Mask Network is a protocol designed to allow users to send encrypted messages on platforms like Twitter and Facebook. It acts as a connector between the traditional internet and a decentralized framework layered on top.
Launched in July 2019, the Mask Network's initial function enabled users of Facebook and Twitter to encrypt their posts on these social media sites. In November 2020, the project secured $2 million in funding in a round co-led by HashKey and Hash Global. In February 2021, it raised an additional $3 million, with contributions from Digital Currency Group and Fundamental Labs.
Today, Mask Network provides direct funding capabilities for Gitcoin grant campaigns via Twitter and plans to introduce peer-to-peer payments and decentralized storage features. It serves as a decentralized gateway, allowing users to engage with decentralized applications (DApps) such as crypto payments, decentralized finance, decentralized storage, digital goods, NFTs, and decentralized organizations (DAOs) on existing social networks without the need to switch platforms. This development is known as a decentralized Applet (DApplet) ecosystem.
Who Founded Mask Network?
Mask Network was established by Suji Yan. Before creating Mask Network, Yan founded Dimension.im, a suite of products aimed at promoting social freedom in line with the cypherpunk movement, focusing on the "Right of Cryptography and Freedom of Interpretation."
What Distinguishes Mask Network?
Mask Network offers users the ability to enhance their online privacy. It enables them to send encrypted messages to friends, conduct cryptocurrency transactions, share files, and engage with DApps, all in a decentralized manner.
How Many Mask Network (MASK) Tokens Are Currently in Circulation?
In February 2021, Mask Network introduced their MASK governance token, which is designed to help bridge Web 2.0 and Web 3.0.
The governance of the MASK token is handled by a decentralized autonomous organization (DAO) known as the MaskDAO. Token holders participate in governance by voting on significant decisions within the MaskDAO, with each MASK equating to one vote. At the outset, 100,000,000 MASK tokens were created, and the remaining supply will be released over three years.
The distribution of MASK tokens includes a 7% allocation to a "Community Public Offering," while other portions are allocated to reserves (39.55%), early investors (14.25%), and the team (23%).
How is the Security of Mask Network Ensured?
Mask Network operates on the Ethereum network, which has switched to a proof-of-stake mechanism during the Merge.
Where Can You Purchase Mask Network (MASK)?
Mask Network (MASK) is available for purchase on some leading exchanges, including Huobi Global, OKEx, Balancer, and 1inch.
For guidance on converting fiat currencies into cryptocurrency, check out CMC’s guide here.
