Bitcoin Global News (BGN)
November 14, 2018 -- ADVFN Crypto NewsWire -- 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