Launched in July 2019 and headquartered in Champaign, Illinois, Mask Network represents a decentralized protocol running on the Ethereum blockchain. It is the core creation of Dimension, a company that develops products to enhance social freedom in cyberspace and uphold people's “Right of Cryptography and Freedom of Interpretation”. Its key goal is to become a bridge between Web 2.0 and Web 3.0. This goal is based on the team's strong belief that people should own the assets they produce, as well as their personal data, and the virtual space they contribute to.
The team standing behind the project strives to make data autonomy accessible to all. Therefore, Mask creates a fully web-based and decentralized network eliminating the need for any API or centralized server. It is based on a peer-to-peer secure encrypted messaging application that enables users of social media platforms to send and receive encrypted posts and messages, send cryptocurrencies, display NFTs, interact with decentralized applications, store files permanently, and fund Gitcoin grant campaigns without leaving the network.
Mask works as a browser extension and also has a mobile version for iOS and Android devices. It has already introduced an ecosystem of 30+ Web 3.0 dApps that work on top of Twitter and Facebook. To start enjoying the benefits of Web 3.0, users simply need to install Mask into their browser and import their MetaMask or WalletConnect account. They can also create a new wallet with Mask.
MASK is the native utility token of Mask Network launched in February 2021. The token is governed by a decentralized autonomous organization (DAO) called the MaskDAO. The maximum token supply is capped at 100 million MASK coins.
7% of MASK total supply was released through a two-stage public sale held as an ITO (Initial Twitter Offering) and in the form of LBP (Liquidity Bootstrapping Pool), a variant of a reverse auction. The sale took place on February 24-26, 2021, and raised $7,410,000. The rest of the tokens were allocated in the following way: 23% went to the team fund, 39.55% went to the foundation reserve, 14.25% was kept for early investors, 14.20% was reserved for the token round, 1% was spent on the airdrop, and 1% went to the liquidity pool. The initial circulating supply consists of the public sale, the liquidity pool, and the airdrop. The rest of the tokens are unlocked over a three-year period.
The use cases for MASK include yield farming, airdrops, staking, voting, and trading. Also, airdrops are conducted to reward DeFi and Web 3.0 supporters and event participants. MASK holders can stake CAKE in the MASK Syrup Pools or MASK-BNB LP in PancakeSwap Farm to earn MASK or CAKE tokens accordingly. Also, it is possible to stake dQUICK to earn MASK in Dragon’s Syrup pool. Liquidity providers of the MASK-USDC pair are able to get rewards in QUICK within the QuickSwap mining pool.
Token holders own the Mask ecosystem through MaskDAO. They have governance rights and can vote on ecosystem initiatives, funds usage, and all questions related to MASK. Each MASK token represents one vote. MASK can be bought, sold, or traded against USDT, USDC, DAI, BUSD, HUSD, and ETH on a number of top cryptocurrency exchanges such as Binance, OKEx, Bitget, Balancer, DigiFinex, Huobi Global, and Mandala Exchange.
Mask’s features and services
Mask Network allows users to add a layer of privacy to their online interactions on a decentralized level. Besides, it provides several impressive features and services such as content encryption, ITOs, chains integration, social trading, Lucky Drop, NFTs, etc.
Users of social networks have the ability to encrypt or set access criteria for their unique content and share it only with their target audience. Moreover, with the help of Mask, developers can launch decentralized assets and conduct ITOs (Initial Twitter Offerings) while end-users can participate in token launches directly on Twitter.
To attract more projects, Mask has integrated several chains including Ethereum, Binance Smart Chain (BSC), Polygon, Arbitrum, and xDAI. In addition, there is a pop-up trading widget that shows the prices of the most popular cryptocurrencies and stocks and provides instant access to trading. Users can also follow the best-performing traders and copy their strategies.
With Mask Network, users from 60+ countries can buy cryptocurrencies directly with a credit card or bank transfer using Transak. Also, they can make use of Lucky Drop that is an encrypted giveaway tool enabling them to send gift tokens or NFTs to any user.
The Mask project allows users to purchase and sell NFTs right on social networks. Also, with its help, one can also customize a Twitter page by creating an NFT gallery. In addition, Web 3.0 validates the ownership of NFTs and Twitter profile pictures using on-chain data. NFTs are kept in the wallet connected to Mask. Finally, one more tool, Mask Bridge, serves to convert MASK tokens between different chains.
Mask Network team and partners
The project is built by an experienced Web 3.0 team though not all of its members disclose their real names. It is known that Suji Yan is the founder and CEO of the company. Prior to founding Mask Network, Yan had founded Dimension. Linda Yeboah and Cecilia Li are ecosystem managers.
Mask Network has established strategic cooperation with a wide range of companies, Web 3.0, and DeFi projects such as MetaMask, Transak, Mirror, UniSwap, Coinmarketcap, etc to expand use cases of its token. Also, it has integrated with Ideamarket, a marketplace for ideas, where users can get earnings in proportion to their social media trust score.
The integration with OpenOcean boosts liquidity for MASK and allows users to buy cryptocurrencies and NFTs without leaving the social platform. Moreover, Mask Network has partnered with Arweave to send encrypted files, with MakerDAO to send DAI via Twitter, Binance to build the multi-chain universe, and NEAR to integrate more NEAR dApps.
The investment partners of the protocol include standalone investors Henry Wang, Cecilia Li, Balaji Srinivasan, and companies such as HashKey, Hash Global, Binance, Digital Currency Group, Alameda Research, Sino Global, and Fundamental Labs.