Mithril (MITH) is currently ranked as the 57th largest crypto in the market, residing among the top 100 cryptos at the moment with the market cap of around 111 million dollars.
Mithril, much like Reddcoin is a social-oriented currency, meaning that its main objective is focused on social networking via blockchain based technology. While Reddcoin has most recently announced the release of Redd ID, which should enable lightweight RDD integrations into social media platforms, Mithril has revealed the new Vault Roadmap for the beginning of 2019 and the end of 2018.
Although Mithril has revealed new developmental stages for Vault, Reddcoin has headed towards the adoption and mass integrations, so where does Mithril stand in the world of social networking?
Mithril and the Vault Roadmap for 2018 and 2019
Mithril is presented as a social coin, existing on the Ethereum platform and rewarding social media content creators for their influence and impact made on the community. Mithril is trying to incentivize social networking, much like Reddcoin.
So, while Reddcoin is releasing the Redd ID social networking tool that will enable users to send RDD tokens instantly via integrating the announced tool into various social media platforms, like Twitter or Reddit, Mithril is rewarding users for content creation through their application, Lit.
With Lit, all users can share their stories, similarly to the way users are socializing on Instagram and similar networks, only with Lit and Mithril, users can be rewarded with MITH tokens for making an influence on the community through sharing, liking and creating content.
With “social mining” present as a protocol on the network, Mithril allows users to mine MITH units by simply using applications that can be found within the Mithril ecosystem.
Mithril has previously released the first beta version of Mithril Vault, back on June 30th, The Vault represents MITH digital wallet and it has three sections, Funds, Shift and Staking.
Under Funds, you can connect your Lit account and your wallet, so that you are able to transfer the MITH tokens you have earned with social mining to your wallet, also supporting ETH with MITH.
Shift option allows you to exchange your MITH for ETH directly without having to take your funds to an exchange platform in order to do so, and Staking will allow you to stake your MITH tokens for 30 days in order to get a higher ranking when mining for MITH via social mining.
The team has most recently announced the full roadmap for Mithril Vault, announcing mobile web redesign, staking redesign and Korean version of the Vault for the third quarter of 2018, also announcing that the team will enable MITH to fiat exchange within the wallet in the last quarter of the following year, alongside with opening a referral program and getting support for Bitcoin and USTD.
With new developments, Vault should become even more functional, allowing users to easily utilize all available social networking features with MITH. In addition, getting support for Bitcoin and fiat exchanges might consequently affect the value of MITH in the market.
The team has also revealed plans for Mithril Vault for Q1 in 2019, announcing that the Vault app will become alive, with more ERC-20 tokens being added to the growing Vault Pay Network, so judging by the Vault developments, Mithril seems to be rocking in the industry of blockchain-based social networking.
The team revealed the roadmap for Mithril Vault on September 5th, while they have also announced a MITH global meetup in Taipei a day earlier.
Mithril in the Market
With the main objective of incentivizing social network influencers via Lit and in form of MITH rewards, Mithril as a blockchain project is trying to redesign the way social networking is being done today.
It seems that MITH users and crypto enthusiasts are appreciative of the Mithril network as MITH was seen rising up against the fiat on September 5th, despite the overall sluggish trends in the market.
On September 6th, MITH went down by nearly 22%, also going down against Ethereum and Bitcoin at the time of this writing.
Although Reddcoin is losing momentum with the announcement of Redd ID release, being one of the most popular social coins, Mithril seems to already have a head start with Vault integrations, Lit, and market capitalization as well.