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MITHRIL (MITH)

A decentralized social network incentivizing content creators & consumers to participate & contribute to the Mithril ecosystem.

KEY METRICS [as of 11 Nov 2018]
Ticker MITH
Latest Price $0.256 USD (0.00004BTC)
Current Market Cap $108.39MM
30 Day Avg Market Cap $100.17MM
24H Volume $16.08MM
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
Project Website https://mith.io/

KEY HIGHLIGHTS

  • 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

RECENT NEWS

  • 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.

3. 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

Token Sale:
  • 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
KEY METRICS
Token Name MITH
Token Type ERC-20
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.

Token Governance

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
July
  • Vault Dashboard Development: monitoring user behavior data (completed)
  • Vault withdraw feature (completed)
  • Lit Android version binding vault (completed)
Aug
  • Freezing account feature (completed)
  • SEO optimization (completed)
  • Mobile web UI/UX improvement (completed)
  • Vault Korea version launch (in progress)
Sep
  • 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)
Updated Roadmap

Q4 2018: Vault payment functionality, Shift adding bitcoin, Social Mining API dev

Oct
  • Vault referral program
  • M17 & Max exchange collaboration for payment with Vault
  • Fiat deposit launching
Nov
  • Mithril official website revamping
  • Vault support BTC deposit/shift
Dec
  • Vault support USDT deposit/shift
  • Vault staking mining development

Q1 2019: Vault payment launching, merchant network dev, ad network dev

Jan
  • Vault iOS / Android development
  • 10+ vault payment partners
  • KYC process
Feb
  • Scan payment feature
  • Other crypto staking feature
  • 15+ vault payment partners
Mar
  • Ad network development
  • Vault payment mining development

Q2 2019: Ad network alpha and Vault merchant network onboarding

Q3 2019: Ad network beta

TEAM OVERVIEW

  • Jeffrey Huang
    Founder

    Former Chairman of M17 Entertainment

  • Wilson Huang
    VP of Product & Engineering

    Co-founder of Hackoin and former Yahoo software engineer

  • Claire Peng
    Product Manager

    Former Product Manager at VoiceTube and World Citizen Island

  • Ivy Liu
    PR Director

    Former PR Manager at KKBOX Inc. and Marketing Manager at APEX Technology Co.

  • Chingwen Yang
    UI Designer

  • Tobasi Lin
    QA Engineer

  • Aron Kao
    QA Engineer

  • Tony Wang
    Data Engineer

  • Jey Tsai
    Backend Developer

  • Amo Chen
    Backend Developer

  • Chiao-Yen Chang
    Senior Android Developer

  • Tung (Alex) Huang
    Senior iOS Developer

TRADING DATA

Liquidity

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).

TECHNICAL OVERVIEW

Github Overview

Mithril has made significant progress in building out the technical components of both the Lit dApp and the Mithril Vault. While the Github repositories are private, the details below provide insights into the number of commits, contributors, achieved milestones and progress of technical development.
Currently, Mithril has 5 key private repositories

vault-server

Vault API server which includes blockchain logic and vault features (with Flask framework, web3py, geth).

6 People   1408 Commits  
mithril-vault

Vault web app frontend (https://mithvault.io).

5 People   1212 Commits  
lit-server

Lit app backend API server (with Flask framework).

4 People   1384 Commits  
vault-server-config

Config files for vault-server

4 People   226 Commits  
vault-dashboard

The dashboard server used to observe our vault data in realtime.

2 People   164 Commits  

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:
Lit

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
Mithril Vault

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

COMMUNITY DATA

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.

Social Communities:

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.

  • Reddit: r/MithrilToken | 1,900 subscribers
  • Twitter: @MithrilOfficial | 19,200 followers
  • Medium: @MithrilToken | 649 followers
  • Telegram: https://t.me/MithrilChat | 12,831 followers
  • Facebook: @MithrilOfficial | 4,500 followers

COMPETITOR OVERVIEW

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.

KEY COMPARABLES
NAME TICKER MARKET CAP DESCRIPTION
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.

