The Mithril Ore MORE is an innovative utility token that is quite unique in many aspects. Firstly, it is the first such token to back the ethereum blockchain. Thus, it will serve as the first Casper mining pool to the token market on the ethereum. Casper is the term used to refer to the POS upgrade of ethereum.
This upgrade is a green move for ethereum, which no longer uses the proof of work mining concept, which is known to waste energy. For it to be profitable for those with little Ether, they will need to pool with others. This token is the first of this kind, and it will utilize the service in a crowd-friendly manner.
How The Mithril Ore Funds Will Be utilized
All of the Ethereum raised from the crowdsale will be placed in the ether pool, which means there will be none taken as profits. Additionally, all staking gains from Casper are going to be returned to the Ether pool to increase the stake value. This will help to boost the base value of the token.
Since the Mithril ore tokens come with a limit, it means their value will rise due to scarcity. In future, the developers plan to offer the blacksmith option, which will allow holders to consolidate the tokens, thus generating newly specialized item tokens.
The Use Case
It is quite common for digital tokens to introduce new tokens via various mechanisms. Some of the tokens are released via mining, which uses real-world resources. Another process used is via the staking process, which has been found to be green called staking. In this process, computers are connected to a network, and the tokens are locked to allow them to make some percentage gains.
This process does not waste a lot of energy to produce new tokens. It also means that the digital coins are less liquid and they cannot be used while staked. However, the staking process also limits the computer speed, usage, processing, and the lifespan of the computer. This is because it requires a constant connection to the core network and utilizes constant processing power. Staking can also become moot if the chain forks. It is especially so if the core wallet has not been upgraded for those using the old fork.
Besides that taking requires a lot of space since you have to download the entire blockchain. The Mithril ore token intends to merge the best of both worlds. Even when a token is staked, the holder will still be able to access it for trading. In the meantime, its value will grow because it is backed by Ether. Not only does the ether hold value, but it also helps to increase the value of the token via staking.
Although the premise behind its creation is simple, it provides a valuable niche for a small time investor, who may not have the time or amount of ether required to stake digital currencies.
About The Crowdsale
Only 500,000 tokens will ever be released. Of this, 93% will go to the token sale, 1% will be reserved for marketing, infrastructure, and administration. The remaining 6% will be reserved for the Mithril Ore Corporation. The crowdsale is expected to kick off in about 10 days.