WHAT IS MITH?
TOKEN SALE & ECONOMICS
ROADMAP & UPDATES
PRODUCT & METRICS
A decentralized social network incentivizing content creators & consumers to participate & contribute to the Mithril ecosystem.
|KEY METRICS [as of 11 Nov 2018]|
|Latest Price||$0.256 USD (0.00004BTC)|
|Current Market Cap||$108.39MM|
|30 Day Avg Market Cap||$100.17MM|
|30 Day Avg Volume||$13.15MM|
|Current Circulating Supply||387,392,092 MITH (~39%)|
|Total Supply||1,000,000,000 MITH|
|All Time High Price (USD)||$1.87 USD (26 Apr 2018)|
|All Time High Price (BTC)||0.000231 BTC (26 Apr 2018)|
|Top 10 Individuals' Wallets||12.60% of Total Supply|
- Raised $51.6MM (60,000 ETH) in private sale in Feb 2018, selling 30% of total supply
- 154,000+ downloads & 7,800 DAUs on the Lit social network app since Q2 2018 launch
- Mithril Vault, a software wallet that allows users to store, stake, spend, and exchange MITH tokens, was released in June 2018 and has roughly 6,400 users and 1,300+ DAUs
- Announced a strategic partnership on 7 Aug 2018 with M17 Entertainment, a global media company with over 40MM users and content creators
- Q3 2018: Mithril Forge Fund I established to invest in strategic partners.
- Q2 2018: Closed partnership with M17 Entertainment, which has over $200MM in user payments and more than 40MM users, to accept MITH as a form of payment.
- Q2 2018: Launch of Minni, a dating app showing compatibility between users on sophisticated calculations derived from their “Bazi”, or Chinese numerology.
- Q2 2018: Launched WeStreamers, a live business streaming service that displays product information for consumers to place orders effortlessly through a provided link.
WHAT IS MITHRIL?
Mithril is a decentralized social network ecosystem that rewards the contributions of content creators through a “Social Mining” process - an incentive structure that allows content publishers and consumers to earn MITH tokens based on activity within the ecosystem.
Through Social Mining, publishers are able to capture value generated by the content they create and users can be rewarded based on social activity and interaction with content they consume.
The ecosystem currently consists of three core components:
1. MITH Token: A token earned as a reward for content publishing or consumption (likes, shares, comments, etc.) that can also be staked to accelerate earnings, exchanged for digital assets or used for payment of goods & services.
2. Lit: Social media application and first platform to support Mithril’s Social Mining process, with features such as instant messaging, “Stories” and “Explore.” Lit can already be downloaded from both the App Store and Google Play.
Mithril Vault: Software wallet that allows users to store their rewards (MITH tokens), stake them
for additional MITH token earnings and exchange them for other digital assets. MITH tokens generated
through Social Mining are held in each user’s Mithril Vault, which also supports seamless payments to
various application services.
With the social mining concept, the Mithril ecosystem is structured to encourage viral sharing of content by rewarding users for a number of factors such as influence, activity, reach and staking. As the first example of this incentive structure, Lit, the decentralized social media application, has attracted over 100,000 users in a few months with minimal paid marketing.
TOKEN SALE AND ECONOMICS
MITH Token Overview
MITH is a utility token to be earned (or "mined") and used as a form of payment within the MITH ecosystem
- Completed private token sale on 2/21/2018, raising 60,000 ETH ($51.6MM) at 5,000 MITH / 1 ETH, selling 30% of total token supply
- Raised entire amount in private sale and cancelled public sale
|Token Sale Date||2/21/2018|
|Private Sale Allocation||30% of Total Supply|
|Token Sale Price||5,000 MITH / 1 ETH|
|Amount Raised / Target Amount||60,000 ETH / 60,000 ETH|
|Current Circulating Supply||38.7%|
Token Supply Distribution:
- Team tokens unlocked beginning in November 2019 and vest monthly through November 2021
- Advisor tokens unlocked March 2018 and will continue to vest monthly through February 2019
- Token Treasury tokens are reserve tokens used to fund the company on an as-needed basis and do not currently have a release date
- Community tokens began unlocking in February 2018 and will continue to be released on a monthly basis to be used for community events, promotions, and social media as needed
- Social Mining tokens (35% of total supply) will be used to reward content creators and consumers and will be released according to the distribution schedule highlighted in the chart below
MITH Token Release Schedule
The following chart represents the number and breakdown of all MITH tokens that are released into circulation on a monthly basis from Jan 2018 (ICO) to Nov 2021, at which point all MITH tokens will be in circulation. There is a steady increase in circulating supply for the Aug 2018 - Oct 2020 period due to a continuous scheduled release of Community tokens and Social Mining tokens. 5% is allocated to the Token Treasury, which will be released at a future date. Full Distribution Schedule
MITH Token Holder Concentration
The following chart represents the top wallets holding MITH tokens. Of the top 6 wallets, we have identified 4 that belong to the team and 2 that are wallets belonging to exchanges.
