Recently, more and more people are talking about the imminent transition to a different version of the Internet, from the traditional "read-write" scheme to the progressive "read-write-own" or Web 3.0. Actually, for this purpose, the project, Mask Network, was started. It is a protocol that was conceived by its creators as a link between the traditional Internet and progressive Web3 technologies.
Mask Network is designed for the most ordinary Internet users who, while maintaining their anonymity, can use decentralized applications directly on the platforms of such social networks as Facebook and Twitter.
Mask cryptocurrency is a native token of the Mask Network system. Those who hold MASK coins are part of MaskDAO and own some part of the Mask ecosystem.
In this article, we will talk more about the features of the Mask Network, focus on the tokenomics of Mask cryptocurrency, and find out what it is used for, where you can buy it, and how you can make money from it.
Key features of Mask Network
Mask Network was founded in 2019 in Shanghai by Suji Yang, a well-known Chinese programmer. Before the Mask project, he founded Dimension.im, a company that offered users personal data protection on social networks.
At first, the Mask platform was only concerned with encrypting participants' texts, meaning that after the app was launched, Facebook and Twitter users could encrypt their messages.
In 2020, investors put $2 million into the project. A year later, an additional $3 million was invested. With the raised funds, the company improved its platform, adding many different features. Blockchain companies such as Binance, Gitcoin, Okx, Protocol Labs, Filecoin, and many others got interested in the Mask project and actively supported it.
The Mask Network protocol is a bridge between the Internet (Web 2.0) and the decentralized ecosystem (Web 3.0). Members of the network can utilize blockchain options on their social media accounts. Those with personal Twitter and Facebook pages can share encrypted content (posts, correspondence, personal files) with some select members.
The Mask Network app can be used for the storage of data and digital currencies as well as NFT purchases.
This approach is called the Decentralized Applet Ecosystem, or DApplet. Users install the Mask Network extension in the browser on their PC, which means they can use its features in a familiar interface.
In 2021, the Mask team announced its native token under the same name. The Mask cryptocurrency gave users the ability to vote on governance decisions. The most active members of the network can expect to be rewarded.
Mask coin holders can also participate in the development of the DApplet app. Users may also need the network's internal tokens to access premium features, such as cross-chain smart wallets or social profiles.
The Mask Network consists of:
- Network smart tokens
These are deployed in multiple chains combined with EVMs, e.g., BSC and Ethereum.
- Multiple layers of storage/DCDN
The network ecosystem contains multiple decentralized storage blockchains (e.g., Arweave) and a decentralized CDN to accelerate content retrieval.
- The DApplet layer, which houses the plugin repository
It's worth saying that the Mask network is very easy to use. Users need to download a free browser application. They can do this in the Chrome store or from the official resource. Then, they need to create their profile and activate it.
After that, the Mask application will be able to communicate directly with all the users's accounts on social networks. The process of establishing a connection is very fast. It takes only a couple of seconds, and after that, the user can create any encrypted messages.
The Mask Network app offers users the following features:
- encrypting private chats
- ITO participation (i.e., launching new projects via Twitter)
- Token transfer via widgets in the social network
- NFT installation on the main photo of the account
- access to the marketplace of digital objects
- storing digital content in a decentralized network
- purchasing cryptocurrencies from a card
The Mask protocol utilizes SES (Secure ECMAScript), ShadowDOM, and a wide variety of related technologies that enable Web 3.0 implementation in a Web 2.0 network. All this allows the integration of DApplets plugins into social platforms like Twitter.
With the Mask protocol, the user has the ability to create any number of "characters" that will become secp256k1 key pairs. Each user post is encrypted with an AES256 key in GCM mode, which means that only one unique post can be located on the social network.
All encrypted AES keys are consistent with GunDB nodes. In essence, the Mask network acts as a so-called liaison and decryptor. Thus, it searches for addressees who use Mask plugins and sends them some messages in the form of the simplest text. The rest of the network has no access to see this message. That is, only a limited number of people can see the encrypted post.
