Web 3.0 is a sector in the cryptocurrency community that has been attracting a lot of attention recently, and one of the emerging coins in this field is Mask Network (MASK) – a project that bridges Web 2.0 and Web 3.0. But what exactly is MASK coin? Why is it garnering such interest? Does Mask Network (MASK) have potential? Let’s delve into the details in the content of the article below.
Contents
- 1 What is MASK coin, and should you invest 2024?
- 1.1 What is MASK coin?
- 1.2 The Origin History of Mask Network (MASK coin)
- 1.3 Investors and Partners of Mask Network (MASK coin)
- 1.4 Objectives of Mask Network Project (MASK coin)
- 1.5 How Does Mask Network (MASK) Work?
- 1.6 Why Has Mask Network (MASK) Attracted Attention?
- 1.7 What is MASK Token?
- 1.8 Should you invest in MASK coin?
What is MASK coin, and should you invest 2024?
What is MASK coin?
MASK coin is the currency of Mask Network, a project designed to become the bridge connecting internet users from Web 2.0 to Web 3.0. The underlying technology of Mask Network is a peer-to-peer encrypted messaging application, with many other diverse functions..
One of the features that blockchain enthusiasts praise is Web 3.0, which promises to give people privacy and autonomy over their data. Meanwhile, the current Web 2.0 – where tech giants hold too much customer and user data – it’s perhaps understandable that some people want to take back control of their personal information.
Therefore, it makes sense that there are platforms and applications that allow people to take control of their data by publishing posts and messages on the web on an encrypted basis (blockchain) – and Mask Network is one such platform.
Mask Network integrates decentralized social messaging, a borderless payment network, and decentralized file storage and sharing to provide a secure and convenient portal for users to instantly enter the world of decentralized finance and then the new world of Web 3.0.
The Mask Network app is currently available on mobile, allowing encrypted messages to be shared on social media platforms like Twitter and Facebook (META). Specifically, it leverages the technology of Web 3.0 on the underlying architecture of Web 2.0. The system also enables people to trade both cryptocurrency and non-fungible tokens (NFTs) on social media.
The Origin History of Mask Network (MASK coin)
Mask Network is a startup based in Shanghai, China, founded by Suji Yan. Before launching Mask Network in July 2019, Suji Yan had established Dimension.im. This is a series of products designed to protect users’ freedoms on social networks in the cypherpunk movement, especially the rights to encryption and free interpretation.
Initially, the project allowed Facebook and Twitter users to send encrypted posts on social media platforms. Later, in October 2020, the project raised 2 million USD from HashKey and Hash Global and over 3 million USD in a funding round in March 2021 with participation from names like Digital Currency Group and Fundamental Labs.
The Mask Network team believes in an ownership economy and thinks that people should have complete control over what they produce and that their data should not be controlled and have the freedom to choose where to contribute their data. This aims to avoid the invasion of individual privacy on online channels.
Investors and Partners of Mask Network (MASK coin)
What is MASK coin? If you are thinking that Mask Network is a flash-in-the-pan meme project, then you are clearly mistaken. As mentioned earlier, this is a major project established in 2019 and supported by many large investors.
Mask has raised funds from a series of large funds such as HashKey, Hash Global, Digital Currency Group, Fundamental Labs, Longling Capital, Animoca Brands, Moonwhale Ventures, Block0, 3Commas, AHP, và cả gọi vốn chiến lược từ cả Binance, Filecoin. Investments, Alameda Research.
Some well-known individual investors have also invested in the Mask Network project, including Raymond Wang (co-founder of ele.me), and Qiufan Chen (a famous Chinese science fiction writer and screenwriter), Max Webster, Qiao Wang, and Imran Khan.
Regarding partners: Mask Network has an extremely diverse partnership with prominent names such as Near Protocol, Nym Technologies, PlatON, etc.
Objectives of Mask Network Project (MASK coin)
So, what is MASK coin and what does the project actually do? In short, Web2 users will log into their social media accounts through Mask Network. From there, they can use key features such as:
Interaction with tokens/Dapps: Users can easily swap with Uniswap, Sushiswap, and other DEXs through Mask Network. Additionally, you can also buy coins with cash through the international payment gateway Transak. Besides that, you can learn about any project from sources like Coingecko, Coinmarketcap, etc.
Interaction with NFTs: Users can easily set any NFT as their avatar and trade NFTs from the largest marketplaces like OpenSea, Rarible, etc., or check NFT orders through Mask’s plugin.
ITO – Initial Twitter Offering: is a form of fundraising for new projects similar to IDO, ICO, with the difference being that the process and participants are all on the Twitter platform.
Especially, Mask also has many other applications such as encrypting user messages, tweets, token bridges, etc. It can be said that nearly all Web3 activities can be brought by Mask Network onto Twitter, Facebook.
How Does Mask Network (MASK) Work?
To achieve the above, users will have to access the Apple iOS store or Google Play and download the Mask Network app for free. Since this dApp is lightweight, the download process is quick. After the app is on your device, you can start integrating it into your social networks.
The next step in the process is to create a personal profile. Once your profile is activated, you can directly link Mask Network to your social media accounts. This process only takes a few seconds as you tick some approval options and enter your social media login information. At this point, you can start creating encrypted posts.
The Main Components of Mask Network:
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On-chain Smart Contract: Red Packets, ITO, and Modules provided by the Mask Network development team or the dApplet developer ecosystem. These Smart Contracts are deployed on multiple EVM-compatible chains such as BSC, Ethereum.
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dCDN: These are decentralized CDNs integrated with blockchains.
