Mithril (MITH) API and Price Oracle

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Mithril

MITH
$
Information
For informational use only; request a custom oracle/API for production below.
General information
Contract address
Smart contract address of the asset
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0xF3Cd...9A7a
Network
Blockchain network where the asset is deployed
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Polygon
Methodology
Pricing methodology used to determine the price of the token in USD. By default, all price feeds on the DIA App are calculated with a MAIR methodology. This parameter is customisable.Learn more about methodologies.
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MAIR
Update frequency
120 seconds is the default update frequency. This parameter is customisable.Learn more about oracle updates.
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120s
Next update
24h Volume
The total volume captured by DIA across all the integrated sources.
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Source
Volume 24h
Trades 24h
Pairs
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Token information

What is Mithril (MITH)?

Mithril (MITH) is a decentralized social media platform developed on the Ethereum blockchain. It aims to reward content creators by allowing users to mine MITH tokens based on their engagement and contributions. Mithril was founded in 2017 by Taiwanese entrepreneur Jeffrey Huang and is operated by M17 Entertainment. The name "Mithril" is derived from J.R.R. Tolkien's fantasy novels and symbolizes rarity and value. Key facts include its integration with existing social media platforms and its focus on creating a fairer ecosystem for content creators.

How does Mithril work?

Mithril is a decentralized social media platform built on the blockchain technology. It utilizes the Ethereum blockchain and operates on its own native token called MITH.

The underlying technology behind Mithril is the blockchain oracle system. A blockchain oracle is an external information provider that supplies verified data from outside the blockchain to smart contracts. In the case of Mithril, the oracle system verifies social media activities and rewards users accordingly.

Mithril works by creating a transparent and fair ecosystem where users are incentivized for their social interactions on the platform. Users can earn MITH tokens by generating content, engaging with other users' posts, and inviting new users to join the platform. These interactions are recorded on the Ethereum blockchain, ensuring transparency and immutability.

The Mithril ecosystem also includes a social mining engine called "Social Mining" which calculates the social impact of users based on their interactions. This engine determines the rewards allocated to users. The more social impact a user generates, the more MITH tokens they can earn.

Mithril differentiates itself from traditional social media platforms by leveraging blockchain technology. It provides users with ownership and control over their data, and the ability to monetize their social activities. Furthermore, the integration of the Ethereum blockchain ensures the security and transparency of transactions.

In summary, Mithril utilizes the Ethereum blockchain and a blockchain oracle system to create a decentralized social media platform. It incentivizes users for their social interactions, creates a fair ecosystem, and allows users to monetize their social activities.

What are the benefits of Mithril?

Mithril is a blockchain-based social media platform that offers several benefits compared to its direct competitors. These advantages include privacy, data ownership, and incentivization.

Firstly, Mithril focuses on privacy. Unlike traditional social media platforms that collect and monetize user data, Mithril allows users to control their data. This means that users have more control over their personal information and are less vulnerable to data breaches and privacy invasions.

Secondly, Mithril promotes data ownership. On Mithril, users have ownership of their content and can monetize it directly. This is in contrast to some other social media platforms that retain ownership of user-generated content and monetize it without providing adequate compensation to the creators.

Thirdly, Mithril incentivizes user engagement. The platform rewards users for their activities using its native token, MITH. Users can earn MITH by creating and sharing content, as well as through social interactions. This incentivization mechanism helps to build an active and engaged community on the platform.

While Mithril offers these benefits, it's important to note that there are other social media platforms in the blockchain space. Some notable competitors include Steem and Hive. These platforms also provide decentralized social media experiences with features like content monetization and incentivization. However, each platform has its unique features and community dynamics, and users should explore and compare their options based on their specific needs and preferences.

What is Mithril used for?

Mithril is a utility token that is used within the Mithril ecosystem. It was designed to incentivize and reward content creators on social media platforms. Common use cases for Mithril include tipping, redeeming premium content, and making purchases within partner applications.

One specific case where Mithril is used is on the Lit social mining platform. Lit is a decentralized social media platform that allows users to earn Mithril tokens for creating and engaging with content. Users can receive tips in the form of Mithril tokens from other users as a reward for creating quality content. These tokens can then be redeemed for various perks such as exclusive access to premium content, higher visibility on the platform, or even cashed out.

The use of Mithril within the Lit platform not only provides an incentive for content creators to produce high-quality content, but it also creates a more engaging and interactive social media experience. Users are encouraged to participate in discussions, share valuable insights, and contribute to the overall community.

Overall, Mithril is primarily used as a reward and incentive mechanism within the Mithril ecosystem, with Lit being a prominent example of its application in the social media space.

What is DIA's Mithril API?

