MITH was being used as currency for livestreaming gift points in M17 live platform
Decentralized social media project Mithril has just announced that the first phase of its partnership with Asia’s top live entertainment platform M17 was a total success. “We are excited to announce that the first phase of this partnership has yielded great results. The Mithril community has actively engaged with M17 to use MITH to pay for M17's livestreaming gift points!” reads the tweet published by Mithril.
TokenTops contacted the team behind this blockchain project to gather more info about this partnership of them and what exactly this first phase was about. They responded:
“Mithril and M17 Entertainment are alliance partners. M17 has robust resources of social media and upwards of ten thousands live streamers. We believe accepting MITH tokens as a form of payment method of M17 will surely increase the circulation of MITH tokens drastically. The first phase is to test the acceptance of cryptocurrencies to M17 users.”
In fact, they are referring to the Memorandum of Understanding signed on August 17 by both parties, in which M17 would accept MITH as currency for all kind of payments within their live platform.
Mithril is a blockchain project aiming to decentralized social media and reward content creators, through what they call “Social Mining.” Their concept of Social Mining is explained as follows: for each content created and social interaction generated, Mithirl tokens (MITH) are mined according to their algorithm.
These tokens are based on Ethereum’s ERC-20 standard, and can be exchange for Bitcoins or Ethereum through their Mithril Vault. Their best use-case is through Lit, a social mining platform developed by this blockchain startup – and co-owned by M17 as part of their agreement – in which users can share their stories and, depending on the impact these stories cause and the influence they have, they will be rewarded with a certain amount of MITH.
As to what follows for Mithril and M17, they said: “We will focus on the collaboration opportunities of content and payment.”