Market
How Mask Network is Rethinking Social Media and Privacy
Decentralized social networks remain a hot topic as concerns over data privacy, censorship, and corporate influence continue to escalate. People seek more control over their digital interactions, so the promise of Web3, offering a decentralized, user-controlled alternative, has intrigued both technologists and ordinary users.
BeInCrypto sat down with Suji Yan, the founder of Mask Network, to explore the current state of this narrative and the Mask Network’s role in shaping the future of decentralized social networks.
Mask Network, led by founder Suji Yan, develops blockchain-based tools that allow users to perform cryptocurrency transactions and access decentralized applications directly through social media platforms. Suji Yan, whose background includes roles as an AI engineer and journalist, is driven by a commitment to privacy and free speech. He envisions Mask Network as a cornerstone in creating an independent cyberspace where users govern themselves and interact without traditional corporate oversight. His ambitious goal is to transform social media into a secure, decentralized environment that supports a fully autonomous digital society.
Early Development and the Evolution of Mask Network
Suji begins by tracing the origins of his company to the early ideas sparked by the limitations of traditional finance. «Bitcoin is great… it saves the money, right? Bitcoin is the peer money and digital gold. And Ethereum is the programmable machine, the infinite machine on a smart contract», he articulates.
His vision, however, extends beyond these pioneering technologies towards a grander aim of creating a fully autonomous digital society.
“My bigger dream, my bigger perspective for our industry is that we eventually can become an independent cyberspace”, he explains, envisioning a new kind of governance, society, and communication platform grounded in blockchain technology. “If you want to create a society, you will need your own platforms where people can gather and talk without worrying that one day AWS is going to kill the Facebook server and you will be de-platformized”.
Suji enthusiastically recounts the early days when Mask Network was still taking shape. The team was officially assembled in 2016, with the company forming in 2017 amidst a bull market with its ICO craze. Mask Network, however, was keen on building a sustainable long-term vision. “We did a lot of research. We write a lot of codes. And we built something that people never seen before”, he says, emphasizing the innovative spirit of his team.
Mask Network quickly garnered support from key figures in the blockchain community. Ethereum co-founders Vitalik Buterin and Mihai Aliesie were early users of the Mask extension. This period of subsequent adoption of their technology laid a solid foundation for Mask Network’s ambitions, setting the stage for further development and continued evolution toward a decentralized digital society.
The Long Road to Social Networks Decentralization
Suji recognizes the journey toward decentralizing social networks as a long-term endeavor. Reflecting on discussions in 2018, he noted how major platforms like Facebook initially flirted with decentralization before stepping back. Interestingly, they are revisiting these ideas, paralleling X/Twitter’s intermittent experiments with decentralization strategies, including during Jack Dorsey’s tenure and more recently under Elon Musk’s direction, who has shifted his focus towards integrating AI.
This narrative underlines that developing a comprehensive suite of technologies for decentralized social networks presents significant challenges. Unlike more straightforward financial applications in the blockchain space, such as DeFi or cryptocurrency exchanges, which benefit from clear, measurable success metrics like trading volume or total value locked (TVL), social platforms require nuanced, complex solutions that must evolve to meet the diverse needs of users and the nature of social interaction online. This complexity makes the path to decentralization innovative and fraught with continuous learning and adaptation.
Despite all hurdles, Suji remains optimistic about the future, drawing parallels with the early days of DeFi, which also faced skepticism and slow initial growth. He anticipates a similar trajectory for decentralized social networks, with gradual acceptance leading to more significant breakthroughs.
“Social [networks] is very different… it needs a series of events to make people realize we really need decentralization”, he explains, citing pivotal moments such as the Cambridge Analytica scandal and recent regulatory actions against TikTok. “For DeFi, it took 7 years: from the BitShare story, BitUSD story, and then EOS, then people moved to Ethereum, then the DeFi summer. If history repeats itself, we’ll see decentralized social networks boom in 2028, maybe 2029”.
Suji believes that these foundational shifts in the digital field, catalyzed by major public events, serve as critical moments that will eventually drive widespread adoption. The awareness and understanding of the importance of user control over personal data increase, so will the demand for decentralized solutions.
Strategic Initiatives and the Ecosystem Support
Beyond developing its proprietary technology, Mask Network has played a crucial role in supporting decentralized social networks and infrastructure projects. In 2021, the team initiated the Bonfire Union – the venture arm involved in funding various initiatives, including social platforms, blockchain infrastructure projects, and other innovative technologies that align with the decentralized ethos of Mask Network.
Bonfire Union has invested in a diverse array of projects, including:
- Lens Protocol — a blockchain-based open source social graph created to reshape the future of social media concepts.
- Orbiter Finance — a decentralized cross-rollup bridge for transferring Ethereum native assets.
- Alt Layer — an open and decentralized rollup service provider.
- GoPlus — an open, permissionless, user-driven security service platform.
- Sonorus — a decentralized music voting & rewards protocol.
- Oasys — an eco-friendly blockchain built for the gaming community.
- RSS3 — a decentralized network indexing and structuring open information.
“Bonfire Union’s AUM is over a $100 millions now, but when we launched it, it was just $42 millions”, Suji reflects. “There are many other social things we invest in: decentralized social networks, infrastructure. Financial VC, they don’t see what’s going on. But we’re early and true believers, so we know there are many things that are lacking in this industry”.
Mask also became one of the largest contributors to Mastodon, a decentralized and federated social network, and a key shareholder of Lens Protocol, demonstrating a strategic approach to nurturing the ecosystem’s growth.
