Social Mining: a New Take on Proof-of-Stake
Blockchain: The Future of Connectivity
The first consensus method utilized by cryptocurrency was the proof-of-work method, which Bitcoin uses. Since the inception of crypto in 2009, many alternatives to PoW have been introduced.
The proof-of-stake method of mining was first popularized by Ethereum creator Vitalik Buterin in an article on Bitcoin Magazine in 2013. Rather than miners competing to solve a block (which uses an incredible amount of computing power and electricity), PoS allows users to “stake” their coins for a chance at winning a block’s reward. As Buterin explains in the piece,
There is one SHA256 alternative that is already here, and that essentially does away with the computational waste of proof of work entirely: proof of stake. Rather than requiring the prover to perform a certain amount of computational work, a proof of stake system requires the prover to show ownership of a certain amount of money
What if this concept could be taken a step further?
Mithril and Social Mining
Mithril rewards users who participate in any decentralized application (Dapp) on the network. You receive Mithril tokens (MITH) in proportion to how many likes, shares, and comments your content receives.
But there are other crypto social networks out there that function in a similar manner. What makes Mithril unique?
Mithril has invented a new form of mining for the sole purpose of rewarding content creators on its platform. This mining method is intended to reward every single participant in the Mithril ecosystem. This new method, known as “social mining,” is the main reason that Mithril exists.
Users will be able to earn MITH tokens by creating content and engaging with content created by other users on platforms that support social mining. The first two platforms to support social mining are called Yeemos and PiePie. Others are under development.
As of Q2 2019, the Mithril mining API is being launched in beta mode, Mithril is onboarding merchants who intend on accepting MITH as payment for goods and services, and VAULT is in the final phase of being constructed. VAULT is what really brings this whole thing together.
What is VAULT?
VAULT is a cryptocurrency wallet that allows users to:
- Store and use multiple cryptocurrencies
- Hold private keys in cold or hot storage
- “Shift” balances from one coin to another
- Make in-store purchases at participating merchants
To participate in Mithril’s revolutionary social mining, all you have to do is stake the MITH tokens you’ve earned from using Dapps on the Mithril network.
Staking tokens means you won’t have access to them for 14 days or longer, depending on how long you choose to stake for. The longer you stake and the more coins you stake, the higher your staking level and the more mining rewards you will earn.
The Mithril token is already listed on nine major crypto exchanges including Binance and Bitfinex.
Interested in Mithril? You can keep an eye on their Medium page for the latest updates.