Mithril Vault Personal User Experience
Those that have been following me might know my experience using Lit — a social mining app that earns Mithril. If you have not, my blog is here:
Ok. If you are already using Lit, great! Next thing new users in Lit might ask is
“So, how do I access the MITH tokens that I’ve mined?”
This is the answer to your question above. Mithril Vault is available since 30th June 2018. The MITH tokens you mined will be kept in your Mithril Vault. So for new users, when you have your Lit account ready, next thing you want to do is to Sign Up Your Mithril Vault. All you need to do is just select the country that your phone number is from and you are good to go. Once you have your Lit and Mithril Account ready, you have to connect both of them under the Settings Page in your Mithril Vault. This is how it will look like.
Click the “Connect” button beside the “Lit app” and follow the instructions. Upon successfully connected, you will see that it is shown as “Connected”. To verify this, you can also check via Lit app under its Settings Page.
Okay, so once you have done your first step it’s time for you to explore something more with the Mithril Vault!
FUNDS
This is the reason why you must connect your Lit to your Mithril Vault because the MITH mined through Lit will be stored here in your vault. Then, you can access your MITH here. From the picture, you will see that your Mithril Vault can store MITH and ETH. By the way, MITH is a ERC-20 token.
With this, you can actually deposit MITH from exchanges and also withdraw MITH from your vault to exchanges or cold/hard wallet. I have tested transferring MITH to Metamask/MyEtherWallet so far. The only exchange that I’d tried trading MITH is JOYSO. Not to forget you can deposit ETH into the vault and also withdraw them out too. At the moment there is only MITH and ETH in Mithril Vault but there will be more coming based on the Mithril Vault Roadmap.
Sneak preview — BTC and USDT will be introduced to the Vault in coming Q4! ;)
STAKING
Before I elaborate more, Mithril’s Staking feature is inspired by the Proof Of Stake.
Proof of Stake, this is different from POW. Sort of like a interest distribution system that pays proportionally based on the amount of a currency you hold and how long you have been holding, also the inspiration of Mithril staking!
Staking is like POWER UP in Steemit using STEEM. So what happen here is Lit users can POWER UP (stake) their account to increase their MITH mining rate. Based on what I’d tested out (before the new staking feature), every level of stake increase additional 5% of your Lit post payout. For example, if you are at Level 1, your post that pays you 0.2000000 MITH at Level 0 will be 0.2100000 MITH instead. However, I’m not sure after the new staking is released, is the mining rate still increased 5% for each level staked. Yet to find out!
The new staking feature is something that excites me. Previously, the amount you stake will be locked for 30 days and after it expires, the staked MITH will go back to your Funds. New staking feature locked your MITH for 14 days and after that you can choose to unstake or not. However, if you choose to continue staking, it will give you higher “experience” to increase your Account Level furthermore. Look at the picture above for example.
To reach Level 10, previously you need a lump sum of 10,000 MITH. Now, with the new upgraded staking system, with 450 MITH can bring you to Level 11. The only condition is you gotta hold your stake for 365 days. This is useful for Lit users who find it hard to earn daily.
Why do I say so? Imagine you want to mine 10,000 MITH in 365 days, that will be mining 27.4 MITH daily which is a difficult achievement. In other words, instead of mining hard to reach Level 10, I can start staking 450 MITH and wait my Account Level to “grow” to Level 11 in another 365 days. (Above example is excluding additional staking in between the 365 days period). Not to forget along the way my Account Level will increase so gradually I earned more just with the 450 MITH I’d staked!
SHIFT
This feature solves my headache of withdrawing MITH out from the vault to exchanges and trade it with ETH. I’d done that with JOYSO — withdrawing MITH, trade, and depositing back to the vault. Comparing that with the shift function, I prefer to just shift it to ETH in the vault.
Shifting in the vault is like trading MITH with ETH internally without going to exchanges. Of course there is a certain fees but comparing with the fees needed in the exchanges, I will rather shift it in the vault. Imagine I trade it on exchanges, there is withdrawing fees to the exchange, trading fees, then depositing fees back into the vault. My experience was I ended up paying more fees. Also for shifting, you only shift right after you see an acceptable price in the vault shown in the picture unlike putting a buy/sell in the exchange and the shift is immediate! Really can’t wait for BTC and USDT to be available in the vault! Perhaps you can easily shift between your MITH with other cryptos (or maybe more ERC-20 tokens?).
RECORDS
This is also what I like about the vault whereby it keeps all the MITH transaction records.
- Deposit
Transaction records of depositing MITH and ETH - Withdraw
Transaction records of withdrawing MITH and ETH - Staking
Records of staking details — Amount Staked, Date of Stake and Unstake - Shift
Records of shifting done and the rate of shifting — MITH/ETH and ETH/MITH - Social Mining
MITH earned through Lit posts. - Campaign
MITH won through various campaign from Mithril Facebook, Mithril Twitter and Mithril Telegram.
I find this Records useful because I use it to keep track on my posts’ earnings through the Social Mining records. I extracted the data from there and tabulate it using Microsoft Excel. At least I know how much MITH that I can mine daily in average.
To wrap it up…
This is what I have explored so far within the Mithril Vault. Of course there is this “Account Tier” which is yet to be revealed by Mithril. Really anticipate on that! Meanwhile, based on the Mithril Vault development plan until Q1 2019, I look forward for the referral program in there. Not to forget Mithril Vault App that will be available too by then!
Something that I think can be enhanced slightly is perhaps adding the View & Like counts (if possible perhaps Watch Time and Engagement received) for the posts under the Social Mining records. Other than that, the vault already has very nice features that other wallets do not have.
Disclaimer: All pictures used are from Mithril Vault webpage itself and all sharing above is purely based on my own user experience on the vault. Feel free to drop any comments on your own user experience as well so we can exchange some thoughts.