Blockchain News

Social Mining and the Circle of Value in Decentralized Social Media Platforms

Twitter, Instagram, Facebook, Pinterest, Snapchat, Reddit, LinkedIn. The list goes on and chances are, you are on one of these platforms, sharing content to connect with others and to express your individuality. Whether it’s a witty Twitter remark, a perfectly curated Instagram post, or an all too relatable meme, we are all content creators. Maybe we do it for the likes, the retweets, and the comments. Maybe we do it just to be heard and seen. But with blockchain technology transforming the Internet, so to is it about to transform the status quo of social media usage. The blockchain is all about adding value. Adding security, transparency, utility and adding trust. So what does this mean for social? What if the time, the creativity, and the data you put into your content was rewarded in tangible ways? Now that would be valuable!

Social Mining

In the crypto world, mining brings underground currency to light in order for users to claim the rewards. According to Investopedia, “Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the block chain, and also the means through which new bitcoin are released.” It’s a complex mathematical process, and personally it gives me a headache just thinking about it. But in reality, anyone with the right software and access to the Internet can do it. Luckily, there’s an easier way. What if we could all earn crypto rewards, doing what we already do best? Social media. The adoption and value of cryptocurrency would be exponential.

Mithril (Mith) is leading social media to a new era of value, allowing content creators like me and you, to earn MITH currency through content creation and social media sharing. Much like Bitcoin miners, rewarded for complex transactions, social media users are now being rewarded for their engaging content. With social mining, the digital gold rush has just begun.

Lit, the world’s first app to mine Mithril, is available for download on Android and iOS devices, providing a direct way for social media users to share content, earn MITH currency, as well as a new community of followers. Each user’s social interactions and content generates value within the Mithril ecosystem, and tokens are rewarded based upon influence and impact. Ever wanted to become an influencer? With Lit, fame and fortune are at your fingertips.

 

Circular Economy

The mithril ecosystem not only accelerates the adoption of MITH currency, but also creates a new economy, where value circles back to its consumers. In the circular economy, users benefit from doing what they normally do. Users are able to earn currency through social content and spend the same currency on everyday items from lattes and retail items to healthcare. Beyond the Lit platform, Mithril currency may be rewarded on existing social media networks, live-stream and content applications. In this day and age, users are mining for love on online applications and using MITH currency, you can now spend on dating applications and find that diamond in the rough.

 

Convenience Spending

The growth of these diverse channels would not be possible without partnerships. Through its partners, the social media platform is working towards enabling usage of Mithril at convenience stores like Familymart and hi-life c-store locations. With convenience spending and social mining, the future of crypto is in the mainstream and ready to transform everything we do.