Mask Network, the protocol that allows users to send encrypted messages, cryptocurrencies, and even dapps on Twitter and Facebook, announced on Tuesday a $ 2 million loan co-led by HashKey and Hash Global. Other attendees included Alameda Research, Sino Global, and private investors including Balaji Srinivasan, who publicized the network in September.
Mask Network
“Yes, you are using Twitter, Facebook or maybe Reddit, but you will realize that your photo and file never existed on those platforms,” Mask Network founder Suji Yan said in an interview.
The company recently engaged its Twitter community with a random draw of 538 election-themed non-fungible tokens (NFTs). “We got into this election-themed game with NFT to show users that Web 3.0 can be used on Web 2.0,” Yan said.
The protocol currently has over 800.000 downloads in its product suite, but only 30.000 active users. Yan says the reason is because only crypto-native experts really understand the product. Mask Network currently works with companies such as Arweave to send encrypted files and MakerDAO to allow users to send DAI via Twitter “red envelopes”.
Growth plans
Yan said the funding round will help the company decentralize and partner with other companies to add more functions over the next two quarters. “Imagine how powerful it would be if Square built its Twitter feature via MetaMask,” Yan said.
"When we are fully decentralized, they won't need us to make it happen." Becoming a fully decentralized company would also allow the Shanghai-based startup to attract more Chinese users by building existing MetaMask features on Chinese social media apps like WeChat or Weibo. "Our current centralized operating model is very dangerous in China," Yan said.
Through a future launch of a governance token, the Mask team hopes to reduce the risk of being kicked off the platform. “They can destroy us but they cannot destroy a DAO or a file on Arweave,” Yan said.
This ongoing funding round also includes many Chinese investors. Yan said the reason could be that "VCs in the United States seem to fear Facebook is involved."
The company also plans to launch Twitter initial offerings by the end of this year. It will allow users to discover new token launches and purchase tokens, all without leaving Twitter.
Lead investor HashKey said, "We strongly believe the Mask team will defend this amazing world by pursuing the freedom of privacy and encryption." In fact, Yan said the company's ultimate goal is to achieve a declaration of independence in cyberspace.
"Today, in 2020, we have finally seen an awakened need for governance independence on social media," Yan said. "The only thing missing is a portal to a new open Internet."