APPENDIX

Additional Product Detail - Demo & Screenshots
  • Mithril Intro - YouTube
  • Lit Website
  • Lit Social Mining App - YouTube
  • Mithril Vault Website
Advisory Board
  • 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 %
Jan 18 0 0 0 0 0 0 0.00%  
Feb 18 210,000,000 0 0 4,500,000 0 214,500,000 21.45% 21.45%
Mar 18 30,000,000 0 4,166,667 7,675,000 0 256,341,667 25.63% 4.18%
Apr 18 30,000,000 0 4,166,667 4,354,396 0 294,862,730 29.49% 3.85%
May 18 30,000,000 0 4,166,667 6,399,575 1,140,523 336,569,495 33.66% 4.17%
Jun 18 0 0 4,166,667 7,584,951 2,838,905 351,160,018 35.12% 1.46%
Jul 18 0 0 0 7,142,857 4,933,544 363,236,419 36.32% 1.21%
Aug 18 0 0 0 7,142,857 6,477,811 376,857,087 37.69% 1.36%
Sep 18 0 0 8,333,332 7,142,857 7,720,505 400,053,781 40.01% 2.32%
Oct 18 0 0 8,333,332 7,142,857 8,772,449 424,302,419 42.43% 2.42%
Nov 18 0 12,500,000 4,166,667 7,142,857 9,092,757 457,204,700 45.72% 3.29%
Dec 18 0 1,041,667 4,166,667 7,142,857 9,716,716 479,272,607 47.93% 2.21%
Jan 19 0 1,041,667 4,166,667 7,142,857 10,267,087 501,890,885 50.19% 2.26%
Feb 19 0 1,041,667 4,166,667 7,142,857 10,759,411 525,001,486 52.50% 2.31%
Mar 19 0 1,041,667 0 7,142,857 11,204,772 544,390,781 54.44% 1.94%
Apr 19 0 1,041,667 0 7,142,857 11,611,354 564,186,659 56.42% 1.98%
May 19 0 1,041,667 0 7,142,857 11,985,374 584,356,557 58.44% 2.02%
Jun 19 0 1,041,667 0 7,142,857 12,331,662 604,872,743 60.49% 2.05%
Jul 19 0 1,041,667 0 7,142,857 12,654,049 625,711,316 62.57% 2.08%
Aug 19 0 1,041,667 0 7,142,857 12,955,622 646,851,461 64.69% 2.11%
Sep 19 0 1,041,667 0 7,142,857 13,238,905 668,274,890 66.83% 2.14%
Oct 19 0 1,041,667 0 7,142,857 13,505,993 689,965,406 69.00% 2.17%
Nov 19 0 1,041,667 0 7,142,857 13,758,635 711,908,565 71.19% 2.19%
Dec 19 0 1,041,667 0 7,142,857 13,998,316 734,091,405 73.41% 2.22%
Jan 20 0 1,041,667 0 7,142,857 14,226,301 756,502,229 75.65% 2.24%
Feb 20 0 1,041,667 0 7,142,857 14,443,677 779,130,430 77.91% 2.26%
Mar 20 0 1,041,667 0 7,142,857 14,651,389 801,966,343 80.20% 2.28%
Apr 20 0 1,041,667 0 7,142,857 14,850,260 825,001,126 82.50% 2.30%
May 20 0 1,041,667 0 7,142,857 15,041,011 848,226,660 84.82% 2.32%
Jun 20 0 1,041,667 0 5,200,367 15,224,279 869,692,974 86.97% 2.15%
Jul 20 0 1,041,667 0 0 15,400,631 886,135,271 88.61% 1.64%
Aug 20 0 1,041,667 0 0 15,570,568 902,747,505 90.27% 1.66%
Sep 20 0 1,041,667 0 0 15,734,541 919,523,713 91.95% 1.68%
Oct 20 0 1,041,667 0 0 15,892,954 936,458,334 93.65% 1.69%
Nov 20 0 1,041,667 0 0 0 937,500,000 93.75% 0.10%
Dec 20 0 1,041,667 0 0 0 938,541,667 93.85% 0.10%
Jan 21 0 1,041,667 0 0 0 939,583,334 93.96% 0.10%
Feb 21 0 1,041,667 0 0 0 940,625,000 94.06% 0.10%
Mar 21 0 1,041,667 0 0 0 941,666,667 94.17% 0.10%
Apr 21 0 1,041,667 0 0 0 942,708,334 94.27% 0.10%
May 21 0 1,041,667 0 0 0 943,750,000 94.38% 0.10%
Jun 21 0 1,041,667 0 0 0 944,791,667 94.48% 0.10%
Jul 21 0 1,041,667 0 0 0 945,833,334 94.58% 0.10%
Aug 21 0 1,041,667 0 0 0 946,875,000 94.69% 0.10%
Sep 21 0 1,041,667 0 0 0 947,916,667 94.79% 0.10%
Oct 21 0 1,041,667 0 0 0 948,958,334 94.90% 0.10%
Nov 21 0 1,041,667 0 0 0 950,000,000 95.00% 0.10%
Total 300,000,000 50,000,000 50,000,000 200,000,000 350,000,000 950,000,000 95.00%(*)

(*) 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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