All social media platforms essentially have one thing in common — data (a whole lot of it). This is a result of users sharing information on these platforms on a regular basis. Social media networks can use large chunks of this data to see how users communicate with each other. This data is very valuable, but the valid question would be: “to who?” Is this data valuable to its creators, the platform on which it was created or a totally different set of people?
The irony is that this created data doesn’t benefit its creators — but instead profits the social media platforms and companies looking to use the data to determine customer or consumer behaviour. This had gone long enough until cryptocurrency entered the fray, with Steemit playing a major role in redefining the way people see social media platforms. However, another platform called Mithril has taken things even further.
What is Mithril?
Mithril is a decentralized social media platform that gives incentives to content creators. With a process called “social mining”, users will be able to earn tokens while also interacting with their friends and followers.
There are a lot of social media platforms out there, and virtually all of them have been established to take advantage of monetizing user data. Mithril doesn’t follow the norm here and have decided to take a different approach altogether. Mithril makes use of its social app called Lit (that allows the social mining of MITH) to reward contributors on the network. This contribution can come in the form of posts, instant messages, or stories.
This app can be referred to as the blockchain version of Instagram or Snapchat. They share a lot of similarities but the major difference between them is that Lit rewards its users. A mathematical formula will use a user’s amount of likes, views, and watch time to determine the size of the reward. This will ...