In addition to all this, the Mask platform supports other functions, such as creating "wrapped" ETH Red tokens, which it redirects through Twitter.
Mask is a traditional ERC-20 token. After the Ethereum network switched to the Proof-of-Stake PoS algorithm, the blockchain's throughput increased to 9.6 TPS.
In the Ethereum and Binance Smart Chain networks, all transactions are implemented by smart contracts, which have the following functions:
- Total Supply - constrains the maximum supply
- Balance 0f - identifies the portion of tokens that belong to the project team
- Transfer - defines the method of moving digital files to users
- Transfer From - defines the conditions of realization of certain transfers in the network
- Approve - used for unlocking a digital unit
- Allowance - is used for transferring a digital unit
All transactions are validated by validators from among Mask token holders. When putting nodes, several indicators are taken into account at once:
- what is the value of the random function
- what is the age of the node
- how many coins are in steaking
The project pays validators a reward for their work. If a node is inactive or attempts to cheat smart contracts, it is penalized.
Features of Mask cryptocurrency
As we mentioned earlier, the Mask Network team creates a bridge between the Web 2.0 and Web 3.0 spaces. Mask native token acts as a link between the applications of the network.
Mask cryptocurrency has the following characteristics:
- it does not have its blockchain (the token functions on the Ethereum and BSC networks)
- it is issued exclusively by developers
- it does not have a burn mechanism (network fees are transferred as a reward to validators)
The Mask cryptocurrency is currently trading at $4.87.
Mask Network has a market capitalization of $464,266,278. Market capitalization is calculated in the following way: the price of one coin is multiplied by the total number in circulation. At the time of writing this article, the total number of tokens in the market was 96.03 million.
All tokens of the project are distributed in the following way:
- in reserve - 39.55%
- project team - 23%
- early investors - 14.25%
- the community’s public offer - 7%
The remaining tokens will be unlocked within 3 years after the launch of the Mask project, i.e., until 2024.
Today, the Mask cryptocurrency is traded on 73 crypto exchanges, including Bitrue, Binance, Upbit, KuCoin, etc. The most popular exchange to buy and trade Mask coins is Binance. The largest trading volume is demonstrated by the MASK/USDT trading pair. It is approximately $115.9 million (which is almost 85% of the total volume).
As for the collateral, the project coin is not backed by natural resources or any fiat currencies. That said, the Mask asset plays a major role in the Decentralized Applets (DApple) ecosystem. DApps have the ability to store data, transfer digital coins, and acquire NFTs.
Mask cryptocurrency is the service token of the network. It is used by users to pay for various transactions in the Mask ecosystem. However, apart from that, there are other ways to use the token as well:
- Voting
You can select proposals for protocol updates, new features, award pool distribution, and other criteria related to the development of the Mask project.
- Participation in ITO (Twitter's very first offering)
Before new projects are launched (e.g., in the Polygon, Arbitrum, and Ethereum networks), a post with the hashtag ITO will be published in the feed. Network participants will be able to exchange the Mask token for new coins (the maximum number of native units in one round is 2,000).
- Participation in the lottery
The probability of winning is higher if the bet is initially high. If a member of the network wins, they will receive a reward in USDC.
To date, the Mask project is actively supported by market leaders such as Binance, OKX, and Gitcoin. At the same time, the price of the token can easily change depending on the news background around it and the Mask Network platform. The main focus is on what updates are announced by the developers and what expectations the community has.
It's worth noting that the project team has not started to conduct pre-launch distributions of its cryptocurrency. There are also no current promotions on the official Mask Network website. Token staking is currently unavailable. Only developers have the right to issue new coins.
For now, the only way to acquire Mask cryptocurrency is by buying it. The token can be bought on centralized exchanges, exchanged for cryptocurrency or fiat, or exchanged on decentralized platforms.
How to buy Mask tokens
The Mask cryptocurrency is traded on leading centralized and decentralized exchanges against USDT, BUSD, USDC, ETH, BTC, and fiat currencies such as TRY, GBP, and EUR. To purchase an asset on centralized exchanges (e.g., Kraken, KuCoin, Coinbase), you should do the following:
- Log in to the platform (a user account must be verified).
