Yes, socialFi is a very interesting narrative, but no one is talking about it. It's a narrative that will change social networks like Facebook, Instagram, and TikTok. The game is changing, and only those who understand it quickly will make a lot of money. The change will happen rapidly and seamlessly. 😍
Imagine a social media where your content is directly monetizable, your comments, likes, and shares are rewarded. That's what SocialFi is. I fall in love with Blockchain technology every day. ❤️🤩
Here are three SocialFi projects I'm developing:
1. Deso
2. Lukso
3. Mask
What is Mask Network (MASK)?
Mask Network is a protocol that allows users to send encrypted messages on Twitter and Facebook. It essentially serves as a gateway between the internet and a decentralized network overlay.
Launched in July 2019, Mask Network's initial use case was to enable users on Facebook and Twitter to encrypt messages posted on social media. The protocol raised $2 million in a funding round in November 2020, co-led by HashKey and Hash Global, and another $3 million round in February 2021 with participation from Digital Currency Group and Fundamental Labs.
Today, Mask Network enables funding Gitcoin grants directly on Twitter and plans to offer peer-to-peer payments and decentralized storage. It's a decentralized portal that allows users to use DApps like crypto payments, decentralized finance, decentralized storage, e-commerce (digital goods/NFTs), and decentralized organizations (DAOs) over existing social networks without migration, creating what's called a Decentralized Applets (DApplet) ecosystem.
Who are the founders of Mask Network?
Mask Network is a startup founded by Suji Yan. Before Mask Network, Yan had founded Dimension.im, a series of products aimed at defending social freedom within the cypherpunk movement, particularly the "right to cryptography and freedom of interpretation."
What makes Mask Network unique?
Mask Network adds an extra layer of privacy to online interactions. The protocol allows users to send encrypted messages to friends, send and receive crypto, share files, and interact with DApps, all at a decentralized level.
How many Mask Network (MASK) tokens are in circulation?
In February 2021, Mask Network launched its governance token, MASK, facilitating the development of a gateway between Web 2.0 and Web 3.0.
The MASK governance token is governed by a Decentralized Autonomous Organization (DAO) called MaskDAO. Token holders can vote on key decisions concerning MaskDAO, where each MASK represents one vote. Initially, 100,000,000 MASK tokens were created, with the remaining supply unlocking over a three-year period.
7% of the MASK supply is allocated to a "Community Public Offering," while other portions go to the reserve (39.55%), early investors (14.25%), and the team (23%).
How is Mask Network secured?
Mask Network operates on the Ethereum network, which has transitioned to proof-of-stake.
Feel free to let me know if you'd like a more in-depth analysis of these three projects.
