Mithril (MITH)
A Decentralized Social Media Platform On Ethereum.- Mithril aims to create a content ecosystem where content creators will be directly rewarded with economic means.
- When a user posts content on the social media platform Lit, the Mithril algorithm calculates the amount of Mithril tokens that users should receive, and updates their balance on the iOS/Android apps. This process is called social mining.
- Another product Mithril developed is Vault: users can use MITH token to pay for for dating apps, premium content, and live-streaming, or across Mithril Merchant Network to purchase retail, physical products in Hong Kong and Taiwan.
- The Mithril token (MITH) is used as a reward for content creation, as well as payment for various services within the Mithril ecosystem.
1. What is Mithril (MITH)?
Mithril is a decentralized social network ecosystem that rewards the contributions of content creators through a "Social Mining" process - an incentive structure that allows content publishers and consumers to earn MITH tokens based on activity within the ecosystem.
Through Social Mining, publishers are able to capture value generated by the content they create and users can be rewarded based on social activity and interaction with content they consume.
The ecosystem currently consists of three core components:
- MITH token: a token earned as a reward for content publishing or consumption (likes, shares, comments, etc.) that can also be staked to accelerate earnings, exchanged for digital assets or used for payment of goods & services.
- Lit: social media application and first platform to support Mithril's Social Mining process, with features such as instant messaging, "Stories" and "Explore." Lit can already be downloaded from both the App Store and Google Play.
- Mithril Vault: software wallet that allows users to store their rewards (MITH tokens), stake them for additional MITH token earnings and exchange them for other digital assets. MITH tokens generated through Social Mining are held in each user's Mithril Vault, which also supports seamless payments to various application services. With the social mining concept, the Mithril ecosystem is structured to encourage viral sharing of content by rewarding users for a number of factors such as influence, activity, reach and staking. As the first example of this incentive structure, Lit, the decentralized social media application, has attracted over 100,000 users in a few months with minimal paid marketing.
MITH is an ERC-20 utility token built on top of the Ethereum blockchain that has three core use cases:
- Social Mining: users can earn MITH tokens by producing and publishing user-created content, or by participating in their social media ecosystem by interacting with content
- Staking: users can stake MITH in their Mithril Vault, which acts as an accelerator to increase the rate of Social Mining
- Payments: users can use MITH to pay for items in the Mithril Merchant Network and other products / services related to dating apps, paid content and other applications; MITH stored in the Mithril Vault can also be exchanged for ETH / BTC
2. Economics and supply
2.1 MITH token overview
MITH is a utility token to be earned (or "mined") and used as a form of payment within the MITH ecosystem
2.2 Token sale:
- Completed private token sale on 2/21/2018, raising 60,000 ETH ($51.6MM) at 5,000 MITH / 1 ETH, selling 30% of total token supply
- Raised entire amount in private sale and cancelled public sale
| Token Name | MITH |
|---|---|
| Token Type | ERC-20 |
| Token Sale Date | 2/21/2018 |
| Private Sale Allocation | 30% of Total Supply |
| Token Sale Price | 5,000 MITH / 1 ETH |
| Amount Raised / Target Amount | 60,000 ETH / 60,000 ETH |
| Current Circulating Supply | 38.7% |
2.3 Token supply distribution
- Team tokens unlocked beginning in November 2019 and vest monthly through November 2021
- Advisor tokens unlocked March 2018 and will continue to vest monthly through February 2019
- Token Treasury tokens are reserve tokens used to fund the company on an as-needed basis and do not currently have a release date
- Community tokens began unlocking in February 2018 and will continue to be released on a monthly basis to be used for community events, promotions, and social media as needed
- Social Mining tokens (35% of total supply) will be used to reward content creators and consumers and will be released according to the distribution schedule highlighted in the chart below
2.4 Token governance
Mithril uses Trezor wallets to manage token unlocking. These Trezor wallets are multi-sig wallets and are jointly controlled by Mithril's C-level management.
3. Products and metrics
Mithril has generated substantial user traction for both the Lit application as well as the Mithril Vault through organic growth.
Lit
The Lit social media app has gained significant user traction since the launch date in June 2018:
- 154,000+ downloads
- 7,800+ DAU
- Total of 271,661.6149 MITH have been mined since inception
Mithril Vault
The Mithril Vault software wallet was launched 6/30/2018 and currently has ~3,600 users and 1,000 DAUs directly sourced via organic growth channels.
