1. Project Summary
The goal of Mask Network is to serve as a bridge between Web 2.0 and Web 3.0, encompassing various subdomains of Web 3.0 such as DID, NFT, DAO, DeFi, and cross-chain functionalities. However, it is still in the early stages of development. Unlike some projects that aim to directly disrupt existing centralized giants, Mask Network offers tools that provide an alternative choice for the massive user base of established platforms like Twitter and Facebook. It hopes to facilitate a smoother transition of users from Web 2.0 to the Web 3.0 era.
As a portal to Web 3.0, Mask Network has collaborated with numerous Web 3.0 facilities such as DigiNation, Matters Lab, and Mystiko.Network. It has also invested in The Open Network (TON) and Aki Protocol, a data-driven influencer network for Web 3.0. Additionally, Mask Network has acquired the social management protocol RARA, whose team will continue building applications and developer tools for RARA. Mask Network plans to integrate RARA, which currently remains in private testing, to support real-time and historical comments on NFTs with reactions, comments, and tags, as well as personalized social information and NFT recommendations based on individual preferences.
The ecosystem map of Mask Network demonstrates its commitment to building an entry point from Web 2.0 to Web 3.0, expanding simultaneously across various layers such as Web 3.0 infrastructure, application layer, and community ecosystem.
2. Project Introduction
Mask Network is a gateway that helps users seamlessly transition to Web 3.0. Its primary function is to encrypt and decrypt information transmission, and it continuously develops around this functionality to assist users in creating a decentralized application ecosystem and establishing a connection between the current internet and the new open network.
In terms of practical applications, Mask Network acts as middleware, combining decentralized social interactions, borderless payment networks, decentralized file storage and sharing, and decentralized finance and governance (DAO). This enables users to better protect their privacy and rights on traditional social media platforms such as Twitter and Facebook. Mask Network helps users create a decentralized application ecosystem, serving as a bridge between the current internet and the new open network.
3. Economic Model and Value Assessment
3.1 Economic Model
Total supply of MASK: 100,000,000 MASK
39.5% Foundation: Supervised and managed by MaskDAO, with linear unlocking within 36 months.
23% Core Team: Locked for 36 months, fully locked for the first 6 months, followed by linear unlocking.
14.25% Early Contributors
14.25% Private Financing
7% Community Public Offering
1% Airdrop
1% Liquidity Mining
3.2 Token Use Cases
Mask Network operates as an autonomous system based on Web 3.0. To complement market innovation and governance, Mask Network introduces its own token, MASK, which serves as voting rights and incentives for self-governance. Each MASK represents a voting right.
4. Project Advantages
Mask Network continues to enrich its ecosystem, starting from encrypted text, file storage, and sharing, to encompassing cryptocurrency trading, asset issuance, and NFT showcasing. Mask Network integrates with various third-party wallets, data tools, and social platforms, with plans to incorporate more open-source software and browsers. In the decentralized Web 3.0 world, Mask Network expands its support to underlying computation chains such as BSC, Polygon, Solana, and Near, and integrates multiple storage solutions including Arweave, Sia, IPFS, and ArDrive. In terms of DeFi, Mask Network has integrated multiple trading applications, asset issuances, and user-friendly applications such as dHEDGE, Pooltogether, and GoodGhosting. In the NFT space, Mask Network has integrated with multiple mainstream trading platforms to provide a complete mini-program e-commerce experience.
Importantly, Mask Network has focused on long-term community ecosystem development, providing support through funding Gitcoin and hosting various events to attract more developers to join the ecosystem. The expansion of the Mask Network ecosystem has transitioned from official team development to a significant proportion of new applications and expansions developed and contributed by the community.
5. Financing Status
In November 2020, Mask Network completed its first round of funding with $2 million, led by HashKey and Hash Global.
In February 2021, it secured an additional $3 million in funding led by DCG (Digital Currency Group), with participation from institutions such as Fundamental Labs, Longling Capital, Animoca Brands, Moonwhale Ventures, Block0, 3Commas, and AHP Investments. Notable individual investors include Wang Yuan, co-founder of Ele.me, renowned sci-fi writer Chen Qiaofan, Max Webster, Qiao Wang, and Imran Khan.
In January 2023, DWF Labs, a global Web3 digital asset management company, announced a strategic investment in Mask Network by purchasing $5 million worth of $MASK tokens. The investment will support the long-term development and growth of the decentralized social network and Mask Network ecosystem, making Web3 more user-friendly.
6. Market Competition
Currently, Mask Network's most direct competitors are primarily multi-chain decentralized wallets. The most notable competitor is MetaMask, a feature-rich browser-based wallet, RPC client, and basic contract explorer. It is available for Chrome, Firefox, Opera, and Brave Browser. MetaMask injects Web 3.0 instances into browsers, serving as an RPC client to connect with various Ethereum blockchains. Its ability to inject Web 3.0 instances and act as an entry point for external RPC services makes MetaMask a powerful tool for developers and users.
Currently, there is still some distance between Mask Network and top plugin wallets like MetaMask. However, Mask Network's advantage lies in not directly competing with Ethereum and other ecosystems. Instead, it chooses to initially build user-friendly tools and services within the ecosystem.
7. Future Outlook
Mask Network has a grand vision for the future. It aims to provide decentralized tools for the existing centralized internet, building a bridge between the real world and the crypto world to achieve personal data freedom and privacy. This aligns with the vision of Web 3.0, where every user can control the value of their own data. The Mask plugin serves as an excellent entry point, offering users a privacy-focused alternative while maintaining their familiarity with existing social networks. This low learning cost for users outside the crypto world, combined with the fun nature of the tool, facilitates conversion and leverages the power of social networks for user expansion. If Mask Network's products can be further expanded to mobile platforms, it may attract an even larger user base.
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