The cryptocurrency market has been very welcoming to Mithril (MITH). This coin started getting tracked on CoinMarketCap a little over a month ago, and it has already risen 17x in value – starting off around $0.09 and currently trading at about $1.60. In a market that looks a little like the bears may soon be going into hibernation, MITH has enjoyed much more growth than its peers.
So, what is this crypto coin all about – and why are traders finding it so appealing?
What is Mithril (MITH)?
The name sort of sounds like a pharmaceutical product, maybe even a cigarette brand, but it is far from either of those two. Mithril is, essentially, a decentralized social media platform – like Facebook – that comes with all the added benefits of blockchain technology. This token was launched on the Ethereum (ETH) network, making it an ERC20 token.
The idea behind this social media ecosystem is that users are rewarded with MITH tokens by participating in the network. It sounds a lot like Steemit (STEEM), right? Well, they are a bit different in reality – but their general purposes are pretty much the same.
What makes Mithril (MITH) unique?
With Steemit, users earn cryptocurrency based on other members of the community giving positive feedback for content posted on the site. It’s like if you donated coins every time you “liked” a friend’s Facebook post. For the most part, it’s written content like articles and blog posts – including a lot of cryptocurrency analysis.
With Mithril they have invented something new called “social mining,” which is pretty similar, but more focused on photos and videos/streaming (like Facebook/Snapchat) – but they both reward users in cryptocurrency for other community members reacting to their posts.
The MITH network already has one app in beta right now, called LIT – which is similar to Snapchat. Eventually the whole social ecosystem will have a dating app, a marketplace, and even things like streaming video.
Can this network realistically challenge Facebook?
Probably not – and I say that only because Facebook is so widely-used and ingrained into our modern society that it would take many years to shuffle a large number of users to a new social network. Most Facebook users don’t even know what Steemit (STEEM) is.
The whole Cambridge Analytica scandal really illuminated how we want corporations to handle our personal data, and there was a lot of chatter recently about how a ton of users were going to delete their Facebook accounts. Even though the tech giant was absolutely abusing our data, they have made a rather noticeable shift in their policies and seem to be trying to make things right. Plus, soon users will be able to clear their data like they clear their browsing history. With Facebook catching up and giving users what they want, why would they choose a new social media network – just because it’s decentralized?
Unfortunately, most of the population has no idea why that would be a necessary feature in a social network.
What do you guys think?
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.