Mask Network is a blockchain-based social networking platform that aims to offer users complete control over their data and personal information. Built on the Ethereum blockchain by a team led by Suji Yan, the platform offers secure messaging, decentralized identity management, and integration with decentralized finance (DeFi) applications^[4].

Mask Network's mission is to unite Web 2.0 with Web 3.0 by bringing Web 3.0 functionality to sites like Twitter and Facebook, allowing users to perform trading on a decentralized exchange—all without leaving the social networking website^[2][4].

History

Mask Network was created in 2019 by a team of developers based in Taiwan. The team was led by Suji Yan, who has a background in finance and technology. The idea behind the platform was to create a decentralized social networking platform that prioritized privacy, security, and user control. The team believed that centralized social media platforms had become too powerful and were not serving the best interests of their users.^[10]

Development of the Mask Network Platform

The development of the Mask Network platform began in 2019, with the team working on creating a system that would allow users to control their data and privacy. ^[2]

One of the key features of Mask Network is its integration with various decentralized finance (DeFi) applications, allowing users to access a range of financial tools and services. This integration with DeFi has been a significant factor in the platform's success, as it has allowed users to access a range of financial tools and services that were previously unavailable on centralized social media platforms.^[9]

Platform Launch

Mask Network was released to the public for the first time in July 2019, with the first use case including the encryption of social media postings on Facebook and Twitter. HashKey and Hash Global led a $2 million investment round in November 2020, while Digital Currency Group and Fundamental Labs contributed to a $3 million funding round the following February 2021. ^[7]

Tech

Mask Network uses the Ethereum blockchain to create a decentralized platform that allows users to interact with each other securely. The platform is built on top of the Ethereum Virtual Machine (EVM), meaning it can interact with other Ethereum-based applications.^[3]

Since Mask Network was built to run on existing platforms, users can link their existing social network accounts just by using a browser extension and connecting their new or existing Mask Network account. The extension is available on Chromium-based web browsers. With the extension installed, users can make crypto payments, encrypt their messages and tweets, share decentralized data, and trade their NFTs^[3].

Features

Mask Network offers a wide range of features that make it a powerful and versatile platform. Here are some of the key features of Mask Network:

Initial Twitter Offerings

Initial Twitter Offerings, or ITOs, were used to distribute the MASK token for the first time in February 2021 in the form of a Liquidity Bootstrapping Pool (LBP). Users of Twitter were able to add MASK to their digital wallets in this way. Tokens and NFTs may be distributed similarly by other applications using ITO.^[8]

Decentralized Social Networking

Mask Network allows users to share content and connect with other users in a decentralized way. This means that users have complete control over their data and personal information and that they can interact with other users securely and privately^[3].

End-to-End Encrypted Messaging

Mask Network uses advanced cryptography to encrypt messages and transactions, ensuring that they are secure and cannot be tampered with. To send an encrypted communication, users need just click a button. Messages sent through the Mask Network are encrypted so that only other users of the network may decode and read them.^[4]

Elliptic Curve Integrated Encryption Scheme (ECIES) is used to asymmetrically encrypt the AES-256 key using the public keys of the specified receivers and the private key of the post originator. Then, the distributed GunDB nodes share the AES-encrypted keys. After that, Mask Network will get the user's private key from the user and use it to decode the encrypted AES key from GunDB^[4].
Consequently, users' interactions and communications remain private and secure. This makes it a great platform for sending sensitive information and communicating with other users privately.

Encryption of Transactions

Mask Networks’ secure cryptography makes it a great platform for sending and receiving cryptocurrency and participating in DeFi applications.

Decentralized Identity Management

Mask Network allows users to have complete control over their online identity, and to verify their identity in a secure and decentralized way. This ensures that users' personal information is kept secure and private and that they can interact with other users in a trusted and decentralized way.

MASK Token

The Mask token, which belongs to the Mask Network, was made available for purchase in February 2021. The ecosystem is owned by the holders of Mask, who are also members of a decentralized autonomous organization (DAO) named MaskDAO.^[9]

MASK is used in DApps development, premium feature implementation, protocol incentives, and governance. Token holders cast their votes by staking their tokens on proposal contracts, with each token equaling one vote.^[9][10]

Token Allocation

The total supply of MASK tokens is capped at 100 million, with no additional tokens to be created. Of the total supply, 23.0% was allocated to the team and advisors, 39.55% to the Foundation Reserve, 8% to the Angel Round, 7.0% to the public sale, and the rest were allocated to seed round, private rounds, airdrop, and liquidity pool.^[5]

ICO

The initial coin offering (ICO) for MASK was held in September 2020 and was oversubscribed within the first few hours of launch. The ICO raised a total of $2.5 million, with 6.25 million MASK tokens sold for $0.90 per token during the 3-day ITO sale that was held between February 23, 2021, and February 26, 2021. The funds raised during the ICO were used to further the development and expansion of the platform.^[8]

Funding

Mask Network raised $3 million from several top investors including Digital Currency Group (DCG), Fundamental Labs, Moonwhale Ventures, Animoca Brands, AHP Investments, 3Commas, and Block0 in February 2021. An earlier funding round led by Hash Glober and HashKey four months prior saw Mask Network raise $2 million. ^[14]

Partnerships

Mask Network partnered with Mirror Protocol in January 2021. Mirror Protocol is an assets protocol that tracks the prices of real-world assets such as exchange-traded funds and the US stock market. ^[13]

The cooperation between these two projects will enable users to view price charts and trade synthetic assets (mAssets) on Twitter directly. ^[13]

Mask Network announced its partnership with Loopring in February 2021. The partnership aimed at creating more decentralized technologies, specifically second-layer "Red Packet" functions. According to the Mask Network team,

Our partnership will help users experience faster network speed and greatly reduce transaction cost, helping more and more users to cross the bridge to the decentralized web, becoming the gateway for the billions of users on social media platforms to enter the DeFi world.^[12]

Mask Network established a strategic partnership with NEAR Protocol, a PoS blockchain in March 2021. The partnership started a joint bounty facilitating the integration of NEAR wallet into Mask Network. This partnership is expected to create a foundation for the deployment of more NEAR-based applications in the future. ^[11]