logoMithril (MITH)

A decentralized social network incentivizing content creators & consumers to participate & contribute to the Mithril ecosystem

KEY METRICS

TickerMITH
Latest Price$0.256 USD (0.00004BTC)
Current Market Cap$108.39MM
30 Day Avg Market Cap$100.17MM
24H Volume$16.08MM
30 Day Avg Volume$13.15MM
Current Circulating Supply387,392,092 MITH (~39%)
Total Supply1,000,000,000 MITH
All Time High Price (USD)$1.87 USD (26 Apr 2018)
All Time High Price (BTC)0.000231 BTC (26 Apr 2018)
Top 10 Individuals' Wallets12.60% of Total Supply
Project Websitehttps://mith.io/

KEY HIGHLIGHTS

  • Raised $51.6MM (60,000 ETH) in private sale in Feb 2018, selling 30% of total supply
  • 154,000+ downloads & 7,800 DAUs on the Lit social network app since Q2 2018 launch
  • Mithril Vault, a software wallet that allows users to store, stake, spend, and exchange MITH tokens, was released in June 2018 and has roughly 6,400 users and 1,300+ DAUs
  • Announced a strategic partnership on 7 Aug 2018 with M17 Entertainment, a global media company with over 40MM users and content creators

RECENT NEWS

  • Q3 2018: Mithril Forge Fund I established to invest in strategic partners.
  • Q2 2018: Closed partnership with M17 Entertainment, which has over $200MM in user payments and more than 40MM users, to accept MITH as a form of payment.
  • Q2 2018: Launch of Minni, a dating app showing compatibility between users on sophisticated calculations derived from their "Bazi", or Chinese numerology.
  • Q2 2018: Launched WeStreamers, a live business streaming service that displays product information for consumers to place orders effortlessly through a provided link.

WHAT IS MITHRIL?

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:

  1. 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.
  2. 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.
  3. 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.

TOKEN SALE AND ECONOMICS

MITH Token Overview

MITH is a utility token to be earned (or "mined") and used as a form of payment within the MITH ecosystem

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

KEY METRICS

Token NameMITH
Token TypeERC-20
Token Sale Date2/21/2018
Private Sale Allocation30% of Total Supply
Token Sale Price5,000 MITH / 1 ETH
Amount Raised / Target Amount60,000 ETH / 60,000 ETH
Current Circulating Supply38.7%

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

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.

MITH Token Overview & Use Cases

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

ROADMAP & UPDATES

Mithril has executed on the majority of the milestones highlighted in the original roadmap, in addition to several other commercial and technical milestones that highlight a commitment to building the platform and growing the MITH user base and partner ecosystem. Mithril has also released an updated road map with key milestones through Q2 2019.

PLANNED DATEMILESTONEACTUAL DATETIMINGCOMMENTS
Q4 2017Founding of MithrilEarly Advisors onboardingLit development work beginsQ4 2017
Q1 2018Private SaleLit Alpha and Beta launchQ1 2018ON TIME
Q2 2018Official release of Lit AppQ2 2018ON TIMEN/A
Q3 2018Mithril Wallet Alpha and Beta launchMithril Shift development beginsQ3 2018ON TIME
Q4 2018Official Mithril Wallet launchMithril Shift Alpha and Beta launchQ3 20181Q AHEAD
Q1 2019Official Mithril Shift launchMithril Vault Alpha and Beta launchQ3 20182Q AHEAD
Q2 2019Official Mithril Vault launchMithril Blockchain Alpha and Beta launchQ3 2018N/A

Q3 2018: Launch of Vault & Shift

July

  • Vault Dashboard Development: monitoring user behavior data (completed)
  • Vault withdraw feature (completed)
  • Lit Android version binding vault (completed)

Aug

  • Freezing account feature (completed)
  • SEO optimization (completed)
  • Mobile web UI/UX improvement (completed)
  • Vault Korea version launch (in progress)

Sep

  • Research and implementation of abnormal user detection model (completed)
  • Vault staking and aging feature (completed)
  • Charge user withdrawal fee (completed)
  • Research fiat deposit channel (in progress)

Updated Roadmap

Q4 2018: Vault payment functionality, Shift adding bitcoin, Social Mining API dev

Oct

  • Vault referral program
  • M17 & Max exchange collaboration for payment with Vault
  • Fiat deposit launching

Nov

  • Mithril official website revamping
  • Vault support BTC deposit/shift

Dec

  • Vault support USDT deposit/shift
  • Vault staking mining development

Q1 2019: Vault payment launching, merchant network dev, ad network dev

Jan

  • Vault iOS / Android development
  • 10+ vault payment partners
  • KYC process

Feb

  • Scan payment feature
  • Other crypto staking feature
  • 15+ vault payment partners

Mar

  • Ad network development
  • Vault payment mining development

Q2 2019: Ad network alpha and Vault merchant network onboarding Q3 2019: Ad network beta

TEAM OVERVIEW

Jeffrey Huang
Founder
Former Chairman of M17 Entertainment
Wilson Huang
VP of Product & Engineering
Co-founder of Hackoin and former Yahoo software engineer
Claire Peng
Product Manager
Former Product Manager at VoiceTube and World Citizen Island
Ivy Liu
PR Director
Former PR Manager at KKBOX Inc. and Marketing Manager at APEX Technology Co.
Chingwen Yang
UI Designer
Tobasi Lin
QA Engineer
Aron Kao
QA Engineer
Tony Wang
Data Engineer
Jey Tsai
Backend Developer
Amo Chen
Backend Developer
Chiao-Yen Chang
Senior Android Developer
Tung (Alex) Huang
Senior iOS Developer

TRADING DATA

Liquidity

MITH is traded on a variety of exchanges, most notably Binance, Bitfinex, Bithumb, Lbank, OKEx and HitBTC, with trading volumes historically dominated by OKEx in the core trading pairs (MITH/BTC, MITH/ETH, MITH/USDT and MITH/QTUM). Most recently, MITH was officially listed on Binance (15 November 2018), thus adding additional liquidity and global investor access to the project.

