How many MASK coins are issued? What is the use of MASK coins?

MASK, the native token of Mask Network, serves as a crucial governance tool, enabling community members to shape the project's future through voting and active involvement in decision-making.

Feb 11, 2025 at 10:42 am

Decoding MASK: Issuance and Utility in the Cryptocurrency Ecosystem

Key Points:

• Issuance Information: Total supply, distribution, and issuance timeline
• Utility Overview: Core applications and use cases within the Mask Network ecosystem
• Tokenomics and Governance: Emission schedules, staking mechanisms, and community involvement
• DEX Functionality: Interoperability with decentralized exchanges (DEXs) for trading
• Governance and Community: Engaged community, decentralized decision-making, and voting rights

Issuance Information

MASK is the native token of Mask Network, a decentralized protocol that enables users to send encrypted messages and interact with Web3 applications on social media platforms. The total supply of MASK is 100 million tokens, with the following distribution:

• Team: 20%
• Investors: 20%
• Community: 30%
• Ecosystem and Partnerships: 20%
• Reserve: 10%

The MASK token was issued in a series of public token sales between December 2020 and January 2021. The initial CoinList sale (December 2020) offered 1.25% of the total supply at a price of $0.03 per token. Subsequent sales were conducted on FTX, Poloniex, and Huobi, with a total of approximately 30 million tokens sold.

Utility Overview

MASK serves several critical functions within the Mask Network ecosystem:

• Messaging and Encryption: Users can send encrypted messages to each other on social media platforms supporting Mask Network, such as Twitter and Reddit, ensuring privacy and security.
• Web3 Interaction: MASK enables users to interact with decentralized applications (dApps) directly from within social media interfaces, such as connecting to decentralized exchanges (DEXs) and accessing DeFi protocols.
• Community Governance: MASK holders play a role in the governance of the Mask Network protocol, voting on proposals that impact the project's development and direction.

Tokenomics and Governance

The MASK token emission schedule is designed to ensure a gradual release of tokens into circulation. A total of 25% of the supply is released during the first year, followed by 20% per year for the next four years. This controlled issuance aims to avoid excessive market volatility and support long-term price stability.

MASK holders can stake their tokens to earn rewards and participate in governance decisions. The staking mechanism incentivizes holding while giving community members a voice in shaping the future of Mask Network. The Mask DAO (Decentralized Autonomous Organization) oversees the governance process, facilitating transparency and decentralized decision-making.

DEX Functionality

MASK is integrated with several prominent DEXs, including Uniswap, Sushiswap, and Bancor. This interoperability allows users to trade MASK tokens for other cryptocurrencies and access the wider DeFi ecosystem. The integration of MASK with DEXs enhances liquidity and widens its accessibility to a broader market of investors and traders.

Governance and Community

Mask Network boasts a highly engaged and active community. Regular community calls, online forums, and social media channels foster collaboration, idea-sharing, and project growth. MASK token holders are actively involved in community decisions through regular voting processes and open discussions. This participatory governance model ensures that the project aligns with the needs and interests of its users.

FAQs

Q: What is the total supply of MASK coins?
A: The total supply of MASK coins is 100 million.

Q: What are the key uses of MASK coins?
A: MASK coins are used for messaging and encryption, Web3 interaction, community governance, and staking.

Q: How can I buy MASK coins?
A: MASK coins are available for purchase on centralized and decentralized exchanges, including FTX, Coinbase, and Uniswap.

Q: Is MASK a good investment?
A: The price of MASK coins has been volatile, like all cryptocurrencies. The potential return on investment depends on market conditions and the project's adoption and growth.

Q: What are the risks associated with investing in MASK?
A: The risks associated with investing in MASK include price volatility, regulatory uncertainties, and potential security breaches or hacks in the underlying technology.