Mithril token and Lit app. A new kid on Social Media and Crypto Rewards block

I saw this project about a month ago here on Steemit and it got my attention. The more Social Media that rewards us, the better for us, right?

Screenshot from https://mith.io/

Their app launched the previous Monday, I installed it, used it for a week and I will share my experience thus far.

The Project

Mithril is a decentralized social media platform on the Ethereum Blockchain that rewards all content creators, through a process they call Social Mining. It uses blockchain technology to ensure that transactions are secure and safe for all participants. This is what actually blockchain is. A technology that can record transactions between parties in a efficient, trustless, and immutable manner.

Mithril (MITH) for the time being is as a utility token on Lit, an app that is just like Snapchat, but with every like you get a little bit of MITH. It features as instant messaging, story feeds, and discovery of new friends. More about the app in a while. They will also build a wallet , they call it the Mithril Vault and will let you store, use, and exchange MITH for BTC and ETH. Lit will seamlessly integrate into major social networks to help users more easily monetize their personal content.

Screenshot from https://mith.io/

Lastly, we will be able to spend Mithril tokens within the ecosystem with services such as premium content channels, dating services, live-stream applications and at retail stores with the Mithril Merchant Network that will initially launch in Taiwan and Hong Kong.

It is an ambitious project and I would like to see succeed, along with any other project that rewards its users. The project is funded by the team behind 17 Media, with advisors from Pantera Capital, Sora Ventures, QTUM Foundation, AMIS, and Blockstate.

The Token

Mithril (MITH) is an ERC-20 token and this is the distribution.

Screenshot from Mithril whitepaper

It has only be listed on okex.com and currently it is valued at $0.70 .

Screenshot from https://www.okex.com

The 35% of the tokens will be distributed to the users by Social Mining. The distribution through time is exponential as shown in the graph below.

Screenshot from Mithril whitepaper

Social Mining is the process of giving out the rewards to the users. As we produce valuable content on the network, we will earn MITH via Social Mining, according to our
influence and success as a contributor on the network. The more network value we bring to the platform, the more MITH we will earn. All mining efforts and rewards will initially transact via the Ethereum Network. In the graph below we can see the math of the process :

Screenshots from Mithril whitepaper

The team

The most crucial part of every project is the team. Jeffrey Huang the founder is a Taiwanese-American music, entertainment, and technology industry leader based out of Taipei, Taiwan. His most recent project, 17 Media, the number 1 live-streaming app in developed Asia. The mobile app quickly became the most popular app in Taiwan, Malaysia, Hong Kong, Singapore and Indonesia. They have a complete team of researchers, developers and marketers and they are backed by ventures capitalists. If you want to do research on them here they are. They seem legit. At least they have full LinkedIn profiles.

Screenshot from https://mith.io/

This is where you can find them :
Website : https://mith.io/
White Paper : https://mith.io/whitepaper.pdf
Telegram : https://t.me/MithrilChat
Twitter: @MithrilToken

Lit app

The Lit app is where all the action takes place. This is the profile screen.

By pressing the two circles you can see your stories feed. Next you have the discovery feed, the big circle in the center is the camera , then you have your private messages and last is your profile icon. At the top right you have settings and your notifications, but they are not shown in this screenshot.

This is your stories feed.

The app is for now only available for Android in Google Store.
It will be available for iOS devices soon.

My take

I've been using the app for a week now. It is easy to use , quite intuitive, but heavy on the battery and data usage. For most time it works as expected. I haven't experienced any crashes or unresponsiveness.

The learning curve is small. Play a little bit with it and you are good to go. To be honest there is not that much to do. Post photos, follow, like and sent PMs. I guess you wouldn't need anything else. As I said it like snapchat, which means your photos will be erased after 24 hours. I am not sure how this works with blockchain, which everything posted there cannot be deleted. I guess they store the media somewhere and use blockchain for transactions. Your photos are presented in form of stories. So, nothing new here. The app supports small videos around 5-10 sec, but they are slow to load , and sometimes they keep on playing over and over.
For those who care , I haven't seen nudity, maybe this is some kind of future premium content. Some sexy shots here and there do exist.

Screenshot from Mithril whitepaper

Generally , I like the app and the approach. By joining now, you will have the early adopter advantage, but if it fails you've wasted your time. My biggest concern so far is that there no wallet, that means you cannot spend or exchange your hard earned MITHs. Apart from that, it is fun to use , but you have to spend time in order to follow and like other people's stories. After a week I have some followers and if you take the time to like photos, other users tend to like back. There is a build in chat that works , but haven't really used it. Most of the users are from Asia.

I hope this project succeeds, because we will have more chances of income and that something we all want.

So, that was it. Tell me your opinion. Will you use it ?

If you will , let's LIT the world on fire !

And of course, keep on Steeming !!!