Mask Network is a blockchain-based social networking platform that aims to offer users complete control over their data and personal information. Built on the Ethereum blockchain, the platform offers secure messaging, decentralized identity management, and integration with decentralized finance (DeFi) applications.
Unlike traditional social media platforms, Mask Network is built on blockchain technology, which means that users have complete control over their data and personal information. Mask Network's mission is to unite Web 2.0 with Web 3.0 by bringing Web 3.0 functionality to sites like Twitter and Facebook. Some features include payment and tipping, trading on a decentralized exchange, decentralized file storage, or buying and selling NFTs—all without leaving the social networking website.
History/Origins of Mask Network
Mask Network was created in 2019 by a team of developers based in Taiwan. The team was led by Suji Yan, who has a background in finance and technology. The idea behind the platform was to create a decentralized social networking platform that prioritized privacy, security, and user control. The team believed that centralized social media platforms had become too powerful and were not serving the best interests of their users.
Development of the Mask Network Platform
The development of the Mask Network platform began in 2019, with the team working on creating a system that would allow users to control their data and privacy.
One of the key features of Mask Network is its integration with various decentralized finance (DeFi) applications, allowing users to access a range of financial tools and services. This integration with DeFi has been a significant factor in the platform's success, as it has allowed users to access a range of financial tools and services that were previously unavailable on centralized social media platforms.
Launch of the Platform
Mask Network was released to the public for the first time in July 2019, with the first use case including the encryption of social media postings on Facebook and Twitter. HashKey and Hash Global led a $2 million investment round in November 2020, while Digital Currency Group and Fundamental Labs contributed to a $3 million funding round the following February 2021.
Since its launch, Mask Network has continued to grow and expand, with new features and tools being added to the platform regularly. The platform has gained popularity due to its focus on privacy, security, and user control, with more users becoming interested in decentralized social networking platforms.
What is MASK Token?
The Mask token, which belongs to the Mask Network, was made available for purchase in February 2021. The ecosystem is owned by the holders of Mask, who are also members of a decentralized autonomous organization (DAO) named MaskDAO.
MASK is used in DApplet development, premium feature implementation, protocol incentive, and governance. Token holders cast their votes by staking their tokens on proposal contracts, with each token equaling one vote.
Mask Network is a decentralized social networking platform built on the Ethereum blockchain that has its native token, MASK.
The total supply of MASK tokens is capped at 100 million, with no additional tokens to be created. Of the total supply, 23.0% was allocated to the team and advisors, 39.55% to the Foundation Reserve, 8% to the Angel Round, 7.0% to the public sale, and the rest were allocated to seed round, private rounds, airdrop, and liquidity pool.
The initial coin offering (ICO) for MASK was held in September 2020 and was oversubscribed within the first few hours of launch. The ICO raised a total of $2.5 million, with 6.25 million MASK tokens sold for $0.40 per token. The funds raised during the ICO were used to further the development and expansion of the platform.
Mask Token Price History
On February 24, 2021, MASK was initially traded for $14.51, and by March 1, 2021, it had risen to an  of $97.93. Mask Network held an auction on the LBP for 4% of its entire supply of MASK tokens from February 24 to 26. When the LBP price of the token rose beyond its market value, customers stopped making purchases. The LBP's mechanism for regulating the token price led to a precipitous drop in its value.
Mask Network currently ranks #105 on coinmarketcap and #103 on Binance, with a market cap of $308,756,208 and a circulating supply of 80,125,000 Masks.
How Does Mask Network Work?
MASK NETWORK 5 EPIC FEATURES!
Mask Network uses the Ethereum blockchain to create a decentralized platform that allows users to interact with each other securely. The platform is built on top of the Ethereum Virtual Machine (EVM), meaning it can interact with other Ethereum-based applications.
Mask Network is not a standalone service but rather a protocol that runs on top of other networks like Twitter and Facebook. It is completely integrated with social media platforms as one of the initial members of the Bluesky decentralized social network effort, which was backed by former Twitter CEO Jack Dorsey.