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dApplet layer (Plugin): The dApplet layer will contain a Plugin store for registered dApplets, such as Snapshot voting, Gitcoin donations, etc.
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Tích hợp Web 3.0 trên Web 2.0: Mask Network uses SES (Secure ECMAScript), Shadow DOM, along with various other related technologies to ensure the integration of Web 3.0.
Why Has Mask Network (MASK) Attracted Attention?
In the beginning, MASK coin was one of the fastest appreciating coins, leading many to wonder about the reasons behind MASK coin’s price increase. Some think that MASK’s price rose because Mask sounds like Musk in Elon Musk, which is quite meme-like. This might also be a factor, but I personally believe that the strong pump in the project is due to the following positive expectations:
Elon Musk’s and Twitter
It’s undeniable that the future of Mask Network is aligned with social networks such as Twitter. Therefore, when the news of Elon Musk’s successful acquisition of Twitter came out, the price of MASK started its first pump due to many expectations. Owning Twitter, Elon Musk is supposed to powerfully “Web 3.0-ize” this social network. This is even more evident through Musk’s emphasis on decentralization and freedom on Twitter. In his interviews, Elon Musk has also repeatedly shown support for cryptocurrencies. Significantly, CZ himself also contributed $500M to Musk to buy Twitter, with the hope of further boosting the development of this field.
Our intern says we wired the $500 million 2 days ago, probably just as I was being asked about Elon/Twitter. https://t.co/gM65GHUnZC
— CZ ???? BNB (@cz_binance) October 28, 2022
➡ Achieving this objective, Elon Musk could greatly benefit from a platform like Mask Network, which has robustly integrated Web3 into Twitter and developed a comprehensive suite of features over several years. Rather than undertaking the task of entirely overhauling Twitter, a partnership with Mask Network could be a more efficient strategy for Musk. Furthermore, even if such a collaboration doesn’t materialize, the increased promotion of cryptocurrency on Twitter is likely to present substantial business opportunities for Mask Network.
Mask Network’s Implicit Support from Binance
As previously mentioned, CZ invested $500M in Musk to buy Twitter. Experienced market investors know that where CZ or Binance invests, there’s a great opportunity. Notably, Binance launched the Bluebird Index, which consists of BNB, DOGE, and surprisingly, MASK.
➡ This could imply that Binance sees the potential for the MASK token and DOGE to grow in value alongside BNB, which is CZ’s favored token. Some even speculate that MASK might be used to pay for various fees on Twitter in the future. Regardless of the reality, this represents a very positive expectation for MASK.
Expectations for Mask Network’s ITO
ITO, or Initial Twitter Offering, is a form of IDO (Initial DEX Offering) designed for fundraising projects organized directly on Twitter. This concept may sound new, but in reality, it has been implemented by Mask Network for some time. The first two projects that conducted ITOs, Loopring (LRC) and Mirror’s Synthetic asset (mTSLA), successfully sold out their tokens within minutes. And then MASK itself raised 3 million dollars.
➡ Now that the project has its token, it is entirely possible to expect a requirement to lock/stake MASK coins to participate in future ITOs. This would increase the demand for this token.
What is MASK Token?
MASK is the primary token of the Mask Network. This token serves several important roles within the Mask Network ecosystem:
- Governance: MASK token holders can vote on governance decisions within the Mask DAO or participate in subDAOs to decide on project selections for Initial Twitter Offerings (ITO).
- Protocol Incentives: MASK is used as a reward to encourage active user engagement and utilization of Mask Network’s features.
MASK Key Metrics
- Name: Mask Network.
- Ticket: MASK.
- Blockchain: Ethereum.
- Contract: 0x69af81e73a73b40adf4f3d4223cd9b1ece623074
- Token Type: Tiện ích
- Standard ERC-20.
- Total Supply: 100.000.000 MASK
- Circulating: 100,000,000 MASK
MASK Token Allocation: MASK is allocated as follows:
- Team: 23%
- Reserve (Foundation): 39,55%
- Early Investors: 14,25%
- Token Round: 14,2%
- Airdrop: 1%
- Liquidity Pool: 1%
- Public Offering: 7%
Where to store MASK tokens?
Since MASK is an ERC-20 standard token, you can store them on popular wallets such as: Metamask, Trust Wallet, Coin98 Wallet, MyEtherWallet, imToken, Ledger, Trezor, etc.
Or you can also store MASK directly on exchanges for convenience when trading.
Should you invest in MASK coin?
Now that you have learned about what is MASK coin, is this project potentially a good long-term investment? To answer this question, let’s go over its pros and cons:
So, should you invest in MASK coin?
Since its first launch in 2018, the Mask Network has been creating a decentralized applet ecosystem and positions itself as a bridge for internet users transitioning from Web 2.0 to Web 3.0. Moreover, MASK Network has also received strategic investment from the Binance network, which has quickly increased the project’s value. With quality products and a development team, the Mask Network deserves to potentially develop even further in the near future.
However, to say this is the best investment would be premature, as the potential of Mask Network is still not fully realized. It depends on the Web 3.0 sector in general, and particularly on the effects from Elon Musk, Twitter – effects that are very risky and unpredictable. Therefore, if you wish to invest in MASK coin, consider only a reasonable portion of your capital, no more than 10% of your portfolio. The potential of MASK coin – only time will tell.
Above is our sharing about what MASK coin is along with the MASK Network project. It can be seen that Mask Network is a quality project with much potential. Although it has flopped in the past, with support from the Elon Musk deal, we can fully expect Mask to make a strong comeback. However, if you decide to invest in MASK, always do careful research, avoid FOMO when the price is too high, and have a well-planned, sensible investment strategy. Wishing you success.
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