Social mining is a thing of beauty for those of us who love to create content.
Whether you’re a blogger, photographer, artist, or simply someone who wants to share what you ate for dinner, there are a host of different crypto-based platforms to explore at the moment.
I’ve been a blogger for years. Most of the time I was posting content for free. It’s just something I enjoy doing if I’m passionate about a topic. However, my mind was opened to a world of possibilities when I was introduced to Steemit by Randy Hilarski.
Earning tokens for sharing knowledge about things you enjoy? Sign me up!
That’s why I was over the moon yesterday when Randy introduced me to yet another great platform. Yep, I’m talking about Trybe.
I love everything I’ve seen so far, and that bodes well considering this place is in its infancy. So, for my first post about cryptocurrency, I thought I’d talk about another platform I’m also enjoying at the moment.
This platform is called Lit.
What is Lit?
Lit is a social media platform that was launched in March 2018, and can be downloaded from the App Store and Google Play.
Lit functions in a similar way to Instagram and Snapchat. It immediately feels familiar, which is definitely a good thing in my opinion.
Users can sign up for an account, share photographs and short video clips, follow other users, grow a following, interact with other users via a chat system, and most importantly, earn Mithril tokens (ERC-20) by posting quality content.
Let’s consider a quick example to demonstrate how the system works:
- I am able to upload a total of 24 photographs/short videos per day.
- When users view my profile, my photographs are displayed automatically for a few seconds at a time.
- Users have the ability to click a heart to show that they ‘like’ my content.
- I am awarded Mithril tokens based on a number of factors including, but not limited to, number of views, number of likes, time viewed etc.
- After 24 hours, the content disappears and I receive the accumulated Mithril in my account.
- Mithril can be traded on a number of exchanges.
- Mithril can also be ‘staked’ for 30 days at a time for bonuses. For example, if you wanted to achieve level 1 staking, you would need to lock up 100 Mithril tokens in your vault for 30 days. During this time, you cannot access or trade your Mithril, but future earnings will be given a percentage based bonus.
Social Mining Pool
The Mithril Whitepaper states:
As users produces valuable, user-generated content on the network, they
will earn MITH via Social Mining. Their mining rewards will be directly linked to their
influence and success as a contributor on the network. The more network value they
bring to the platform, the more MITH they will earn.
Simply put, content is King here. Developing a following with consistent high quality content will lead to increased earnings.
Over the next several years, 35% of the Mithril pool will be available to be mined by users via social mining. That’s a total of 350 million Mithril available for content creators, with an increase in mining difficulty as time goes on, as seen in the chart below:
Early adopters will be rewarded with greater amounts of Mithril for high quality content which will encourage network growth. As the user base scales over time, the network value will increase accordingly, allowing a lower Mithril reward to remain an incentive for further adoption.
I have included some screenshots below to display Lit’s features:
As you can see, the Lit app looks pretty similar to Instagram and Snapchat. It really is very simple.
You can be as creative as you like with this. I tend to simply add photos as I go about my day, and I’ve seen some decent returns already. However, there is definitely scope for much bigger earnings for those who are creative in this kind of department.
No affiliate links here. Try it out for yourself and let me know what you think!