DIA's Mithril API is a part of their API endpoints that provide real-time price feeds of crypto assets. These price feeds are constructed by aggregating data from over 85 on-chain and off-chain cryptocurrency and NFT exchanges, sourcing raw data about billions of individual trades. This extensive data collection allows DIA to offer unique insights and deliver what other web3 data providers cannot.

While DIA does provide free API endpoints for developers to test, their custom feeds offer greater benefits and usefulness for users. The free API endpoints are meant for informational purposes and offer a standardized format for developers to test. However, when a user requires a custom configuration for a feed, DIA builds a dedicated API price feed tailored to their specific needs. These custom feeds can be customized in terms of sources, methodologies, update mechanisms, and more.

The use cases for DIA's API are vast and cover various areas of the blockchain ecosystem. In the DeFi space, the price information from DIA's APIs can be utilized in applications such as derivatives, options and futures, lending and borrowing markets, collateralized stablecoins, synthetic asset issuance, money markets, and more. Additionally, in the NFTfi space, the API can be used for peer-to-pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, NFT fractionalization, and other applications.

In summary, DIA's Mithril API provides real-time price feeds for crypto assets sourced from numerous exchanges. While free API endpoints are available for testing, the true value lies in the custom feeds that DIA offers, which can be tailored to specific user requirements. These custom feeds have various use cases across DeFi and NFTfi applications within the blockchain ecosystem. To request a custom feed, users can get in touch with DIA via Discord or Telegram.

Note: An API (Application Programming Interface) allows different software applications to communicate and interact with each other, enabling data exchange and functionality integration.

What is DIA's Mithril price oracle?

DIA's Mithril price oracle is a smart contract that provides real-time price feeds for crypto assets. DIA's oracles are integrated with over 35 layer 1 and layer 2 networks, allowing them to deploy price oracles in various blockchains. These price feeds are created by aggregating data from more than 85 on-chain and off-chain cryptocurrency and NFT exchanges, ensuring accurate and reliable information.

While DIA offers demo oracles for developers to test, these are solely for testing purposes and cannot be used in production applications. However, DIA also offers custom configuration for price feeds. Users can request dedicated price feed oracles tailored to their specific needs, including sources, methodologies, update mechanisms, and more. To request a custom feed, users can reach out to DIA through Discord or Telegram.

DIA's price oracles have numerous use cases within the blockchain ecosystem. They can be utilized in various DeFi applications, such as derivatives, options, lending and borrowing markets, collateralized stablecoins, synthetic asset issuance, money markets, and more. Additionally, they can also be applied in NFTfi applications like peer-to-pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, NFT fractionalization, and more.

A blockchain oracle, in general, is an external information provider that supplies verified data to smart contracts from outside the blockchain. Oracles play a crucial role in ensuring that smart contracts have access to accurate and reliable real-world data, enabling them to execute conditions based on this information.

In summary, DIA's custom oracles are highly valuable for users as they provide tailored price feed solutions to specific requirements. These oracles can be utilized in various DeFi and NFTfi applications, allowing for enhanced functionality and efficiency in the blockchain ecosystem.

Why use DIA's MITH API & price oracle?

DIA's MITH API and MITH Price Oracle offer significant benefits for users within the blockchain ecosystem. These tools provide users with access to accurate and reliable price data for cryptocurrencies and NFTs. The greatest advantage of utilizing DIA's API or Price Oracle for the specified token lies in the high level of customization available.

Users can tailor each oracle and API endpoint to meet the unique needs of their decentralized applications. This customization includes configuring the data sources that compose the feed, applying data cleaning filters and pricing methodologies to determine price points, and establishing update mechanisms and frequencies. By accommodating specific market conditions and individual requirements, DIA ensures that the data and oracle remain resilient and robust.

Transparency is another key benefit provided by DIA's API and oracles. Users have full visibility into the entire data journey, offering a granular understanding of the data sources and processes involved. Additionally, DIA furnishes various tracking and monitoring tools to closely monitor oracle and API feeds. This transparency empowers users to confidently trust and rely on the data they receive.

In summary, the customizable nature and transparency of DIA's MITH API and MITH Price Oracle make them valuable tools in the blockchain ecosystem. Users can leverage these resources to access accurate price data tailored to their specific applications while maintaining full visibility into the data journey.

Why use DIA data feeds and oracles?

Transparent
DIA provides full insight on the oracle’s data journey as well monitoring tools to track feeds in real-time.
Customisable
Oracles can be tailored to any use case in terms of data sources, methodologies and update mechanisms and much more.
Broadest coverage
DIA provides price oracles for 3,000+ cryptocurrencies: from blue-chip tokens to long-tail assets.