- Mithril Vault Downloads: 6,400+
- Mithril Vault DAUs: 1,300+
- Total 2,897,531.4954 MITH held
- Total 1,132,867.7499 MITH staked
- Total 64.78 ETH held
4. Project team
5. Mithril's activity and community overview
5.1 Development activity
Mithril has made significant progress in building out the technical components of both the Lit dApp and the Mithril Vault. While the Github repositories are private, the details below provide insights into the number of commits, contributors, achieved milestones and progress of technical development. Currently, Mithril has 5 key private repositories:
vault-server
Vault API server which includes blockchain logic and vault features (with Flask framework, web3py, geth)
vault-dashboard
The dashboard server used to observe our vault data in realtime
Mithril has furthermore several public repositories:
5.2 Social and community data
Mithril has a global community with a primary concentration in Asia (Taiwan, Korea, China). Mithril's go to market strategy is designed to encourage users to bring the social circles from other networks into the Mithril ecosystem, which will allow them to mine MITH for sharing and consuming content. Core to this strategy is leveraging strategic partnerships with other social platforms that have large user bases who are interested in compensation for their social efforts. The initial step in this user acquisition strategy is a partnership with M17 Entertainment, a global media company with more than 40MM users and a large network of content creators. As part of the strategic partnership, M17 accepts payments using MITH and sends payments to content creators using MITH. Additionally, Mithril will continue to grow the community through grassroots initiatives including meetups, conferences and social media engagement.
Competitor overview
Mithril has several sets of key competitors across social media platforms, social media focused coins and traditional social media companies. For the purpose of this comparison, we have focused exclusively on digital asset competitors.
Key comparables
| NAME | TICKER | MARKET CAP | DESCRIPTION |
|---|---|---|---|
| Kin | KIN | $48.4MM | Payment token for online activities such as instant messaging, social media, & tipping within the Kik Ecosystem. |
| SocialX | SOCX | N/A | Decentralized social media platform allowing users to publish content & receive SOCX token rewards. |
| Steem | STEEM | $266MM | Next-generation blockchain that runs real-time applications and a decentralized, rewards-based social network. |
| InvestFeed | IFT | $3.2MM | Social cryptocurrency investment project. |
| Reddcoin | RDD | $103MM | Social network tipping economy. |
Social media channels
Mithril has active social communities where the team can share updates, engage with users and address concerns. Notably, Mithril posts weekly updates on Medium specific to commercial, product and technology progress to keep users constantly informed on the status of the project and ability to execute against disclosed milestones.
Reddit: r/MithrilToken | 1,900 subscribers
Twitter: @MithrilOfficial | 19,200 followers
Medium: @MithrilToken | 649 followers
Telegram: https://t.me/MithrilChat | 12,831 followers
Facebook: @MithrilOfficial | 4,500 followers
6. Appendix
6.1 Additional product detail - demo & screenshots
6.2 Advisory board
- Alex Liu | CEO of Maicoin & AMIS
- Leo Cheng | CEO & Co-Founder at Machi X
- Paul Veradittakit | Partner at Pantera Capital
- Jason Fang | Managing Partner at Sora Ventures
- Stella Kung | Head of PR and Marketing at QTUM Foundation
- Kevin Li | SVP at M17 Media
6.3 Full MITH token release schedule
| Date | Private Sale 1 | Team | Advisors | Community | Social Mining | Circulating Supply | Circulating Supply % | Incremental Supply % |
|---|---|---|---|---|---|---|---|---|
| Jan 18 | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% | |
| Feb 18 | 210,000,000 | 0 | 0 | 4,500,000 | 0 | 214,500,000 | 21.45% | 21.45% |
