I came upon this project by accident when speaking to one of my friends who works at Blockstate, a blockchain advisory and services provider. Mithril aims to shift the power of the social network back in the hands of society itself. There are plenty of platforms enabling well known content creators to monetize their efforts through centralized platforms such as YouTube and upcoming blockchain projects such as Tune. But for the “all walks of life” content creators there is a wide open opportunity to reward long tail creators for seeding the world with their brilliant ideas. I funnel my content through several channels including Twitter, my site Quantalysus, Medium, and Steemit. Mithril isn’t the first blockchain project to place content and social networks on a blockchain, but it does go one step beyond text (Steemit) as it pursues a social network much more akin to a Snapchat or Instagram.
Social networks have evolved and grown over time. My first exposure to this space was through blogging via Blogger (later acquired by Google) and Xanga. The first semblance of a social network I used was Friendster. MySpace came along and displaced Friendster because I was infatuated with toying around with HTML and sharing music content I discovered. In 2004 I signed up for Facebook and slowly my MySpace presence faded away.
With the recent Cambridge Analytics news hitting the airwaves, Facebook has started to take a tumble in its stock price and in the public’s view. Perhaps its time for new growth to take over well established companies. Truth is, social networks is and always has been a powerful sector to pursue for new entrants. Classic economics theory states excessive profits will lead to new competitors entering the space. Facebook has plenty of profits to go after. No other industry exhibits the power of network effects as well as social networks: the more users that use the platform, the more useful it becomes, and the more useful it becomes the more users are attracted and stay on the platform. A powerful virtuous cycle!
We’ve come a long way in this space and I expect innovators to experiment with blockchain to decentralize benefits while maintaining the coveted network effect. Take a moment to remember our dear social networks, both live and six feet under ground:
Mithril is an ecosystem to enable its mission of empowering content creators. The ecosystem is broken down into several layers, they are:
The youth have always been a demographic retailers have long chased after. With parents holding the purse strings (allowances), retailers have had to dance with both parents and youth alike. With Mithril as a cryptocurrency, it enables youth to generate income. Their newfound wealth will enable Mithril to broadcast to merchants a whole new category of shoppers have entered the fray. Now, I won’t dive into this but I am concerned with marketing to children and teenagers will morph into undesirable pathways, but that’s not Mithril’s responsibility or purview. Additionally, not all content creators will be teenagers (I’m certainly not a teenager).
I’m going to start with the advisors since that is what excited me the most.
My buddy also sent me this great interview of Jeffrey Huang, their founder. All of their team have LinkedIn profiles which I encourage you to read through. Additionally, you will see GitHub repos for Li-Chun Yang (senior developer focused on full-stack) and Wilson Huang (co-founder of Hackoin – a blockchain consultant services shop). To boot, Mithril will naturally be on mobile (Chiao-Yen Chang focused on Android and iOS, Alex Huang on iOS).
The amount of rewards distributed via Social Mining is laid plain and simple on their whitepaper. For brevity I’ll break it down.
Your rewards are susceptible to a balance of quantity and quality of interactions. The more watches, views, and likes you receive the higher your core. However, each of these values will have a coefficient multiplier based on a weighted function. Based on maximizing this quality and quantity of interactions (watch, view, like) your score is weighted against the entire network to determine your purity score. This purity score is your percentage of the total social mining.
“As Mithril evolves, we intent to keep close watch on leading Ethereum scalability solution such as Plasma, Raiden Network, as well as platforms outside of Ethereum, such as EOS and Zilliqa”.
~Mithril whitepaper page 11
Mithril looks promising as an overall solution. I would be keen to see a demo or a beta release to see how far they have gotten. Typically when I evaluate cryptocurrency projects my bar is set fairly low for first steps. With as little as 60% of projects failing to estimates as high 80%, I first ask myself is this a scam? With the advisors they have onboard and the fact they only did a private sale, my only concern comes down to strategy and execution. I wish Mithril the best of luck since I think content and social networking is a ripe area for blockchain and token economic innovation.
You can find MITH on Okex at the time of this writing. They are also in discussions to have their token listed on other platforms.
Find out more about Mithril on their Telegram channel and Twitter account (@MithrilToken)
Disclosures: I am not part of the Mithril team nor do I own any MITH at the time of writing.
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