Volume & Market Cap

Despite being currently listed on only one of the top five exchanges, MITH has generated investor demand since its public debut as highlighted both by an ~$13.15MM 30 day avg. trading volume and ~$100.17MM 30 day avg. market cap (data as of 11 November 2018).

TECHNICAL OVERVIEW

Github Overview

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)

6 Contributors1,408 commits
mithril-vault

Vault web app frontend

5 Contributors1,212 commits
lit-server

Lit app backend API server (with Flask framework)

4 Contributors1,384 commits
vault-server-config

Config files for vault-server

4 Contributors226 commits
vault-dashboard

The dashboard server used to observe our vault data in realtime

2 Contributors164 commits

PRODUCT & METRICS

Mithril has generated substantial user traction for both the Lit application as well as the Mithril Vault through organic growth.

Social Mining & Lit Application Metrics:

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

COMMUNITY DATA

Social Community Overview & Strategy

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.

Social Communities:

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

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

NAMETICKERMARKET CAPDESCRIPTION
KinKIN$48.4MMPayment token for online activities such as instant messaging, social media, & tipping within the Kik Ecosystem.
SocialXSOCXN/ADecentralized social media platform allowing users to publish content & receive SOCX token rewards.
SteemSTEEM$266MMNext-generation blockchain that runs real-time applications and a decentralized, rewards-based social network.
InvestFeedIFT$3.2MMSocial cryptocurrency investment project.
ReddcoinRDD$103MMSocial network tipping economy.

APPENDIX

Additional Product Detail - Demo & Screenshots

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

Full MITH Token Release Schedule

DatePrivate Sale 1TeamAdvisorsCommunitySocial MiningCirculating SupplyCirculating Supply %Incremental Supply %
Jan 180000000.00%
Feb 18210,000,000004,500,0000214,500,00021.45%21.45%
Mar 1830,000,00004,166,6677,675,0000256,341,66725.63%4.18%
Apr 1830,000,00004,166,6674,354,3960294,862,73029.49%3.85%
May 1830,000,00004,166,6676,399,5751,140,523336,569,49533.66%4.17%
Jun 18004,166,6677,584,9512,838,905351,160,01835.12%1.46%
Jul 180007,142,8574,933,544363,236,41936.32%1.21%
Aug 180007,142,8576,477,811376,857,08737.69%1.36%
Sep 18008,333,3327,142,8577,720,505400,053,78140.01%2.32%
Oct 18008,333,3327,142,8578,772,449424,302,41942.43%2.42%
Nov 18012,500,0004,166,6677,142,8579,092,757457,204,70045.72%3.29%
Dec 1801,041,6674,166,6677,142,8579,716,716479,272,60747.93%2.21%
Jan 1901,041,6674,166,6677,142,85710,267,087501,890,88550.19%2.26%
Feb 1901,041,6674,166,6677,142,85710,759,411525,001,48652.50%2.31%
Mar 1901,041,66707,142,85711,204,772544,390,78154.44%1.94%
Apr 1901,041,66707,142,85711,611,354564,186,65956.42%1.98%
May 1901,041,66707,142,85711,985,374584,356,55758.44%2.02%
Jun 1901,041,66707,142,85712,331,662604,872,74360.49%2.05%
Jul 1901,041,66707,142,85712,654,049625,711,31662.57%2.08%
Aug 1901,041,66707,142,85712,955,622646,851,46164.69%2.11%
Sep 1901,041,66707,142,85713,238,905668,274,89066.83%2.14%
Oct 1901,041,66707,142,85713,505,993689,965,40669.00%2.17%
Nov 1901,041,66707,142,85713,758,635711,908,56571.19%2.19%
Dec 1901,041,66707,142,85713,998,316734,091,40573.41%2.22%
Jan 2001,041,66707,142,85714,226,301756,502,22975.65%2.24%
Feb 2001,041,66707,142,85714,443,677779,130,43077.91%2.26%
Mar 2001,041,66707,142,85714,651,389801,966,34380.20%2.28%
Apr 2001,041,66707,142,85714,850,260825,001,12682.50%2.30%
May 2001,041,66707,142,85715,041,011848,226,66084.82%2.32%
Jun 2001,041,66705,200,36715,224,279869,692,97486.97%2.15%
Jul 2001,041,6670015,400,631886,135,27188.61%1.64%
Aug 2001,041,6670015,570,568902,747,50590.27%1.66%
Sep 2001,041,6670015,734,541919,523,71391.95%1.68%
Oct 2001,041,6670015,892,954936,458,33493.65%1.69%
Nov 2001,041,667000937,500,00093.75%0.10%
Dec 2001,041,667000938,541,66793.85%0.10%
Jan 2101,041,667000939,583,33493.96%0.10%
Feb 2101,041,667000940,625,00094.06%0.10%
Mar 2101,041,667000941,666,66794.17%0.10%
Apr 2101,041,667000942,708,33494.27%0.10%
May 2101,041,667000943,750,00094.38%0.10%
Jun 2101,041,667000944,791,66794.48%0.10%
Jul 2101,041,667000945,833,33494.58%0.10%
Aug 2101,041,667000946,875,00094.69%0.10%
Sep 2101,041,667000947,916,66794.79%0.10%
Oct 2101,041,667000948,958,33494.90%0.10%
Nov 2101,041,667000950,000,00095.00%0.10%
Total300,000,00050,000,00050,000,000200,000,000350,000,000950,000,00095.00%(*)

(*) 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%