The builders of Mithril (MITH) are trying to adapt their cryptocurrency to the real world.
For example, they built the Machi X tokenized music copyrights and are experimenting with crypto art nonfungible tokens. Yet, Mithril began as a decentralized social media platform on Ethereum (ETH) back in 2017.
Conversely, Mithril was one of the first cryptocurrencies to migrate from the Ethereum (ERC20) blockchain to the Binance Smart Chain (BEP2) blockchain. When they complete the migration, Mithril will become the MITHdao. Hence, Mithril is transforming into a decentralized autonomous organization (DAO).
Can Mithril cash in on Music?
In addition, the Mithril team is building Machi X a platform for tokenizing and trading music copyrights. They claim Machi X is the first platform to use BEP2 to tokenize music copyrights.
In particular, Machi X tokenized 59 of the most popular Mandarin music copyrights. To explain, Mandarin is the primary language in the People’s Republic of China. Statisa estimates that 1.31 billion people worldwide speak Chinese (which includes Mandarin) in December 2020.
Thus, Mithril and Machi X could tap an enormous market. However, the People’s Bank of China and the National Development and Reform Commission outlawed cryptocurrency mining and declared all cryptocurrency transactions illegal in September 2021.
Hence, Mithril (MITH) is illegal in China, which is theoretically its principal market. Yet it is not clear if the Chinese government has the power to ban or suppress cryptocurrency. We also do not know how serious the Chinese government is about enforcing the cryptocurrency ban.
News stories claim Chinese can easily ignore the bans. In fact, CNBC claims Chinese operators comprise 20% of the world’s Bitcoin (BTC) mining.
So What is Mithril?
Mithril (MITH) is the cryptocurrency for the Mithdao and the MITH Network. The Mithril website claims MITH is the most widely accepted token Asia with a $224.228 million 24-Hour Market Volume on 3 January 2022.
They claim users could acquire MITH through staking on Steaker and spend MITH in the real world. Steaker is a Chinese cryptocurrency exchange and risk-management system. Its products include the Steaker Wallet. Steaker also builds AI cryptocurrency trading robots.
Mithril’s ecosystem includes several partners. The Mithril partners include 17 Entertainment, SWAG, Machi X, LiveAF, DeCentre, baypay, inst.recycle, TaiWei Entertainment, and lottery2win.
For instance, lottery2win is a Mithril lottery that offers a jackpot of 100,000 MITH. In addition, they trade MITH on many exchanges, including Binance, BinanceDex, BitoPro, Bitfinex, BitForex, SwapZone, and Saturn Network. You can buy and spend Mithril through several wallets including Trust, Jaxx, imToken, Ethos, Atomic Wallet, Exodus, CoinHako, and Dether.
What Value Does Mithril Have?
There is some interest in Mithril (MITH). For instance, CoinMarketCap listed Mithril as the 15th most trending cryptocurrency on 3 January 2022.
In contrast, CoinMarketCap listed Mithril as the 589th largest cryptocurrency on 7 January 2022. CoinMarketCap gave Mithril a 4.828₵ Coin Price, a $48.283 million Market Capitalization, a $48.168 million Fully Diluted Market Cap, and a $11.935 million 24-Hour Market Volume on 7 January 2022. They based those numbers on a Circulating Supply of one billion MITH.
Meanhile, CoinBase gave Mithril a Coin Price of 48.1₵, a $48.3 million Market Capitalization, and a $12 million 24-Hour Market Volume on 7 January 2022. They based those numbers on a circulating supply of one billion MITH.
I consider Mithril an unstable cryptocurrency because CoinBase gave it an all-time high Coin Price of $1.55.
I advise speculators to stay away from Mithril because there is no evidence it can make money. However, I consider Mithril (MITH) an interesting cryptocurrency whose builders are trying to stay relevant by keeping up with the latest technology. If you want a cryptocurrency that could survive and thrive in today’s world, Mitrhil is worth examining.
Originally published at https://marketmadhouse.com on January 7, 2022.