Mithril is a decentralized social network that uses blockchain technology to reward the contributions of content producers. Users can use social mining to mine Mithril coins. Every user's interaction on social media in the Mithril ecosystem and uploaded content can be converted into corresponding Mithril coins according to our algorithm. Mithril Coin is a decentralized token issued based on the Ethereum ERC-20 token standard. Mithril coins will soon be able to be used for many products and functions in the Mithril ecosystem. All social networking, live streaming software, or content sharing sites are all in our planning, and INST.RECYCLE will be the first to join. Through Mithril Wallet, users can convert Mithril coins into Bitcoin or Ethereum.

Project Vision

Mithril will be published on Lit as a utility currency. Lit is an innovative social platform, which is somewhat lenient for the needs of this generation of users. The younger generation of social media users is always looking for a platform that can prescribe the right medicine: the needs of being an early adopter of cryptocurrency and the growing demand for social media. By the time Lit was published, it had covered features such as instant messaging, story feeds, discovering new friends, and more. Lit will use social mining of Mithril coins to reward users for contributing private content to the network, and provide Mithril wallets for users to store, use and exchange Mithril coins into Bitcoin or Ethereum. Lit will invisibly integrate into mainstream social networking sites and help users more easily monetize their private content.
Users will be able to spend Mithril Coins across the ecosystem of Mithril apps, such as dating services, premium content channels, and live streaming apps. Mithril Business Network aims to make Mithril Coin a currency widely accepted by the retail industry, and the initial release will focus on the retail industry in Taiwan and Hong Kong. The Mithril network has a large ethnic group, influential social figures, and a customer base with full potential. Through in-depth and complete Mithril integration, Mithril physical channel partners will be able to benefit from it.

Project Highlights

Mithril is an Ethereum community token based on the ERC-20 standard. It will be integrated into various emerging and existing community platforms in the future to reward users and operators in the platform. contribute.
Mithril will use blockchain technology to ensure that all users can conduct transactions safely and securely. Blockchain is a decentralized data storage technology that can effectively record transactions between the two in a fixed mode without trust.

Application scenario

Mithril Wallet
Every user and partner will be able to easily manage, store and spend Mithril coins through the Mithril Wallet. We want to lower the entry barrier for all users of each platform and integrate Mithril Wallet with each cross-platform.
Mithril Wallet will provide a reward evaluation tool to allow users to evaluate Mithril rewards based on recent contributions to network content. This reward evaluation tool allows users to see the likely evaluation value of their social mining rewards.
Mithril Platform
The Mithril team ultimately aims to be the top and most advanced blockchain for social networking applications. The first step in this goal is to integrate Mithril into all major social networking sites. Any mainstream social media should be able to make good use of Mithril's various functions and directly control the ownership of user community content, allowing them to be rewarded for their contributions in any relevant social networking sites. Furthermore, we are currently exploring the acceptance of Mithril for partner applications and services, such as where Mithril can be used as currency to purchase upgraded features and services on these platforms.
The Mithril Protocol is tailor-made for the integration of social networking sites and the Mithril ecosystem. Through this agreement, we intend to integrate Mithril coins, social mining, Mithril wallets, Mithril physical access and other Mithril functions, so that mainstream social networking sites can be easily applied.
The blockchain platform is constantly optimized, and we will continue to evaluate whether different platforms can support the best and most outstanding community website tokens. When evaluating the usability of the platform, scalability, handling fees and community support are the primary considerations. As Mithril continues to optimize, we will pay close attention to Ethereum expansion solutions such as Plasma, Raiden Network, and other non-Ethereum platforms such as EOS and Zilliqa. Finally, we will continue to explore the best technology and select the most suitable Mithril social blockchain application needs. The ERC-20 Mithril coins on the Ethereum network can be exchanged for future releases on the blockchain main chain. currency value.
Mithril physical access
In addition to the applications and services that accept Mithril payment, we are also working hard to develop more physical stores and physical retail that accept Mithril payment industry. Mithril's retail partner that accepts Mithril payments as soon as it is released is inst.recycle, the largest celebrity antique and second-hand clothing retailer in Taiwan.

Technical Overview

Social Mining
Social mining is a crucial new concept in the Mithril ecosystem. The concept is simple: when users publish valuable and self-created content on the Internet, they can earn Mithril coins through social mining. Rewards from mining will be directly related to the influence and success of their content on the network. The more network value they bring to the platform, the more Mithril they can earn. All mining mechanisms and rewards will initially be traded through the Ethereum network.
35% of Mithril's total supply will be used as mining resources for users' social mining. In the next few years, 350 million Mithril coins will be distributed to users of the Mithril network through social mining. The number of Mithril coins that can be mined will be halved periodically during the pre-defined period of time. When the mining cycle ends, all 350 million Mithril coins will be mined and distributed. The distribution control of social mining will be similar to Bitcoin's dynamic difficulty adjustment mechanism.
Social Mining Distribution
The picture above shows the Mithril distribution model through social mining. It encourages early adoption of Mithril, as rewards from social mining will diminish exponentially. In the initial stage, more mithril mining rewards will promote the growth of the overall network. As Mithril's user base and network grows, its network utility and use cases will grow accordingly, allowing lower Mithril rewards to continue to be an incentive for social mining.
All social mining transactions will be verified and guaranteed by Ethereum's smart contracts, thus providing a safe and reliable foundation for social mining. All transactions can be tracked and verified from the Ethereum blockchain, meeting the needs of all users and partners for a transparent Mithril network.
Let's say, for example, that there are three users: David, Bob, and Kyle. They are all new Mithril users and each has 0 Mithril coins. Within a week, David published 4 limited-time stories on Mithril's partner platform, with 400 views and 0 likes; Bob published 5 limited-time stories, with 200 views and 80 likes; Kaile did not post anything on the Internet at all. Through our social mining algorithm, set the weight of each viewing number to 1 and the weight of each like to 5, so that David has dug 400 units, Bob 600 units, and Kaile 0 units. According to the pre-set calculation method, the reward of Mithril coins that will be issued this week is automatically set at 10,000 Mithril coins. According to the weights obtained by the above three miners, David will receive 4,000 Mithril coins, Bob will earn 6,000 Mithril coins, and Kaile will receive nothing.
Asset Management
In addition to the diverse application scenarios of Mithril Coin, Mithril also provides convenient channels for holders to easily manage their assets. Through "VAULT", users can convert Mithril coins into different currencies with one click, or transfer them to other assets they want to hold at the exchange after withdrawal.
In the Mithril ecosystem, the Mithril coins obtained from mining can be withdrawn or exchanged for other cryptocurrencies, and can also be used for rewards and consumption discounts in the future. VAULT is your all-round safekeeping vault for Mithril coins and other cryptocurrency assets.
Strategic Alliance
As a kind of application token, Mithril Coin is hoped that holders can easily use Mithril Coin to consume daily necessities and Audio-visual entertainment streaming service. Mithril is actively negotiating partners, so stay tuned! Merchants who are interested in joining the Mithril Ecosystem and accepting Mithril Coin consumption discounts are also welcome to contact us.

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