Mithril is a decentralized social media platform was introduced to reward content creators. It also gives users the ability to mine Mithril tokens via a method referred to as Social Mining. The content from the users as well as the social interactions inside the Mithril ecosystem is the power that mines the MITH. The mining is controlled by an algorithm developed by the Mithril team.
Mithril trading volume recorded a significant rise in the last 24 hours in the wake of the partnership announcement with M17 Entertainment. The volume rose 78.40% from $46,088,700 on July 23 to $213,447,000 at the close of the session on July 24. Furthermore, the volume in the last 24 hours at the time of writing is $216 million. Its market capitalization also reflected the surge and is currently at $320 million from $252 million according to the data on CoinMarketCap.
M17 Entertainment and Mithril crypto project will collaborate on the operation of a social mining product called Lit. The two companies are from now going to build the Lit platform to become of the world’s leading short video platforms. The partnership will also leverage the M17 Entertainment subsidiary; 17 Media. 17 Media boasts of over 10,000 top influencers with great talents.
Lit is a brainchild of the Mithril decentralized platform. It allows content creators to share their materials while they mine Mithril tokens. Moreover, the users on the Lit platform also mine Mithril tokens through their interactions with content creators. The platform works on the basis of “social mining.” M17 Entertainment is inclined to believe that content on social media has away sipping into the masses around the world. Therefore, the collaboration on Lit takes digital assets closer to the people in the societies around the world.
The 17 Media social platform was launched in 2015 with a similar framework of sharing economics mainly through photos, video as well as live streaming. At the moment, 17 Media has over 33 million active users who record more than 200,000,000 hours of live interactive premium user-generated content (“PUGC”) on a monthly basis. It is simply the leading live content generation platform in the Asian region. The content generated can be accessed both on mobile and TV channels.
M17 Entertainment is the most strategic partner to help Mithril explore the limits of the Lit platform. It has vast experience in the operation of social sharing economies from the 17 Media social media platform. The two companies will invest in product development as well as content creation for the Lit social mining platform. The features of Lit are also going to be optimized with social mining of the Mithril token improved in various aspects. In addition to that, Lit is expected to introduce new content creation formats such as short video music synchronization posts as well as short-form text-based posts.
The Lit application is still in the beta stage, although it was released in March 2018. Currently, there have been more than 100,000 downloads of the app and this number is expected to go up tremendously under the new partnership.
Mithril Token Overview
The cryptocurrency was launched in 2017, however, within a short time, it has grown to become a global social digital asset. The MITH token has been listed on most of the world’s leading exchanges and has signed multiple strategic partnerships with various industry leaders. At the time of writing, Mithril (MITH) is trading at $0.89.