What is Mask Network? Mask Network is a social network application that aims to connect Web2 and Web3. So what’s special about Mask Network? How does it work? Join Weakhand to learn about this new platform in the following article!
To understand more about this article, you can refer to the following articles:
- What is Web3? Advantages & Disadvantages of Web3
- What is SocialFi? TOP 5 Most Outstanding SocialFi Projects Currently
- Lens Protocol Vs CyberConnect: Which Is The Best SocialFi Platform Currently?
Overview of Mask Network
What is Mask Network?
Mask Network is a new social networking platform, created to connect Web2 and Web3 social networks, to empower users to use the web better than current mainstream platforms without going through a computer. any centralized owner.
Currently internet users are using different major technologies, however here people basically do not have their autonomy and control. Therefore, Mask Network’s vision is to protect the autonomy and freedom of users.
Mechanism of action
Persona is the technical identity of a user in the Mask Network, which is a pair of cryptographic keys to encrypt digital assets owned by the user. Anyone else cannot access those assets without the Persona owner’s permission. Persona is considered an important key by users to get back their data from Web2.
The platform’s two most important categories are finance and e-commerce:
- Finance: At Mask Network, users can send payments, trade tokens, borrow, follow good traders, participate in private token sales and issuance, and much more without leaving the social platform. festival.
- E-commerce (NFT, digital content): The important part of the new web is decentralized storage, the payment element will be combined with decentralized storage. And there’s the added element of decentralization, which means no one person can be held accountable, essentially avoiding management and regulation.
Features available on Mask Network:
Encryption
At Mask Network, each person can create unlimited Personas and each person will represent a key pair. Users can post their public key to a social profile or a public post containing the public key. Other users can access this public key and create a pubkey – username in the Mask Network network data.
The message encryption procedure involves this public key.
Interpretation
Each cryptographic message/post is included in the social media platform’s user interface, along with all Mask Network components. When there is a post about cryptography available on both Twitter and Facebook, Mask Network will decrypt the message and detect whether the user is on the list that can decrypt the message or not.
Mask Network is not limited to just being an encryption tool, but more importantly, it allows users to interact with the web more easily and with less restrictions. The application also integrates decentralized wallets to suit blockchain-related features.
Development Roadmap
Update…
Investor
The project successfully raised $52M in funding and went through 4 rounds of funding:
- November 18, 2020: The project successfully called for $2m in Seed round from 5 investors and led by HashKey Capital and Hash Global
- February 15, 2021: The project successfully called for $3 million in Seed round from 8 investors and led by DCG and Animoca.
- July 6, 2022: The project successfully raised $42M in Funding Round from 11 investors and was led by Binance Labs and HashKey Capital.
- January 19, 2023: The project continues to successfully call for $5M in the Strategic round from DWF Labs investment fund.
Core Team
Update…
Tokenomics
Information about Mask Network tokens
- Project name: Mask Network
- Token code: MASK
- Token classification: ERC – 20
- Blockchain: Ethereum
- Smartcontract: 0x69af81e73a73b40adf4f3d4223cd9b1ece623074
- Total supply: 100,000,000
Token Allocation
- Reserve: 39.55%
- Team: 23%
- Angel Round: 8%
- Seed Round: 6.25%
- Private Round B: 5.74%
- Private Round C: 5.61%
- Public Sale: 4%
- Initial Twitter Offering: 3%
- Private Round A: 2.85%
- Airdrop: 1%
- Liquidity Pool: 1%
Token Release
The majority of Mask’s tokens have been unlocked and circulated, currently only a small portion of Team’s tokens are still locked and will be fully unlocked in August 2024.
Token Use Case
MASK holders will participate in the project governance process through MaskDAO.
Project Information Channel
- Twitter: https://twitter.com/realMaskNetwork
- Telegram: https://t.me/maskbook_group#telegram
- Discord: https://discord.com/invite/4SVXvj7
- Medium: https://masknetwork.medium.com/
- Youtube:
Summary
Above is information about the Mask Network project that the Weakhand team learned. Hopefully the above information can help you with the necessary information about the project.