Mithril uses Trezor wallets to manage token unlocking. These Trezor wallets are multi-sig wallets and are jointly controlled by Mithril’s C-level management.
MITH Token Overview & Use Cases
MITH is an ERC-20 utility token built on top of the Ethereum blockchain that has three core use cases:
- Social Mining: Users can earn MITH tokens by producing and publishing user-created content, or by participating in their social media ecosystem by interacting with content
- Staking: Users can stake MITH in their Mithril Vault, which acts as an accelerator to increase the rate of Social Mining
- Payments: Users can use MITH to pay for items in the Mithril Merchant Network and other products / services related to dating apps, paid content and other applications; MITH stored in the Mithril Vault can also be exchanged for ETH / BTC
ROADMAP & UPDATES
Mithril has executed on the majority of the milestones highlighted in the original roadmap, in addition to several other commercial and technical milestones that highlight a commitment to building the platform and growing the MITH user base and partner ecosystem. Mithril has also released an updated road map with key milestones through Q2 2019.
|Original Roadmap & Achievements|
|PLANNED DATE||MILESTONE||ACTUAL DATE||TIMING||COMMENTS|
|Q4 2017||Founding of Mithril | Early Advisors onboarding | Lit development work begins||Q4 2017||ON TIME||N/A|
|Q1 2018||Private Sale | Lit Alpha and Beta launch||Q1 2018||ON TIME||N/A|
|Q2 2018||Official release of Lit App||Q2 2018||ON TIME||N/A|
|Q3 2018||Mithril Wallet Alpha and Beta launch | Mithril Shift development begins||Q3 2018||ON TIME||N/A|
|Q4 2018||Official Mithril Wallet launch | Mithril Shift Alpha and Beta launch||Q3 2018||1Q AHEAD||N/A|
|Q1 2019||Official Mithril Shift launch | Mithril Vault Alpha and Beta launch||Q3 2018||2Q AHEAD||N/A|
|Q2 2019||Official Mithril Vault launch | Mithril Blockchain Alpha and Beta launch||Q3 2018||N/A||Not developing Mithril blockchain|
Q3 2018: Launch of Vault & Shift
- Vault Dashboard Development: monitoring user behavior data (completed)
- Vault withdraw feature (completed)
- Lit Android version binding vault (completed)
- Freezing account feature (completed)
- SEO optimization (completed)
- Mobile web UI/UX improvement (completed)
- Vault Korea version launch (in progress)
- Research and implementation of abnormal user detection model (completed)
- Vault staking and aging feature (completed)
- Charge user withdrawal fee (completed)
- Research fiat deposit channel (in progress)
Q4 2018: Vault payment functionality, Shift adding bitcoin, Social Mining API dev
- Vault referral program
- M17 & Max exchange collaboration for payment with Vault
- Fiat deposit launching
- Mithril official website revamping
- Vault support BTC deposit/shift
- Vault support USDT deposit/shift
- Vault staking mining development
Q1 2019: Vault payment launching, merchant network dev, ad network dev
- Vault iOS / Android development
- 10+ vault payment partners
- KYC process
- Scan payment feature
- Other crypto staking feature
- 15+ vault payment partners
- Ad network development
- Vault payment mining development
Q2 2019: Ad network alpha and Vault merchant network onboarding
Q3 2019: Ad network beta
Former Chairman of M17 Entertainment
Wilson HuangVP of Product & Engineering
Co-founder of Hackoin and former Yahoo software engineer
Claire PengProduct Manager
Former Product Manager at VoiceTube and World Citizen Island
Ivy LiuPR Director
Former PR Manager at KKBOX Inc. and Marketing Manager at APEX Technology Co.
