What is Mask Network (MASK)?- All You Have To Know About Mask Network
Mask Network (MASK) recently drew the community's attention due to a significant increase in its price. Today, Market247.io will teach you more about "What is Mask Network" and why $ MASK pumps in the article below.
What is Mask Network?
Mask Network (MASK), formerly Maskbook, is a protocol that allows users to send encrypted messages, cryptocurrencies, and decentralized applications (DApps) over social networks. It was launched in 2019.
The Mask Network currently supports a number of decentralized applications (dApps), such as Uniswap and SushiSwap, as well as many social media platforms, such as Twitter and Facebook.
How does Mask Network work?
Users can show non-fungible tokens (NFTs) on their social media profiles, bid on an NFT from a site such as OpenSea or Rarible, share or give to a grant on Gitcoin, transmit cryptocurrency with a social media post, and more.
The 2.0 version of Mask Network contains the multi-chain Mask wallet, a MaskID login system that collects users' social network accounts and Web 3.0 addresses, and the D.Market dApp marketplace. Mask Network is accessible through the Chrome Web Store, Firefox ADD-ONS, and iOS and Android beta versions.
Products and Features of Mask Network
Mask Network enables users to add a layer of anonymity to their decentralized online interactions. In addition, it offers a number of amazing features and services, including content encryption, ITOs, chain integration, social trading, Lucky Drop, NFTs, etc.
Social network users are able to encrypt or define access criteria for their unique material and share it exclusively with their intended audience. In addition, with Mask, developers can launch decentralized assets and perform Initial Twitter Offerings (ITOs), while end-users can participate in token launches directly on Twitter.
Mask has integrated multiple chains, including Ethereum, Binance Smart Chain (BSC), Polygon, Arbitrum, and xDAI, to attract additional projects. Moreover, a pop-up trading widget displays the prices of the most prominent cryptocurrencies and stocks and enables rapid access to trade. Users can also mimic the strategies of the top-performing traders they follow.
Transak allows users from more than 60 countries to acquire bitcoins immediately with a credit card or bank transfer. Additionally, they can utilize Lucky Drop, a secure giveaway mechanism that allows them to deliver gift tokens or NFTs to any user.
The Mask project enables users to buy and sell non-fungible tokens directly on social networks. Additionally, with its assistance, one can personalize a Twitter page by establishing an NFT gallery. Using on-chain data, Web 3.0 also verifies the ownership of NFTs and Twitter profile images. NFTs are stored in the wallet associated with Mask. Mask Bridge is the last utility that converts MASK tokens between different chains.
The $MASK Token
The $MASK token is the native token of MaskDAO, the decentralized autonomous organization (DAO) that governs the Mask ecosystem.
Key Metrics about $MASK
- Token name: Mask Network
- Ticker: MASK
- Market Cap: $133,312,682
- Circulating Supply: 29,130,722.72 MASK
- Max Supply: 100,000,000
- Total Supply: 100,000,000
Mask Token Use Case
In February 2021, Mask Network launched $MASK via its Initial Twitter Offering (ITO) function. An ITO is a decentralized asset offering tool allowing Twitter users to participate directly in token launches. By offering a discount on their existing tokens or introducing a new token, projects can incentivize users or raise awareness through ITOs.
At Genesis, 100,000,000 $MASK tokens were generated. Each $MASK represents one vote in DAO-related activities, as $MASK is the governance token of the MaskDAO. Over time, the Mask Network team and ecosystem participants will create more blockchain-based social media goods and services, such as the Mask Grant Program, which will provide financial assistance to projects that can contribute to or be incorporated into the Mask Network crypto ecosystem.
Mask Network Team and Partners
An experienced Web 3.0 team developed the project. However, not all its members reveal their true identities. It is known that Suji Yan is the company's founder and CEO. Suji Yan is a former Chinese engineer and investigative journalist. Prior to founding Mask Network, Yan founded Dimension, a cyberspace arena for a collection of products that push for social liberty. Dimension now develops and maintains Mask Network and its other projects, such as TesserPG and Twidere. Linda Yeboah and Cecilia Li are managers of ecosystems.
Mask Network has created strategic partnerships with a variety of enterprises, Web 3.0, and Defi initiatives such as MetaMask, Transak, Mirror, UniSwap, and Coinmarketcap, among others, in order to increase the token's use cases. Additionally, it has linked with Ideamarket, a marketplace for ideas where users can earn money based on their social network trust score.
Integrating with OpenOcean increases MASK's liquidity and enables users to purchase cryptocurrencies and NFTs without leaving the social site. In addition, Mask Network has worked with Arweave to deliver encrypted files, MakerDAO to send DAI over Twitter, Binance to construct the multi-chain cosmos, and NEAR to integrate other NEAR dApps.
The protocol's investing partners include Henry Wang, Cecilia Li, and Balaji Srinivasan, as well as HashKey, Hash Global, Binance, Digital Currency Group, Alameda Research, Sino Global, and Fundamental Labs, among others.
Token Sales and Funding Round
Mask Network raised $2 million in a venture round headed by HashKey and Hash Global in November 2020.
In February 2021, the project concluded a second venture round and raised $3 million from institutional and individual investors, including Digital Currency Group, Fundamental Labs, and Animaca Brands.
Later in February 2021, the network raised approximately $40 million in an IPO, the MASK LBP (Liquidity Bootstrapping Pool). The price of MASK began at $3.90 and ended at $13.22 thirty-six hours later. Mask Network added $2 million worth of MASK, $1 million worth of ETH, and $1 million worth of USDC to the Uniswap pools after the LBP in order to increase liquidity. In addition, they reserved the unsold MASK from the LBP for future liquidity provision.
Mask Network raised $49.2 million between its previous token sales, Initial Twitter Offering (ITO), and community airdrops.
Why did MASK pump?
Some reasons can explain the pump of MASK.
First, the MASK's FOMO stems from Elon Musk's acquisition of Twitter - when the community expects to see "Gem" projects aimed at web3 social networks. And Mask Network is regarded as "Twitter for Web3" with improved functionality.
Second, Binance just announced the creation of the Bluebird index, which will include BNB, DOGE, and Mask. Binance created this index in an effort to "pull" greater volume transactions by leveraging the hype around Elon Musk and Twitter.
Finally, FTX is not out of the game after announcing the mask listing.
This is all information regarding the Mask Network project you should know. It is hoped that you have already known the answer to the question "What is Mask Network" and explained why MASK pumps. You also can learn more about the project through these links.
How Is Mask Network Secured?
Mask Network operates on the Ethereum network, which is currently migrating to proof-of-stake.
Where Can You Buy Mask Network (MASK)?
Mask Network (MASK) is available on top-tier exchanges such as Huobi Global, OKEx, Balancer, and 1inch.
What Makes Mask Network Unique?
The Mask Network enables users to increase the privacy of their online communications. Users can communicate encrypted conversations with their peers, send and receive cryptocurrency, share files, and engage with decentralized applications.
Market247.io offers fundamental and technical analysis of potential crypto projects and hidden gems. By doing so, we hope to bring information promptly to support investors in making investment decisions. All information provided by Market247.io is just a reference, not investment advice.
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