Since Mask Network was built to run on existing platforms, users can link their existing social network accounts just by using a browser extension and connecting their new or existing Mask Network account. The extension is available on Chromium-based web browsers. With the extension now installed, users can make crypto payments, encrypt their messages and tweets, share decentralized data, and trade their NFTs.
In addition to providing users with automated encryption and decryption, Gitcoin discoveries on Twitter, and decentralized file storage and sharing are also supported by Mask Network.
Features of Mask Network
Mask Network offers a wide range of features that make it a powerful and versatile platform. Here are some of the key features of Mask Network:
Initial Twitter Offerings
Initial Twitter Offerings, or ITOs, a cutting-edge new method, were used to distribute the MASK token for the first time in February 2021. ITO is an updated version of the Initial DEX Offering (IDO) that allows Twitter users to take part in public offers without leaving the platform. Users of Twitter were able to add MASK to their digital wallets in this way. Tokens and NFTs may be distributed similarly by other applications using ITO.
Decentralized Social Networking
Mask Network allows users to share content and connect with other users in a decentralized way. This means that users have complete control over their data and personal information and that they can interact with other users securely and privately.
End-to-End Encrypted Messaging
Mask Network uses advanced cryptography to encrypt messages and transactions, ensuring that they are secure and cannot be tampered with. To send an encrypted communication, users need just click a button. Messages sent through the Mask Network are encrypted so that only other users of the network may decode and read them.
Elliptic Curve Integrated Encryption Scheme (ECIES) is used to asymmetrically encrypt the AES-256 key using the public keys of the specified receivers and the private key of the post originator. Then, the distributed GunDB nodes share the AES-encrypted keys. After that, Mask Network will get the user's private key from the user and use it to decode the encrypted AES key from GunDB.
Consequently, users' interactions and communications remain private and secure. This makes it a great platform for sending sensitive information and communicating with other users privately.
Encryption of Transactions
Mask Networks’ secure cryptography makes it a great platform for sending and receiving cryptocurrency and participating in DeFi applications.
Decentralized Identity Management
Mask Network allows users to have complete control over their online identity, and to verify their identity in a secure and decentralized way. This ensures that users' personal information is kept secure and private and that they can interact with other users in a trusted and decentralized way.
Benefits of Using Mask Network
There are many benefits to using Mask Network. Here are some of the key benefits:
Privacy and Security
One of the primary benefits of using Mask Network is that it offers users greater privacy and security than traditional social networking platforms. By using advanced cryptography and decentralized architecture, Mask Network ensures that users have complete control over their data and personal information and that they can interact with other users in a trusted and decentralized way. This means that users do not have to worry about their data being harvested or monetized by third-party companies.
Decentralized File Storage/User-Controlled Data
Another key benefit of using Mask Network is that it puts users in control of their data. Users can choose what information they want to share, and with whom they want to share it. The system furthermore has a decentralized storage solution. Users may communicate their data files in a decentralized, censor-free way and permanently keep them thanks to Arweave's technology. Data may be kept safe from abuse by a central authority by being distributed over many nodes.
Since users have full control over their data, they are not subject to the data harvesting and monetization practices of traditional social networking platforms, and they can maintain their privacy and security while interacting with others online.
Freedom of Speech
Mask Network also offers users greater freedom of speech than traditional social networking platforms. Because the platform is decentralized, users do not have to worry about censorship or content moderation by third-party companies. This means that users can express their opinions and share their ideas without fear of being silenced or censored. The freedom of speech offered by Mask Network is particularly important for users who are involved in political or social activism, as it ensures that their voices can be heard without fear of reprisal.
Access to Decentralized Finance
Another benefit of using Mask Network is that it provides users with access to decentralized finance (DeFi) applications. These applications allow users to participate in a range of financial activities, including decentralized exchanges (DEXs), liquidity pools, and lending platforms. By participating in DeFi applications on Mask Network, users can earn rewards, access capital, and participate in a growing ecosystem that is built on transparency, security, and decentralization.
