Mask Network – Bridging Social Media from Web 2 to Web 3
Mask Network is a project born to become a bridge connecting Web 2 and Web 3 users. By offering decentralized applications to traditional social networks through extensions, the project can provide a decentralized option for features that Web 2.0 users are familiar with, including private messaging, payments, and data storage, in a decentralized manner, without leaving the Web 2 app.
Some features of Mask Network:
- ITO (Initial Twitter Offering)
- Buy and sell NFTs directly from social networking apps
- Payment for purchases and electronic money transfer
- Decentralized data storage and sharing
Mask Network has partnered with leading projects and platforms, including CoinMarketCap, Uniswap, Arweave, and major chains that are popular in the current crypto market, such as Binance, Ethereum, and Polygon.
Vision and Mission:
About 90% of global Internet users are social network users. Social media has become an infrastructure that few can afford to ignore. But it also has a lot of problems like not being able to make cross-border payments, no space to store files permanently, no secure encryption mechanism. The project wants to add decentralized features to existing applications and provide the average user with a whole new Internet inside the existing network.
MASK is the platform’s native utility token and is used in the following functions:
- Governance: MASK token holders can vote for network governance decisions in the MASK DAO or participate in subDAOs to vote on project selection for the Initial Twitter Incentive (ITO).
- Protocol Incentive: Active users of Mask Network will be airdropped with MASK tokens.
Cir Supply: 68.200.000
Max Supply: 100,000,000
Circulating Market Cap: $170M
- Team: 23%
- Reserve (Foundation): 39.55%
- Early investor: 14.25%
- Token Round: 14.2%
- Airdrop: 1%
- Liquidity Pool: 1%
- Public Offering: 7%
Token Distribution schedule
Most of the $MASK token supply has been locked. The initial circulating supply is made up of public sale, liquidity, and airdrop. All the token supply generated at genesis will be unlocked on the 36th month.
Mask Network was founded in Shanghai by Suji Yan, a former Chinese journalist and investigative engineer. Prior to joining the Mask Network, Yan founded Dimension – a space for a wide range of products advocating social freedom in cyberspace. Now, along with its other projects like TesserPG and Twidere, Dimension also develops and maintains the Mask Network.
Mask Network has received funding from many organizations through multiple token sales:
- In November 2020, Mask Network raised $2 million in a joint venture round jointly led by HashKey and Hash Global.
- In February 2021, the project completed another round of venture and raised $3 million from individual and institutional investors including Digital Currency Team, Basic Labs and Animoca Brands.
- At the end of February 2021, the network raised nearly $40 million in a public offering. The starting price for MASK is $3.90 and the ending price, 36 hours later, is $13.22.
- To improve liquidity, Mask Network has put $2 million worth of MASK, $1 million worth of ETH and $1 million worth of USDC into Uniswap pools after LBP. They also reserve unsold MASK left over from LBP to provide liquidity for MASK in the future.
Regarding top Balance overview according to Nansen, currently Foundation Reserve wallet (used for reserve) and one top wallet are holding the largest amount of MASK coins, at 23% and 16% respectively. The Millionaire token wallet has no signs of selling, but only transfers money to the Foundation Researve wallet.
Buying signal from MMs?
In the past 7 days, Jump Trading wallet has collected over 186,573 $MASK (equivalent to $466,432). This amount is transferred from major exchanges. Currently, Jump Trading wallet is holding about 568,418 $MASK (equivalent to 1.4 million USD MASK), and this wallet has only acquired within the last 30 days, and this amount continues despite the token price is falling. strong due to the market.
Jump Trading is a financial conglomerate and Market Maker with a great reputation in the market, with trading services for creating liquidity and pricing for projects in the crypto market. Collecting a large amount of tokens shows a positive sign for price growth in the medium-long term (note: this is not investment advice)
However, currently, Mask Network’s Team wallet is showing signs of selling tokens when the balance has decreased and the money is continuously transferred to other wallets with the token sale.
Mask Network network roadmap in 2022
Milestones achieved by the project:
- Extensible application on web browsers and iOS devices
- Lucky Drops
- File transfer feature
- ITO (Initial Twitter Offering)
- MaskBox (NFT launch pad)
- Strategic partnerships with ecosystem projects
- Multi-chain integration. Projects currently supporting: Ethereum mainnet, BNB Chain, Polygon, Arbitrum, xDai/Gnosis, Fantom, Solana, Avalance, Aurora, Flow.
Plan for 2022
- Instagram integration
- Optimize Facebook & Minds.com
- Improved and developed social graph functions
- Launch of Next.ID, a digital identification system developed by Mask Network
- Launched Mask Network ecosystem fund with strategic investors
- Integrate dapps through community bounty, to support the growth of the Mask Network ecosystem
- Added greater multi-chain support
- DAO voting and Forum and discover an effective governance model
Mask Network’s long-term mission
- Co-creation of MaskDAO, where anyone who is or wants to be a strong contributor to $MASK can join and be organized into a more efficient DAO building and trading community.
- Strategic investment with projects in related fields – SocialFi, DeFi, metaverse, GameFi, etc. Our strategic investment fund is currently one of the largest investors in the Web3 social space, mainly aimed at enhancing the Mask Network ecosystem.
Telegram (English) https://t.me/maskbook_group
Above is all my information and analysis about the Mask Network project. Mask Network is generally a bridge project between Web 2 and Web 3, with practical application when allowing the integration of decentralized features for traditional Web 2 applications.
Mask Network believes they can reach the same level as the two networks and hopes that they can work together to help Web 3.0 applications flourish in the future.
Regarding tokens, according to on-chain data analysis, previous team wallets are showing signs of taking profits during a period of strong market volatility. But at the same time, there are also some positive signs of buying from reputable market maker wallets in the market.