Binance decided to list MASK tokens. What does it offer?
Binance announced on Monday that it would list Mask Network (MASK) on its platform. One of the biggest crypto exchanges will also open trading for MASK/BNB, MASK/USDT, and MASK/BUSD trading pairs at 2021-05-25.
Mask Network is a protocol allowing its customers to send encrypted messages over Facebook and Twitter. It acts as a bridge between a decentralized network and the internet, connecting internet users from Web 2.0 to Web 3.0.
The network has launched its native utility token MASK. Token holders can use it for governance, dApplet development, protocol incentivization, and premium features. While the token is relatively new and still highly volatile compared to old tokens, it has already attracted investors’ notice.
The founders launched Mask Network in July 2019. Initially, Facebook and Twitter users were only able to encrypt posts on the social media platforms with this network. However, Mask raised $2 million in a funding round in November 2020, co-led by Hash Global and HashKey, along with a further $3 million funding round in February 2021 with participation from Fundamental Labs and Digital Currency Group.
Currently, Mask Network offers its customers the ability to fund Gitcoin grant campaigns directly from Twitter. It also plans to offer peer-to-peer payments, as well as decentralized storage functionality. Mask is a decentralized portal allowing customers to use DApps like crypto payments, decentralized storage, decentralized finance, decentralized organizations (DAO), and e-commerce (digital goods/NFTs) over the top of existing social networks without migrating. Thus, it creates a so-called decentralized Applet (DApplet) ecosystem.
What about the MASK token’s distribution?
MaskDAO, a decentralized autonomous organization (DAO), governance the MASK token. Its holders can vote on key decisions for the MaskDAO. Each MASK token represents one vote. At the genesis, the team created 100,000,000 MASK tokens. However, they will unlock the rest of the supply over three years.
According to the team, 7% of the token supply goes to a Community Public Offering. The rest of the portion of MASKs will go to the early investors (14.25%), reserve (39.55%), and the team (23%).
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