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A Potential Competitor for Steemit: The Mithril Platform

November 14, 2018

 

 

By now, any of you who have been in the Cryptocurrency space for at least a year have probably heard something about Steemit. For a while, it seemed like it would become the go-to location for Crypto and Blockchain related content.

 

Then came the criticism, which included everything from the Steemit platform not having a fair reward system for content creators, to 87.50% of the STEEM coin’s total staked supply being owned by 247 of the platform’s accounts.

 

Then, there are options like Mithril.

 

This March, Mithril launched its own app called Lit, which is reportedly a decentralized social network in and of itself. Beyond this, Mithril’s ultimate goal is to bring about the new, hit ecosystem for content creators to interact with each other and their fans. In fostering this effort, everything seems to start with the Lit app. After a quick Google search on the subject, one thing is clear right away.

 

The Mithril team is marketing their app heavily, through various online channels including Medium, Youtube, and Crypto news sites. At the same time, after looking at iTunes reviews of the Lit app, it seems that it is not yet the solution that the team wants it to be. The top two reviews, including a five star one, indicate that users are having trouble earning and withdrawing Cryptocurrencies from the app.

 

Even so, as with any technical product, user reviews should be taken seriously, but not used as the only evidence to decide whether something is a viable solution. In this particular case, the Mithril site suggests that some kind of integration between Lit and their staking wallet called VAULT is what really allows users to exchange, stake, and withdraw Mithril.

 

Above all, none of these features are actually Mithril’s main focus for drawing users in.

 

What that appears to be is rewarding content creators via what they call “social mining.” Overall, this could be explained as nothing more than using a Delegated Proof-of-Stake protocol to make the most active content creators the ones that receive the most block rewards. Doing so is a promising effort to get to change the way that content circulates the internet, in connection with the way that these artists are paid for what they do.

 

As with anything in the Blockchain space, in the end, everything will come down to incentivizing real usage of this network. In relation to this, it may help to use a general rule of thumb such as: why would the average person care about what this particular Blockchain project has to offer?

 

 

By: BGN Editorial Staff

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