Overview: Mithril (MITH) the Decentralized Social Media Platform. Should You Invest?

Overview: Mithril (MITH) the Decentralized Social Media Platform. Should you invest?

Nutshell

Mithril project is aiming to revolutionize the social media by introducing new concept called 'social mining' .

'Social mining' is a concept where the social media contributors will be awared MITH tokens. The rewards will be directly linked to their influence and success as a contributor on the network. The more network value they bring to the platform, the more MITH they will earn.

Mithril is already operational in the existing app Lit (which can be compared to Instagram). The app allows the users to earn the tokens by posting.

Usage

Mithril is already used as an utility token on the Lit app. The app allows the users to mine the tokens as rewards when they create popular posts.

The other aim of the Lit app is to provide a vault where users can store, use and exchange the tokens for Bitcoin or Ethereum

The app offers stories (like Snapchat or Instagram), camera usage incorporated, story feed (like Instagram), chat, discover feature and profiles.

Currently the app is available in appstore and Google Store but it's really not that popular but they are planning to incorporate the Mithril into other social networks in the future.

Tokens

Mithril is an Ethereum ERC-20 token so it runs on the Ethereum network.

Users earn MITH by posing and can spend them in different apps and for services accepting. MITH as payment. In the future broader adoption is planned.

To help with the adoption The Mithril Integration Protocol is designed for seamless integrations between social networks and the Mithril Ecosystem.

Through this protocol, they intend to make integration of the MITH token, Social Mining, Mithril Vault, Mithril Merchant Network, and other Mithril features easy for major social networks.

Availability and price

MITH is listed on few significant exchanges with the main ones being:
Bithumb (49% of volume), OKEx (40%), BitForex (6%), LBank (3%), also listed on Gate.io, Bitfinex and HitBTC.

Tether is the most popular pairing but also paired with BTC, ETH, QTUM, USD and KRW

Current price as of 31st of July is around $0.62 with MITH being ranked on 50th place in terms of the market capitalisation and market cap of around $222M.

Around 357M out of 1B tokens are currently in circulation meaning around 66% would still be introduced

MITH has been doing very well since the listing even when compared to the Bitcoin. The recent price dump is a result of the potential Binance vote manipulation

The ATH is $1.47 and was achieved on May 12th after a long pump happening after listing.

Other aspects

The founder was a chairman for 17 Media who developed a popular number 1 live-streaming app in developed Asia. The 17 Media team is behind the Mithril project. They have over 200+ employees on LinkedIn.

They are very closely connected with QTUM as well, wouldn't be surprised if the partnership was even closer in the future.

The Lit app is not that popular - 10k+ downlods on Google appstore. I believe it will struggle against Instagram and Snapchat due to how popular those apps already are.

They are currently winning in the Binance listing vote but there are some controversies surrounding vote manipulation so they might be disqualified.

My verdict

There are several similar projects like Sapien, Sola, Props, Synereo and more. The main difference between Mithril is how far they are in the developement: they are already incorporated in a a working app.

Because of that Steemit is probably the best comparison. They are slightly different but also allow the users to monetise their posts. The mcap of Steemit is slightly higher.

I think Mithril is a very promising project with huge potential. The team is impressive, development active and they already have a working product.

The problem is valuation, I feel its currently too high and mostly based on speculation especially considering the popularity of the Lit app.

Follow me on social media:
Telegram: https://t.me/crypto0coins
Twitter: https://twitter.com/Crypto0Coins
Facebook: h