| Mar 18 | 30,000,000 | 0 | 4,166,667 | 7,675,000 | 0 | 256,341,667 | 25.63% | 4.18% |
| Apr 18 | 30,000,000 | 0 | 4,166,667 | 4,354,396 | 0 | 294,862,730 | 29.49% | 3.85% |
| May 18 | 30,000,000 | 0 | 4,166,667 | 6,399,575 | 1,140,523 | 336,569,495 | 33.66% | 4.17% |
| Jun 18 | 0 | 0 | 4,166,667 | 7,584,951 | 2,838,905 | 351,160,018 | 35.12% | 1.46% |
| Jul 18 | 0 | 0 | 0 | 7,142,857 | 4,933,544 | 363,236,419 | 36.32% | 1.21% |
| Aug 18 | 0 | 0 | 0 | 7,142,857 | 6,477,811 | 376,857,087 | 37.69% | 1.36% |
| Sep 18 | 0 | 0 | 8,333,332 | 7,142,857 | 7,720,505 | 400,053,781 | 40.01% | 2.32% |
| Oct 18 | 0 | 0 | 8,333,332 | 7,142,857 | 8,772,449 | 424,302,419 | 42.43% | 2.42% |
| Nov 18 | 0 | 12,500,000 | 4,166,667 | 7,142,857 | 9,092,757 | 457,204,700 | 45.72% | 3.29% |
| Dec 18 | 0 | 1,041,667 | 4,166,667 | 7,142,857 | 9,716,716 | 479,272,607 | 47.93% | 2.21% |
| Jan 19 | 0 | 1,041,667 | 4,166,667 | 7,142,857 | 10,267,087 | 501,890,885 | 50.19% | 2.26% |
| Feb 19 | 0 | 1,041,667 | 4,166,667 | 7,142,857 | 10,759,411 | 525,001,486 | 52.50% | 2.31% |
| Mar 19 | 0 | 1,041,667 | 0 | 7,142,857 | 11,204,772 | 544,390,781 | 54.44% | 1.94% |
| Apr 19 | 0 | 1,041,667 | 0 | 7,142,857 | 11,611,354 | 564,186,659 | 56.42% | 1.98% |
| May 19 | 0 | 1,041,667 | 0 | 7,142,857 | 11,985,374 | 584,356,557 | 58.44% | 2.02% |
| Jun 19 | 0 | 1,041,667 | 0 | 7,142,857 | 12,331,662 | 604,872,743 | 60.49% | 2.05% |
| Jul 19 | 0 | 1,041,667 | 0 | 7,142,857 | 12,654,049 | 625,711,316 | 62.57% | 2.08% |
| Aug 19 | 0 | 1,041,667 | 0 | 7,142,857 | 12,955,622 | 646,851,461 | 64.69% | 2.11% |
| Sep 19 | 0 | 1,041,667 | 0 | 7,142,857 | 13,238,905 | 668,274,890 | 66.83% | 2.14% |
| Oct 19 | 0 | 1,041,667 | 0 | 7,142,857 | 13,505,993 | 689,965,406 | 69.00% | 2.17% |
| Nov 19 | 0 | 1,041,667 | 0 | 7,142,857 | 13,758,635 | 711,908,565 | 71.19% | 2.19% |
| Dec 19 | 0 | 1,041,667 | 0 | 7,142,857 | 13,998,316 | 734,091,405 | 73.41% | 2.22% |
| Jan 20 | 0 | 1,041,667 | 0 | 7,142,857 | 14,226,301 | 756,502,229 | 75.65% | 2.24% |
| Feb 20 | 0 | 1,041,667 | 0 | 7,142,857 | 14,443,677 | 779,130,430 | 77.91% | 2.26% |
| Mar 20 | 0 | 1,041,667 | 0 | 7,142,857 | 14,651,389 | 801,966,343 | 80.20% | 2.28% |
| Apr 20 | 0 | 1,041,667 | 0 | 7,142,857 | 14,850,260 | 825,001,126 | 82.50% | 2.30% |
| May 20 | 0 | 1,041,667 | 0 | 7,142,857 | 15,041,011 | 848,226,660 | 84.82% | 2.32% |
| Jun 20 | 0 | 1,041,667 | 0 | 5,200,367 | 15,224,279 | 869,692,974 | 86.97% | 2.15% |
| Jul 20 | 0 | 1,041,667 | 0 | 0 | 15,400,631 | 886,135,271 | 88.61% | 1.64% |
| Aug 20 | 0 | 1,041,667 | 0 | 0 | 15,570,568 | 902,747,505 | 90.27% | 1.66% |
| Sep 20 | 0 | 1,041,667 | 0 | 0 | 15,734,541 | 919,523,713 | 91.95% | 1.68% |
| Oct 20 | 0 | 1,041,667 | 0 | 0 | 15,892,954 | 936,458,334 | 93.65% | 1.69% |
| Nov 20 | 0 | 1,041,667 | 0 | 0 | 0 | 937,500,000 | 93.75% | 0.10% |
| Dec 20 | 0 | 1,041,667 | 0 | 0 | 0 | 938,541,667 | 93.85% | 0.10% |
| Jan 21 | 0 | 1,041,667 | 0 | 0 | 0 | 939,583,334 | 93.96% | 0.10% |
| Feb 21 | 0 | 1,041,667 | 0 | 0 | 0 | 940,625,000 | 94.06% | 0.10% |
| Mar 21 | 0 | 1,041,667 | 0 | 0 | 0 | 941,666,667 | 94.17% | 0.10% |
| Apr 21 | 0 | 1,041,667 | 0 | 0 | 0 | 942,708,334 | 94.27% | 0.10% |
| May 21 | 0 | 1,041,667 | 0 | 0 | 0 | 943,750,000 | 94.38% | 0.10% |
| Jun 21 | 0 | 1,041,667 | 0 | 0 | 0 | 944,791,667 | 94.48% | 0.10% |
| Jul 21 | 0 | 1,041,667 | 0 | 0 | 0 | 945,833,334 | 94.58% | 0.10% |
| Aug 21 | 0 | 1,041,667 | 0 | 0 | 0 | 946,875,000 | 94.69% | 0.10% |
| Sep 21 | 0 | 1,041,667 | 0 | 0 | 0 | 947,916,667 | 94.79% | 0.10% |
| Oct 21 | 0 | 1,041,667 | 0 | 0 | 0 | 948,958,334 | 94.90% | 0.10% |
| Nov 21 | 0 | 1,041,667 | 0 | 0 | 0 | 950,000,000 | 95.00% | 0.10% |
| Total | 300,000,000 | 50,000,000 | 50,000,000 | 200,000,000 | 350,000,000 | 950,000,000 | 95.00%(*) |
(*) Please note that 5% has been allocated to the Token Treasury, which will be released at a yet-to-be determined future date, hence the total of 95%