Mysterium Network is a community-driven, open-source system of protocols, tools, and Web3 infrastructure designed to make the internet both borderless and accessible for everyone. It provides users and developers with the necessary resources to protect their online privacy and ensure equal access to information. Through a token sale, Mysterium successfully raised 14 million CHF.
The network operates on a permissionless, peer-to-peer system. Anyone can convert their device into a node, renting out their unused internet resources like bandwidth or an IP address in exchange for cryptocurrency. It offers a tamper-resistant, anonymous, and encrypted experience similar to Tor, but with better usability, stability, and speed.
Mysterium's B2B Network-as-a-Service serves as the framework for building various enterprise services, including their main offering, Mysterium VPN, which is available for Android, Windows, Mac, and Linux (with iOS support available in 2022). Developers and business owners can create private, censorship-resistant applications, while companies can extend their products’ global reach and security. The technology is compatible with both Web2 and Web3 platforms, allowing for seamless integration with VPNs, proxy services, DeFi wallets, browsers, search engines, data scraping tools, and streaming applications, thereby reinforcing censorship resistance in existing apps.
What exactly is MYST?
MYST serves as the utility token within the Mysterium Network. It facilitates smooth P2P micropayments throughout the network. Users of the VPN can pay using the MYST token, whereas nodes (service providers for the VPN) earn MYST tokens as compensation. Mysterium has developed a distinctive micropayments infrastructure, known as the Hermes protocol, to ensure these transactions are quick, private, and resistant to censorship.
Starting in 2022, Mysterium will be one of the pioneers in adopting the IQ Protocol, created by PARSIQ. This protocol supports the Mysterium Delegation Pool, offering a completely risk-free and collateral-free way for holders to stake MYST and earn rewards in DAI stablecoin. Node operators stake MYST to run a node, and nodes can lease MYST from the delegation pool without initial capital. A portion of their revenue is allocated for repayment. This DeFi mechanism benefits stakers by increasing their stake in proportion to pool size and network traffic.
MYST is an ERC-20 token enhanced with ERC-2612 (the permit function), initially introduced with the DAI token and later popularized by the Uniswap team.
