in the Mithril Vault and can be used to pay for services on the Minni Interactive dating site, a partner platform of Mithril. However, the platform aims to be integrated into the vast majority of social media platforms, thereby not only extending their reach but also rewarding more and more network users for their content.
Based on the Ethereum blockchain, these are ERC-20 tokens and can be exchanged for other virtual currencies including Bitcoin and Ethereum. MITH is currently listed on Bitfinex, Bithumb, OKEx, LBank, HitBTC, CoinExchange, IDEX, and MAX.
Now, the goal for most cryptocurrencies is mainstream adoption. Mithril is on its way to this with its partnership with Minni but it also has an aim of growing its Mithril Merchants Network, which will include online retailers.
If successful in the goal of global network integration, they could definitely become a force to be reckoned with in both the blockchain- and social media industries. In fact, they could be the bridge required to link the two and make blockchain-based social media the next step in the growth of technology.