About Mask Network (MASK)

Mask Network is blockchain-based protocol that allows users of "Web 2.0" social media websites to partake in decentralized-platform-like activities, such as sending encrypted messages and making digital payments. The network's native asset, MASK, is used for governing a mission that the project's website describes as "building a bridge to Web 3.0," which essentially means providing social media users with the types of decentralized features associated with Web 3.0.

Such that Twitter and Facebook users get “a glimpse of the Web 3.0 world" as they are able to access decentralized social messaging, payment networks, file storage and file sharing without ever having to leave the mainstream platforms to which they’ve grown accustom, Mask's website said.

The foundational technology of Mask Network is a peer-to-peer encrypted messaging application, CoinGecko said.

MASK holders vote on which development proposals are prioritized by way of MaskDAO, a decentralized autonomous organization (DAO) that administers the project's reserves.

Who created MASK?

Mask Network was founded by Suji Yan who studied computer engineering at the University of Illinois at Urbana-Champaign prior to launching a privacy-related startup, Dimension. Yan has also worked in the fields of investigative journalism and autonomous vehicles, according to Blockcast.

When was MASK created and how much was it worth?

The network was launched in July of 2019. A few rounds of funding (totaling $5 million) followed over the next 18 months. The native MASK ERC20 token made its debut in February 2021. It was around this time that MASK hit an all-time high near $41.50, CoinGecko said.

How is the price of MASK determined?

Prior to launch, Mask Network issued a genesis allocation of 100 billion MASK. Roughly 9% of the total supply went into circulation via an airdrop, an auction on Balancer's liquidity bootstrapping pool and an "initial Twitter offering," a concept that the network helped create.

Mask's reserves, which are controlled by MaskDAO, hold about 40%. A 14% chunk of the rest of the genesis allocation went to project members and early investors who are subjected to lockups extending into 2023 and beyond, according to the Mask team.

Why does MASK have value?

The network's decentralized applets (dApplets) for crypto transactions are supported by Twitter and Facebook. If these applications garner more take-up, it is not a stretch to suggest the MASK tokens will potentially rise in value, especially considering that the token has a fixed supply that eventually, post lockup-period, could create more buying than selling, according to some crypto commentators.

What are the benefits of MASK?

• If it turns out that social media platforms do start to more fully integrate crypto going forward, Mask is well-positioned in the role of early stage enabler. "Using a simple browser extension, the Mask Network might decentralize existing platforms like Facebook and Twitter," Kalkine Media said. Mask can help users to trade non-fungible tokens (NFTs) on social networks, Kalkine said.
• Mask Network offers the ability to fund Gitcoin grant campaigns directly from Twitter (CoinMarketCap).
• The network has also introduced a built-in Ethereum wallet, Uniswap integration and a "Red Packet" crypto gifting feature, according to the project.
• According to a team member’s Medium post, Mask has started the SocialFi Alliance, aiming to "help users transform from Web 2.0 to Web 3.0 in an easy, effective way." SocialFi aims to deliver benefits and rewards to users through the tokenization of social influence.