Mithril - Shitcoin Review
on Oct 05, 2018
Happy Friday al!
We figured we will end the week with a project that isn’t overly technical and has a straightforward use-case.
Today’s review is Mithril.
Let’s dig in…
Wtf is this shit?
Mithril is an ERC-20 token with a simple mission: to reward social media users for their activity. If you post content, comment, and your content generates likes/shares/comments, then you will be rewarded accordingly.
The Mithril team introduces what they call, “Social Mining.” It is this mechanism which rewards users with MITH for their activity. The content creation and reactions serve as the proof of their activity. The mining transactions are recorded on Ethereum’s blockchain through smart contracts.
They have completed their first application, called Lit (go check it out). It’s a place where users can message, interact, post content and earn MITH. Now, notice Lit is a separate app...but the Mithril team intends to integrate with existing social networks as well. They have not been 100% clear, but we believe this means that if you integrate your Mithril account with any networks they choose to integrate with, then even using Steemit, Facebook, etc will reward you with Mithril. They intend to integrate their features into all social networks.
Again, they plan to be a decentralized social media rewards network, not just a separate application/website.
Regarding 'mining,' a total of 350,000,000 Mithril tokens will be mined and distributed over the next several years...they did not mention what will happen after that. They did do an ICO but it was a "private crowdsale" and was somewhat restricted in who could access it. The ICO distrubted 300,000,000 tokens out of a total supply of 1,000,000,000. The rest is for the founding team, marketing, operations, etc.
All in all, that sums it up!
Who tf is behind this shit?
Jeffrey Huang is the founder. His LinkedIn is quite limited, but it shows that he is the chairman of 17 Media, a live streaming app in Asia, he claims to be the #1.. Separately, 17 Media has raised $75M in venture capital since 2017. One of Mithril's advisors is also a partner at Pantera Capital...
All in all, mid-tier shitcoin, not sure how it is ranked so high on Coinmarketcap to be honest...they need to explain how they will integrate with existing networks better and expand on their 'social mining' algo.
Go enjoy your weekend and have a drink for us.
Hope you learned some shit.
- Mike and Aaron