Founder built a video streaming company(17 media) in 2015 with $33M in funding. (a different company than their blockchain company)
17 Medias app has 100k stars on google play. (periscope 500k)
The white paper sounds amateur, doesn’t say how, leaves too many questions unanswered. It feels like they are saying “we will figure out on the way”
There is no protocol tech underneath.
Pantera capital has invested & Paul Veradittakit is an advisor
Top 100 holders hold more than 97% of the tokens: https://etherscan.io/token/tokenholderchart/0x3893b9422cd5d70a81edeffe3d5a1c6a978310bb
Their app lit is still in its infancy, lots of polishing needed
Their price is increasing because they are able to get their coin on many exchanges also only a few % of the coin is changing hands thus price manipulation is easy.
The concept has a few errors:
Mithril is mined through social media popularity. This encourages like for like, view for view behavior. How is mithril overcoming this problem?
As far as I’ve seen Lit is a centralized app. How can other social media developers integrate mithril to their platform? The blockchain needs to be able to process millions of micro transactions in order to validate each like/view, such scalaility does not exist yet on blockchains. From this I see that mith won’t be useful until either they build their own scalable blockchain or ethereum ads sharding, where both solutions seem to have 2+ years. So will mith be any use in the next 2 years? If so what?
Mithril will be used by merchants thus giving it value, why would merchants use mithril instead of btc/eth/ltc?
Telegram answer:
Our team have foreseen that like/view for like/view might happens, so we have our solution to this.
We are building our own Mithril Ecosystem, and Lit is just the first product for it, so currently we are focusing on our to-do projects.
Use BTC/ETH/LTC as a payment method is also good. And we believe MITH will become a great option for everyone to pay for their daily life, too :)
*Our fonder once said that “There will only be three crypto coin in the future: BTC, ETH, and MITH” :D
Conclusion
This shows that they don’t intend on becoming a protocol but creating a new social network. Where if they can migrate their old users it’ll be a start.