Non-Fungible Tokens (NFTs)
Mask Network also allows users to buy, sell, and trade non-fungible tokens (NFTs). These tokens represent unique digital assets, such as artwork, music, and collectibles. By using Mask Network to trade NFTs, users can participate in a growing market that is revolutionizing the way that digital assets are bought and sold.
How to Use Mask Network
How to use Mask Network?
Creating an Account
To use Mask Network, the first step is to create an account. This is a simple process that involves visiting the Mask Network website and clicking on the "Sign Up" button. Users will be prompted to enter their email address and password, and will then be sent a verification code to confirm their account.
Setting up a Wallet
Once the account has been created, users will need to set up a wallet to store and manage their digital assets. Mask Network supports a range of wallets, including MetaMask, WalletConnect, and Coinbase Wallet. Users can choose the wallet that best suits their needs, and can connect it to their Mask Network account using the "Connect Wallet" button.
Participating in DeFi Applications
Finally, users can participate in a range of DeFi applications on Mask Network. These applications allow users to earn rewards, access capital, and participate in a growing ecosystem that is built on transparency, security, and decentralization. To participate in DeFi applications, users will need to connect their wallet to the relevant application and follow the instructions provided.
The future of social media is changing rapidly, and the rise of decentralized social networking platforms like Mask Network is transforming the way we interact online. With greater emphasis on privacy, security, and user control, Mask Network has the potential to revolutionize the way we think about social media.
Mask Network's Impact on the Future of Social Media
Mask Network's focus on privacy and security, combined with its decentralized system, gives it the potential to have a significant impact on the future of social media. The platform's unique features, such as encrypted messaging and anonymous profiles, provide users with a level of control and security that is unmatched by centralized social media platforms. As more users become concerned about the impact of centralized social media platforms on their privacy, Mask Network's decentralized system may become an attractive alternative.
Comparison with Existing Centralized Social Media Platforms
Compared to existing centralized social media platforms, Mask Network offers a range of benefits to users. For example, Mask Network's decentralized system allows users to maintain control over their data and privacy, while centralized platforms often require users to relinquish control over their data in exchange for access to the platform. Additionally, Mask Network's emphasis on anonymity and privacy provides a level of security that is not available on centralized platforms, where user data is often at risk of being hacked or leaked.
Opportunities for Growth and Expansion
As more users become aware of the benefits of decentralized social networking platforms, there are significant opportunities for growth and expansion in this space. Mask Network is well-positioned to take advantage of these opportunities, with its focus on privacy, security, and user control. The platform's integration with Ethereum also provides opportunities for growth in the DeFi space, where decentralized finance applications are becoming increasingly popular.
Mask Network represents a significant shift in the way we perceive social media. Its focus on privacy, security, and user control is unmatched by centralized social media platforms, and its potential impact on the future of social media is significant. Mask Network is well-positioned to take advantage of the opportunities for growth and expansion in this space.
Mask Network's potential impact on the future of social media is significant, as it represents a shift towards decentralization and greater user control. DApplets (Decentralized applications) are being developed on top of Mask Network to add blockchain-related capabilities, while the network's core functionality remains as an encrypted peer-to-peer messaging program.
Mask Network is easy to use, and all it takes to get started is installing a simple extension on your preferred web browser. Mask Network's add-on makes social media giants like Facebook and Twitter more open and democratic. With the help of investors and strategic partners, Mask Network is planning to grow into the NFT and encrypted messaging service markets.
The future is uncertain, but there are two facts that can't be denied. First, web3 is the internet of the future and is not going away. Second, it's a safe bet that Twitter and Facebook, and other social media sites will keep gaining users. These two pieces of evidence together suggest that Mask Network is the wave of the future for both Web 2.0 and web3
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