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Web3 Series: Mask Network and MASK Explained

Web3 mask crypto

Currently, there are over 3.78 billion social media users in the world, with researchers expecting this number to surge to 4.41 billion by 2025.

Considering this and the fact that the average internet user spends 145 minutes a day on these platforms, it’s safe to say that social media has become an integral part of our everyday lives. And this shouldn’t come as a surprise, as they offer consumers a place to chat, connect with others, share their opinions and insights, and learn about the latest news and trends in an easy, convenient way.

On the other hand, most (if not all) popular social media platforms are operated by tech giants like Facebook, Twitter, and Google. These companies leverage their full control over the solutions to censor content, ban and freeze users, and sell customer data to advertisers to generate increased revenue.

For these reasons, as centralized social media sites are those parts of the internet’s infrastructure that are hard (or super inconvenient) to bypass, people have to sacrifice some of their autonomy on the web to utilize online services.

Fortunately, change is on the way. The internet is currently undergoing one of its most important upgrades. It is transitioning from the centralized, tech giant-dominated Web 2.0 to the decentralized, open, and democratic Web 3.0 that is actively developed by numerous blockchain and crypto industry players.

As a result, multiple projects have rolled out their blockchain-powered decentralized social networks to compete with and potentially replace their centralized counterparts.

But today, we will take a look at a Web 3 project that took a different approach to democratize the internet. In this article, we will explore Mask Network and its blockchain solution that serves as the bridge between the centralized and the decentralized internet.

What Is Mask Network and Why Is it Unique?

Launched in July 2019 by former Chinese investigative journalist and engineer Suji Yan, Mask Network (formerly known as Maskbook) is a Web 3 protocol that bridges the existing internet with the decentralized web.

This is achieved by offering users the ability to run decentralized applications (dApps) and Web 3.0 solutions on traditional social media platforms like Facebook and Twitter. Interestingly, the protocol connects to these sites without using their application programming interfaces (APIs) or any centralized servers.

Currently available as a smartphone app (iOS and Android) and also as a browser extension (Chrome, Edge, Firefox), the earliest – and probably the most important – functionality of the Mask protocol is private messaging that allows users to encrypt and decrypt content on social media via public-key cryptography.

While Mask is running on top of Ethereum, Binance Smart Chain, and Polygon and features community governance and decentralized data storage, it offers users a convenient way to interact with various Web 3 dApps.

For example, you can use Mask to do the following activities on Twitter and Facebook (without leaving the sites or installing additional applications):

  • Trade coins via the Uniswap DEX
  • Donate funds and send crypto via red packets
  • Raise funds as a crypto project via an Initial Twitter Offering (ITO)
  • Generate a passive income via various DeFi solutions and activities (e.g., lending and yield farming)
  • Upload and attach (optionally encrypted) files via decentralized file storage services to your posts

And these are only some of the things you can currently do with Mask. The project has a rapidly growing list of cryptocurrency partners, which provide increased use-cases and functionalities for its decentralized Web 3 bridge protocol.

What Is the MASK Token and What Should I Know About its Price?

Launched in February 2021, MASK is the native token of the Mask Network. It serves primarily to achieve decentralized governance between community members who use their coins to vote on proposals concerning the future of the protocol.

In addition, the MASK token is also utilized to offer various rewards for users, which serve as an incentive to participate in activities in the protocol’s ecosystem. At the same time, nearly 40% of the coin’s supply is allocated to the Foundation Reserve to provide community grants, attract developers, create partnerships and collaborations, as well as expand the ecosystem.

According to the project, in the future, MASK will feature expanded functionality, such as:

  • Staking a minimum amount of MASK to launch dApps on top of the protocol
  • Access to premium features, such as cross-chain smart wallets

MASK has a maximum supply cap of 100 million coins. Like most Web 3 and DeFi tokens, MASK’s supply is gradually released to the market (at a decreasing rate) – throughout a period of 36 months (currently, 17 million coins are in circulation).

While MASK is based on Ethereum’s ERC-20 standard, it is also available on Binance Smart Chain and Polygon.

Now that you know the essentials about MASK let’s see how the Web 3 project’s token has performed since its launch.

According to the project’s announcement, MASK was sold at a price of $0.95 during the last round of its ITO in February 2021. Interestingly, just after its public sale, the token reached its all-time high of $31 on February 24, fell down to $7.9 four days later, just to jump back to $25.7 by April 1.

Later on, the cryptocurrency entered into correction territory until late August. After soaring from August 22’s $6.4 to $18.04 on August 25, MASK is now trading at $11.53 as of September 18, representing an all-time (also year-to-date) ROI of over 1,100%.

What Are Mask Network’s Most Important Project Updates?

While the project launched only a little more than two years ago, Mask Network has achieved excellent progress in terms of its development.

Below, we have collected the most important project updates for Mask in 2021:

  • February: Launching the MASK token and a successful ITO (Mask has raised a total of $49.2 million from its investors throughout various private and public sales as well as other offerings)
  • March: Distributing the first round of tokens via an airdrop to round 3 ITO participants and introducing a fiat on-ramp feature in partnership with Transak
  • April: Receiving strategic investment from Binance’s accelerator fund and revamping Initial Twitter Offerings
  • June: Integrating Mask with Polygon and Binance Smart Chain as well as launching the dedicated discussion hub Mask Forum
  • August: Launching the SocialFi Alliance with 15 founding members to expand the industry’s ecosystem and grow the adoption of social finance and DeFi solutions
  • September: Introducing the NFT Gallery feature on Twitter

Trade MASK With AAX

Mask Network seeks to bridge the worlds of Web 2 and Web 3 via its decentralized protocol that empowers social media users with the ability to send and receive encrypted messages, transact and earn coins, as well as participate in a wide variety of DeFi and crypto activities.

This way, the project creates a decentralized layer on top of centralized social media platforms that features increased security, privacy, and functionality – along with the freedom from tech giants’ control.

The good news is that you can grab some MASK on AAX right away. Head to the following page to start trading the Web 3 project’s native token on our LSEG-powered, institutional-grade cryptocurrency exchange!

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