- Deposit the necessary amount of money. The easiest way is to buy USDT via a card or EPS.
- Click on the "Trade" column.
- Choose the desired trading pair (for example, USDT).
- Determine the type of order (which can be either market or limit). A market order will be executed in a second, and a limit order will be executed only when the rate reaches the desired level.
- Enter the required amount.
- Click "Buy".
You can also buy a token on decentralized exchanges. There is a specific order of action for this:
- Link a cryptocurrency wallet
The developers, by the way, recommend MetaMask.
- Go to the "Swap" column.
- Choose coins and enter the desired amount.
- Click "Swap"
How to make money with Mask cryptocurrency?
Mask cryptocurrency is characterized by increased volatility. So, it allows traders to trade medium-term and intraday.
Since large centralized exchanges support Mask cryptocurrency, traders can safely open short and long positions, apply margin, and hedge risks through futures.
However, there are other options for earning money on the project cryptocurrency, for example:
- deposits on exchanges
- investments
- participation in the lottery
Let's start with deposits. It is possible to get additional income when assets on exchanges are blocked. In the autumn of 2022, the Binance exchange offered 4.5% per annum on Mask deposits. Such an opportunity is available both on the website and in the mobile app.
You can block a minimum of 0.01 coins and a maximum of 100 thousand coins. Profits are credited to the user's account one day after the tokens are deposited.
Coins can be unlocked at any convenient time. The sum will appear on the balance of the spot wallet almost instantly. To ensure that the interest for the incomplete day is not lost, we advise you to carry out such an operation no later than 16:00 Moscow time.
To open a deposit, it is necessary to take the following actions:
- Register your account on the Binance exchange.
- Pass the mandatory verification of identity (here you will need a passport photo and just a photo in the form of a selfie).
- Click "Earn" and "Easy Earn.".
- Type the word "Mask" in the search field, and the application will show you a list.
- Click "Subscribe".
- Specify the amount (if you want to use your entire balance, press "Max"). Remember that only coins in the spot wallet will be taken into account.
- Tick the field to agree to the terms of service.
- Click "Subscribe".
You can keep track of active deposits on the "Earn" page. The total number of all earned tokens will be displayed there.
Income from deposits will be received in the spot wallet every day. If the user wants to try automatic reinvestment, it is necessary to click the "Auto Subscribe" button (do this at the moment when the application is created). All available coins will be transferred to the deposit, even if the amount is below the minimum.
Now let's switch to investments. The Mask cryptocurrency appeared on the market in 2021. After its first growth of 57% (the asset grew from $19.01 to $30.06 on the background of listing on major exchanges), the price started falling.
In November 2022, the Mask token was trading at $2.5, down 86% from its all-time high. Even despite very good rebounds (e.g., +55% in April 2021, +300% in November 2021, +500% in October 2022), the asset's long-term trend was still considered to be downward. That is, only speculators might benefit from the situation. At that moment, long-term holding of the token brought investors total losses.
Now let us consider one more option for earning money on Mask cryptocurrency. It is trading. It is worth saying that the increased volatility of the token allows users to open positions with a positive risk-reward ratio.
For those who choose medium-term trading, it is important to keep abreast of news and the actions of big traders.
The Mask token is listed on the largest exchanges. That is why both short and long positions are available to network participants.
It is also possible to make money on Mask cryptocurrency with the help of a lottery. Users can take part in Pool Together. This option is suitable for liquidity providers. The prize pool is formed by sponsors.
To participate in the lottery, you need to do the following:
- Find the link to Pool Together in the Twitter search bar.
- Choose a pool (in USDC, for example, it is created daily).
- Click the "Deposit Mask" button.
- Select "Infinite Unlock" (i.e., unlock token) and "Exact Token" (i.e., deposit into the pool).
- Click "Confirm," after which a message about the lottery will appear.
The likelihood of winning will depend on both the bet and the size of the pool. In other words, the bigger the prize pool, the lower the probability of winning will be. All necessary information about the pools can be found on the Viewpool page.
