Myths are stories that are written by unknown authors. The purpose of these stories is often to explain complex concepts before science or proof could explain them. They are also used to teach people morals. Myths may often be religious or attempt to explain how the world came to be.
That's definitely informal because of the contractions used such as "'cause" and "y"all" and also because of the word phrasing such as "chow down" and "totally awesome."