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Mithril is a decentralised social media platform designed to reward content creators. Using a process known as “social mining”, each user’s content and social interactions help them earn MITH tokens.
An ERC20 token on the Ethereum network, Mithril tokens will eventually be accepted as a form of payment throughout the Mithril Merchant Network or exchanged for bitcoin (BTC) or Ether (ETH) through the Mithril Vault.
That’s the project in a nutshell, but if you’re interested in buying, selling or storing MITH tokens, read on.
MITH tokens are currently available from a small selection of exchanges, including the following:
Want to buy MITH tokens but don’t know where to start? Here’s what you need to do.
In the comparison table above, you’ll see a selection of exchanges that feature MITH in one or more currency pairs. You can choose one of these platforms or another crypto exchange that lists MITH, and sign up for an account to start trading.
You can typically register simply by providing your email address and creating a password, but many platforms will require additional personal details and proof of ID in line with Know Your Customer and Anti-Money Laundering (KYC/AML) requirements.
If two-factor authentication is supported, make sure you enable this feature on your account.
It’s currently not possible to buy MITH tokens directly with Australian dollars. As a result, you’ll need to first own or acquire a cryptocurrency listed in a trading pair with MITH. Ether and bitcoin are the two most common examples, so check out our how to buy Ether and how to buy bitcoin guides if you don’t yet own either of these digital currencies.
If your crypto coins and tokens are stored away from the exchange, log into your exchange account and copy the wallet address that you’ll need to transfer funds to.
Once your deposit has been confirmed, navigate to the “Exchange” or “Markets” section on your chosen platform. Search for the pair you want to trade, for example MITH/ETH, and look for the “Buy MITH” field.
You can then enter the amount of MITH you want to buy or the amount of ETH you want to spend. Make sure to review the full details of the transaction, including the total cost, before finalising the purchase.
If you want to sell MITH tokens, the process you’ll need to follow is similar to the instructions outlined in step 3. You’ll need to look for the link or button to “Sell MITH”, and remember that you may not be able to directly exchange your tokens for the currency you want.
While you can store your MITH tokens in an exchange wallet if you wish, this will expose you to the risk of hacking and theft. It’s generally recommended that you move your tokens to a secure, private wallet which lets you retain control of your private keys at all times.
As MITH is an ERC20 token on the Ethereum network, you’ll need to look for a wallet that’s compatible with these types of tokens. Examples include MyEtherWallet, Ledger Nano S and TREZOR.
Find out more about storing your cryptocurrencies in our guide to wallets.
The basic premise behind Mithril is to reward users for posting content on social media platforms based on the likes, comments and shares they earn. While millions of posts, photos, videos and more are uploaded to mainstream social media sites every day, very few contributors actually profit from the content they share.
From the Mithril white paper: “The ultimate goal of the Mithril team is to become the best and most optimised blockchain for social network applications. The first step to achieving this goal is to integrate MITH into all major social networks.”
Mithril, which was founded by Taiwan’s 17 Media, centres on a concept known as social mining, which allows users to earn Mithril tokens (MITH) by using applications within Mithril’s decentralised network. This process aims to automate the monetisation of content, with social mining rewards directly linked to a user’s influence and success on a social media platform. The more value they bring to the platform, the more MITH they will earn.
Built on the Ethereum blockchain, MITH tokens are designed to be integrated into new and existing social media networks. MITH was launched as a utility token in March 2018 on Lit, a social media platform that offers instant messaging, story feeds and friend discovery. At the time of writing (April 2018), the Lit beta version was available for download from the Mithril website.
Not only are cryptocurrencies notoriously volatile, often experiencing substantial price fluctuations in as little as 24 hours, but they’re also quite complicated assets. If you’re thinking of buying any MITH tokens, make sure you carefully consider the factors that could potentially influence the value of these tokens in the future.
You should take the following issues into account:
Image source: Shutterstock
Disclosure: At the time of writing, the author holds IOTA and XLM.
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