MITH is traded on a variety of exchanges, most notably Binance, Bitfinex, Bithumb, Lbank, OKEx and HitBTC, with trading volumes historically dominated by OKEx in the core trading pairs (MITH/BTC, MITH/ETH, MITH/USDT and MITH/QTUM). Most recently, MITH was officially listed on Binance (15 November 2018), thus adding additional liquidity and global investor access to the project.
Volume & Market Cap
Despite being currently listed on only one of the top five exchanges, MITH has generated investor demand since its public debut as highlighted both by an ~$13.15MM 30 day avg. trading volume and ~$100.17MM 30 day avg. market cap (data as of 11 November 2018).
Vault API server which includes blockchain logic and vault features (with Flask framework, web3py, geth).
Vault web app frontend (https://mithvault.io).
Lit app backend API server (with Flask framework).
Config files for vault-server
The dashboard server used to observe our vault data in realtime.
PRODUCT & METRICS
Mithril has generated substantial user traction for both the Lit application as well as the Mithril Vault through organic growth.
Social Mining & Lit Application Metrics:
The Lit social media app has gained significant user traction since the launch date in June 2018:
- 154,000+ downloads
- 7,800+ DAU
- Total of 271,661.6149 MITH have been mined since inception
The Mithril Vault software wallet was launched 6/30/2018 and currently has ~3,600 users and 1,000 DAUs directly sourced via organic growth channels.
- Mithril Vault Downloads: 6,400+
- Mithril Vault DAUs: 1,300+
- Total 2,897,531.4954 MITH held
- Total 1,132,867.7499 MITH staked
- Total 64.78 ETH held
Social Community Overview & Strategy
Mithril has a global community with a primary concentration in Asia (Taiwan, Korea, China).
Mithril’s go to market strategy is designed to encourage users to bring the social circles from other networks into the Mithril ecosystem, which will allow them to mine MITH for sharing and consuming content. Core to this strategy is leveraging strategic partnerships with other social platforms that have large user bases who are interested in compensation for their social efforts.
The initial step in this user acquisition strategy is a partnership with M17 Entertainment, a global media company with more than 40MM users and a large network of content creators. As part of the strategic partnership, M17 accepts payments using MITH and sends payments to content creators using MITH.
Additionally, Mithril will continue to grow the community through grassroots initiatives including meetups, conferences and social media engagement.
Mithril has active social communities where the team can share updates, engage with users and address concerns. Notably, Mithril posts weekly updates on Medium specific to commercial, product and technology progress to keep users constantly informed on the status of the project and ability to execute against disclosed milestones.
Mithril has several sets of key competitors across social media platforms, social media focused coins and
traditional social media companies.
For the purpose of this comparison, we have focused exclusively on digital asset competitors.
|Kin||KIN||$48.4MM||Payment token for online activities such as instant messaging, social media, & tipping within the Kik Ecosystem.|
|SocialX||SOCX||N/A||Decentralized social media platform allowing users to publish content & receive SOCX token rewards.|
|Steem||STEEM||$266MM||Next-generation blockchain that runs real-time applications and a decentralized, rewards-based social network.|
|InvestFeed||IFT||$3.2MM||Social cryptocurrency investment project.|
|Reddcoin||RDD||$103MM||Social network tipping economy.|
Additional Product Detail - Demo & Screenshots
- Alex Liu | CEO of Maicoin & AMIS
- Leo Cheng | CEO & Co-Founder at Machi X
- Paul Veradittakit | Partner at Pantera Capital
- Jason Fang | Managing Partner at Sora Ventures
- Stella Kung | Head of PR and Marketing at QTUM Foundation
- Kevin Li | SVP at M17 Media
Full MITH Token Release Schedule
|Date||Private Sale 1||Team||Advisors||Community||Social Mining||Circulating Supply||Circulating Supply %||Incremental Supply %|
(*) Please note that 5% has been allocated to the Token Treasury, which will be released at a yet-to-be determined future date, hence the total of 95%
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