Mithril v2: MITdao
Mithril v1 started as a “decentralized social media platform” in 2017, and is now pivoting fully into the Creator Economy and NFTs with the launch of MITdao. The first order of business for MITdao is to complete the migration of Mithril from MITH (ERC20/BEP2) to MIT (BEP20) on Binance Smart Chain.
Mithril’s Evolution
Since Mithril’s launch in 2018, Mithril has built and experimented with various products and tokenomics within the entertainment and media industries. Mithril has also pioneered the multichain move in 2019 with Binance Chain, being the first to migrate from Ethereum (ERC20) to Binance Chain (BEP2). Also in 2019 and 2020 Mithril-backed Machi X tokenized music copyrights as well as crypto art NFTs. In 2021, Mithril will fully migrate from Ethereum and Binance Chain to Binance Smart Chain and become MITdao.
Mithril’s initial application launched with Lit and subsequently Yeemos, rewarding creators for both professional and amateur content. The biggest lesson learned was that incentivized, uncurated, permissionless content acquisition resulted in subpar content.
Vault was an early wallet application, enabling crypto holders to store, spend, send, and receive crypto via both managed and decentralized methods. It was clear that crypto users in 2019 mainly used crypto for speculative investments and not to store, spend, send, and receive crypto.
With the 2019 launch of Machi X, a platform for tokenizing and trading music copyrights, we were the first to use BEP2 to tokenize music copyrights, where we tokenized 59 of the most popular Mandarin music copyrights. MITH token holders who staked their MITH received 1 MCX token for each MITH token staked, over a period of 10 months. Machi X pivoted to crypto art NFTs in early 2020 as a DAO, featuring crypto art by artists such as famous street artist Lushsux from Melbourne and DC/Marvel comic artist Sean Chen from New York.
In early 2021, Mithril experimented with an algorithmic stablecoin project by working with an anonymous team, whose initial success reached 1.2-billion USD TvL within 1 week of launch. Mithril continued down the path of social networking by launching FAM, a voice-based social network where users communicate in voice chat rooms, a competitor to Clubhouse.
MITdao in 2021
The creator economy is finally upon us. There is no better time than now to make this move. Taking all lessons learned, Mithril is pivoting into MITdao to better serve patrons and creators. By finalizing the MITH migration from Ethereum to BSC, MITdao will be able to harness the Binance Smart Chain community as we take on the creator economy. Please follow MITdao on Twitter at @MITdaoofficial and Medium at MITdao for further updates.
Onward!
MITdao