What affects Mask token price
The price of the Mask asset largely depends on both the general investment climate and the relevance of the project among investors and the entire community. The price can rise after announcements of new features and security improvements. It is worth considering that token quotes are often influenced by rumors in the crypto space, which may not even be confirmed by real facts.
For example, the Musk cryptocurrency rose in November 2022 amid reports of billionaire Ilon Musk's purchase of the social network Twitter. What can the founder of Tesla do with the Mask Network project? In reality, absolutely nothing, just the name of the protocol is consonant with the surname of the new owner of the popular social network.
Users simply assumed that the entrepreneur would promote the idea of introducing various cryptocurrency payment gateways into social networks.
The cost of Mask cryptocurrency, in addition to the above reasons, could change against the background of such factors as:
- The total number of coins in circulation
The price will fall if the number of coins increases.
- Bitcoin rate dynamics
The value of Bitcoin is a reflection of user interest in the cryptocurrency industry. For example, Mask jumped 150% in November 2021, and Bitcoin just set an all-time high of $69k at that time.
- Partnership announcements
Investors are more likely to invest in a project that is actively supported by large funds or famous personalities.
- Listing on major exchanges
After the token was listed on the Binance exchange in May 2021, it rose 12.5% in just one week.
Mask cryptocurrency storage
Mask cryptocurrency can be stored in crypto wallets that are compatible with the Ethereum and BSC blockchains. Holding large amounts of tokens on cryptocurrency exchanges is not a good idea, as these platforms can be easily hacked. It is the users' assets that are their main target.
The safest and easiest way to host Mask coins is to use non-custodial wallets. Such crypto platforms create secret keys and redirect them to asset owners. Even the developers themselves do not have access to cryptocurrencies or any personal data of customers.
To date, the following cryptocurrency wallets are popular vaults for the Mask token:
- Ledger
- Metamask
- Trust Wallet
- Exodus Wallet
Prospects of Mask cryptocurrency
At the current stage of market growth, most analysts advise investing in Web 3.0 projects. Decentralization makes it possible not to use the services of intermediaries and any familiar financial instruments. This transition can be gradual and almost imperceptible.
Today, Mask Network is embedded in leading social networks such as Twitter and Facebook. It is this unique position of the platform that offers social media users a one-click interaction with blockchain, which means that the pace of Web 3.0 adoption in messengers will accelerate significantly.
The value of the project will grow as it combines social user interactions with the exchange of encrypted data and cryptocurrency transfers.
In addition, thanks to establishing a general investment climate in the crypto space and market manipulation by major players, the Mask coin may reach another all-time high.
The main function of the cryptocurrency, which provides its value, is DAO management. It should be taken into account that the Mask project is actively supported by major exchanges such as Binance and OKX, and major blockchain companies such as Gitcoin, Filecoin, Protocol Labs, and many others.
If we compare the token of the project we are considering with the giants of the crypto world, Bitcoin and Ethereum, Mask's rises look quite impressive. The yield of the flagship of the crypto market last year amounted to only 4.75%, while Ethereum had a negative return of -1.68%. Mask cryptocurrency, in comparison, not only stayed afloat but soared.
Thus, since the beginning of the year, the Mask Network token has shown a remarkable growth of 25.85%. Over the last year, it demonstrated an attractive return of 89.87%.
On the one-day chart, the Mask Network coin is currently in an uptrend. The moving average of the last 50 days is moving upwards and stays below the current price, which can be seen as support.
The moving average of the last 200 days has been rising since February 14, 2024, indicating a strong trend.
On the daily chart, the 200-day moving average is currently below the price, meaning that if the price interacts with it again, it could be used as support to continue this trend.
Looking at the one-day chart, we can conclude that the token exchange rate is trending downward, with the 50-day and 200-day moving averages being upward.
As for the weekly chart, the coin is currently moving downward, with the 50-day moving average looking down and below the current price.
As for the Relative Strength Index (RSI), it is currently in the neutral zone of 30–70, indicating a flat movement.
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