What is MaskNetwork (MASK)? A Project Overview
MaskNetwork (MASK) is a governance token of the Mask Network protocol. It holds the 105th spot in the cryptocurrency market cap ranking, empowering its holders to participate in MaskDAO voting.
Project mission
MaskNetwork is a free, open-source software. The protocol was launched in 2019 and is designed for transmitting encrypted messages, cryptocurrencies, and decentralized applications on Web2 social networks (e.g., Twitter or Facebook).
Mask Network: A gateway from Web2 to Web3. Source: Mask Network Twitter account
Through an amalgamation of Web2 and Web3 platforms, MaskNetwork morphs its protocol into a distinctive portal, endowing users with the authority over their data and digital space.
Lots of problems have arisen in social networks. They can barely do cross border payments, no space to permanently store files, no real secure encryption. They monetize based on our data and labor and we have little bargain power to stop that. Is there something that can fix all those problems? The rise of peer to peer networks, blockchain, decentralized storage, collectively denominated as Web 3, are giving us a silver lining. We want to piece them together and give ordinary users a whole new Internet inside the existing one—an excerpt from the platform's blog on medium.com.
MaskNetwork's inception was the brainchild of Suji Yan. His previous venture, Dimension.im, comprised a suite of products aimed at preserving social freedom in the digital age. Yan's expertise lies in open-source code, encryption, and safeguarding privacy.
MaskNetwork boasts proprietary extensions for Chrome and Firefox web browsers, along with applications compatible with iOS and Android. The platform is in the process of identifying third-party social network clients for subsequent integration with its protocol.
Essential facts about the MaskNetwork (MASK) token
MaskNetwork (MASK) token. Source: https://mask.io/
Functionality
The MaskNetwork (MASK) is the native token of the MaskNetwork protocol. It operates as a governance token within MaskDAO's decentralized autonomous organization ecosystem. Holders of MASK have voting privileges, with each token equating to a single vote.
The architects of the project also envisage initiating a grant program, designed to support initiatives that either contribute to or integrate with the MaskNetwork ecosystem.
Issuance, allocation
February 2021 saw the Initial Twitter Offering (ITO) release of 100,000,000 MaskNetwork (MASK) tokens. As of the time of writing, the circulating supply of MASK stands at 74,162,500.
Out of the 1 million MaskNetwork tokens, 7% were allocated to the community through a public offering, 14.25% to early-stage investors, 23% to the team members, and the remaining 39.55% to a reserve fund.
The MaskNetwork (MASK) token can be procured from a selection of centralized and decentralized exchanges (including Coinbase, Binance, and Gate.io), or earned as a reward for bolstering liquidity in the QuickSwap pool.
Current market landscape
As per the data from gagarin.news, at the time of writing, MaskNetwork (MASK) claims the 105th rank in the virtual currency market capitalization chart. The token is currently trading at $4.7, with a market capitalization of $348,719,000, and a daily trading volume of $9,947,9741.
