Mask Network (MASK): Bridging Web 2.0 Social Media to Web3

Since Myspace burst onto the scene in 2003, mainstream social media networks have skyrocketed in popularity. According to a 2021 study, 82% of Americans had a profile on at least one form of social media, up 2% from the previous year. However, as these vanguards of Web 2.0 have grown, so has opposition to some of their practices.

Among other violations, these social media giants restrict freedom of speech, experiment on users using closed-source algorithms and give advertisers excessive power. Despite Elon Musk's acquisition of Twitter for $44 billion and his pledge to address these issues, little has changed. However, there is hope on the horizon with emerging players like Mask Network, striving to improve social networks and bring about the next revolution in social media by promoting an open internet for all.

Key Takeaways:

• Mask Network is a decentralized chain-agnostic protocol that seeks to bridge the gap between Web 2.0 and web3 through social media.

• Mask Network allows its users to enjoy features such as decentralized social messaging, and decentralized file sharing and storage on Web 2.0 social networks such as Twitter.

• The MASK token is the governance token of MaskDAO, the decentralized autonomous organization of Mask Network.

What Is Mask Network?

Founded in 2017 by Suji Yan, Mask Network is a protocol designed to bridge the gap from Web 2.0 to web3 to facilitate the mass adoption of crypto and blockchain. Mask Network aims to accomplish this goal by allowing users of mainstream social networks like Twitter and Facebook to continue using those platforms, adding in web3 concepts like crypto, blockchain, non-fungible tokens (NFTs) and many others.  Mask Network is chain-agnostic and can be used on the following networks — Ethereum, BNB Chain (formerly Binance Smart Chain), Polygon, Arbitrum, xDAI/Gnosis Chain, Fantom, Solana, Avalanche, Aurora and Flow.

How It Works

Mask Network is a protocol, not a platform, operating on existing platforms such as Facebook and Twitter. As one of the earliest members of the Bluesky decentralized social network initiative endorsed by former Twitter CEO Jack Dorsey, it’s been fully integrated into social media platforms. Mask Network is entirely decentralized and operated by a decentralized autonomous organization, the MaskDAO.

Users only need to visit Mask Network’s official website and add a browser extension to connect a new or existing Mask Network account to their social network accounts. From there, they can utilize the Mask Extension to encrypt their Tweets, make crypto payments, trade NFTs, store and share decentralized data, and more. Some of its main features are explored below.

Initial Twitter Offering

The MASK token, explained in more detail below, was first distributed in February 2021 through an innovative new technique called an Initial Twitter Offering, or ITO. An iteration of Initial DEX Offering (IDO), ITO enables users to easily participate in public offerings without leaving Twitter. This allowed Twitter users to add MASK to their connected wallets. Other projects can also easily distribute their tokens and NFTs in the same manner via ITO. 

End-to-End Encrypted Messaging

Users who wish to post encrypted messages can do so with the touch of a button. Only other Mask Network users will be able to decrypt and read the message, which adds a layer of privacy and protection to communications. 

The designated recipients' public keys and the private key of the post creator are used in an Elliptic Curve Integrated Encryption Scheme (ECIES) to asymmetrically encrypt the AES-256 key. Encrypted AES keys are then synchronized with decentralized GunDB nodes. Afterward, Mask Network will retrieve the encrypted AES key from GunDB and utilize the user's private key to decrypt the AES key. 

Source: masknetwork.medium.com

With the encryption layer activated, you’ll be able to privately send your messages to your friends and family.

Decentralized File Storage

Another prominent feature is the decentralized storage solution provided by the system. Powered by Arweave, users can permanently store and share their data files in a decentralized manner without any censorship. This decentralization allows data to be stored on multiple nodes, preventing it from being used by a single entity for nefarious purposes. 

Mask 2.0 Upgrade

In an attempt to make the system even better, the Mask team introduced Mask 2.0 in 2021. This portal provides multiple network upgrades, including the Mask Identity, known as the MaskID, which combines Web 2.0 accounts with web3 identities. It also offers an enhanced DApp market called Mask Labs for both content creators and users. Finally, the Mask Wallet has been upgraded to allow users to add coins from multiple chains. 

What Is the MASK Crypto Token?

MASK is the governance token of MaskDAO, which grants its token holders voting rights. It’s natively an ERC-20 token, although it can be converted to BEP-20 using the Mask Bridge. MASK has a hard cap limit of 100 million tokens, of which approximately 74.16 million are currently in circulation.

At launch, 39.55% of the coins were allocated to the Foundation Reserve, 23% to the development team, 14.25% to early investors, 14.2% to the Token Round, 7% sold to the public, and 1% each to the airdrop and liquidity pool.

Source: masknetwork.medium.com

Mask Network Price Prediction

As of Apr 6, 2023, MASK's price is $5.45, which is 458% higher than its all-time low (ATL) and 86% lower than its all-time high (ATH). Its ATL was on Oct 13, 2022, when it hit $0.976. Its ATH of $41.45 occurred on Feb 24, 2021.

The experts at Digital Coin Price believe that the MASK token could reach $21.19 by the end of 2025 and $61.33 by the end of 2030.

PricePrediction.net is a bit more bearish in the short term, anticipating a maximum price of $19.17 in 2025. However, they’re far more bullish in the long term, with a prediction of $128.24 by 2030.

Is Mask Network a Good Investment?

Whether or not the above price predictions fully come to fruition, Mask Network can be considered an excellent investment. Additionally, a series of past and future moves indicate that the protocol has come a long way and has yet to reach its full potential.

The crypto exchange Binance contributed $500 million in financing when Elon Musk purchased Twitter late last year. Shortly after, Binance launched the Bluebird Index, consisting of its network token (BNB), Dogecoin (DOGE) and MASK. As Dogecoin is a noted favorite of Elon Musk, it’s been rumored that these three coins could become payment methods on Twitter.

DWF Labs also recently invested significantly in MASK, totaling about $5 million. They had previously invested $10 million in The Open Network (TON) in November 2022, which proved a substantial boon to its platform. This suggests that MASK could also experience a similar boost shortly.

Aside from these investments, Mask Network is also working hard on further improving its ecosystem. It has developed its own digital identity system, Next.ID and plans to integrate additional social media platforms such as Instagram and Reddit. 

While these developments may indicate Mask Network's future potential, they should not be viewed as investment advice. Always remember to do your own research before investing in any cryptocurrency, as crypto prices tend to be volatile. 

Where to Buy the MASK Crypto Token

MASK can be bought on the popular decentralized exchange PancakeSwap. It can also be purchased on top centralized exchanges, such as Bybit. You can buy MASK on the Bybit platform by creating an account and trading for USDT. Once funded, you can trade MASK as a USDT Perpetual contract (MASKUSDT) or a Spot pair (MASK/USDT) on Bybit’s easy-to-use trading system. 

Final Thoughts

Although the future is difficult to predict, two things seem inevitable. First, web3 is here to stay and represents the future of the internet. Second, social media websites like Twitter and Facebook will almost assuredly continue to grow in popularity. These two factors combine for what seems to be a clear conclusion that Mask Network is the future of both Web 2.0 and web3.

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