The commitment of Mask Network extends beyond financial investments. In December 2023, Mask established a non-profit entity, Mask Network Academy, which provides financial and technological support to the world’s top universities and journalism programs to promote Web3 research and story-telling.
“We actively engage with educational institutions worldwide to foster a deeper understanding of blockchain and decentralized technologies”, Suji explains. “For instance, we’ve partnered with the Hong Kong University of Science and Technology and supported Korea University, focusing on encouraging young students to explore decentralized applications. We find it crucial to support these educational endeavors through donations, such as the one we made to the UOPI Foundation, using cryptocurrency to facilitate these contributions. Our goal is not just to fund, we want to inspire and collaborate with the next generation of innovators who can carry forward the vision of a decentralized future”.
This dedication to education and development highlights Mask Network’s holistic approach to advancing the Web3 ecosystem. By providing both financial backing and hands-on opportunities, they ensure that emerging talents have the resources and knowledge needed to succeed in shaping a more decentralized and transparent digital future.
New Era of Social Interactions
Suji believes it is still too early to fully assess the impact of their efforts, noting that many in the industry still need APIs, infrastructure, or SaaS solutions. In response, Mask Network plans to offer significant support by providing free infrastructure to their ecosystem, which has yet to be publicly announced. This initiative will cover server and gas costs, allowing emerging projects within their network to develop without financial barriers during their first year.
Mask Network’s founder explained that while the company cannot cover excessive costs for projects that secure substantial funding, the team i committed to opening a gateway for those still in the early financial stages. This support includes free SaaS and other resources from Mask Network and its DAO, removing the burden of gas fees and allowing developers to focus on innovation and learning.
In the broader narrative of blockchain and decentralization, under Suji Yan’s leadership, Mask Network aims to be more than just a technology provider. They are deeply involved in crafting a decentralized framework for social interactions, where privacy, security, and user autonomy are paramount. Suji emphasizes the importance of this mission in his own words:
“Our vision at Mask Network is to foster an environment where digital sovereignty is the norm, not the exception. We’re building tools that allow individuals to control their own data, communicate freely without censorship, and transact securely without intermediaries”.
Through ongoing product development, community initiatives, and strategic partnerships, Mask Network is laying the groundwork for what Suji believes will be the next major evolution in how we interact online. Integrating advanced blockchain solutions into everyday social media functionality is paving the way for a future where digital interactions are as secure and private as they are ubiquitous. Suji’s commitment to this vision is clear as he steers Mask Network towards a world where decentralized technologies redefine our digital interactions, making them safe and user-centric.
Disclaimer
In compliance with the Trust Project guidelines, this opinion article presents the author’s perspective and may not necessarily reflect the views of BeInCrypto. BeInCrypto remains committed to transparent reporting and upholding the highest standards of journalism. Readers are advised to verify information independently and consult with a professional before making decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Why These Altcoins Are Trending Today — January 22
With Donald Trump assuming office as the US President, the crypto market has experienced heightened volatility. While some altcoins have surged, others have faced significant crashes, and many are gaining attention due to recent developments.
BeInCrypto has analyzed three altcoins that have been trending over the past 24 hours and explored what might lie ahead for them in the coming days.
United States Donald Trump (TRUMP)
TRUMP has captured significant attention this week as the official cryptocurrency token of US President Donald Trump. Since its launch, the token has gained immense traction and is now ranked 24th among the top 100 cryptocurrencies, marking a swift rise in prominence within the market.
The token recently hit an all-time high (ATH) of $79 and is currently trading at $41. If TRUMP can secure $45 as a support level, it may resume its upward momentum and make another attempt at its ATH, signaling strong bullish sentiment among investors.
However, profit-taking could pressure the token, preventing it from surpassing $45. A drop below this critical level could lead to a decline under $34, potentially invalidating the bullish outlook. In a worst-case scenario, TRUMP might fall to $26, reflecting a significant shift in market sentiment.
World (WLD)
World (WLD) captured investor attention following the announcement of Sam Altman’s OpenAI collaboration with Oracle and SoftBank. Together, they plan to invest $500 billion in US AI infrastructure under the Stargate Project, supported by President Trump. This strategic move has bolstered confidence in WLD, positioning it as a trending altcoin.
WLD’s price surged by 12% in the past 24 hours, driven by the positive sentiment surrounding this partnership. This rally could enable the altcoin to reclaim its 4-month-old uptrend line as support. If achieved, WLD might target $2.55 in the coming days, reinforcing its bullish momentum.
However, if WLD fails to breach the $2.17 resistance, it risks losing traction and falling back to $2.00 or lower. A further decline to $1.74 could completely invalidate the bullish outlook, signaling a potential shift in market sentiment against the cryptocurrency.
Bonk (BONK)
BONK has surged into the spotlight following the inauguration of the US Department of Government Efficiency (D.O.G.E.), which spurred renewed interest in dog-themed meme coins. This development has elevated BONK’s status in the crypto market, drawing significant attention from both retail and institutional investors seeking speculative opportunities.
The token recorded an 8% increase, trading at $0.00003236 and eyeing $0.00003151 as a critical support level. Securing this floor would strengthen the meme coin’s recovery prospects, potentially attracting more bullish momentum.
However, failure to hold the $0.00003151 support could lead to a decline toward $0.00002748. This drop would only invalidate the bullish outlook and also signal a broader loss of confidence in the token’s recovery potential.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Ethereum Price Can Reach $3,500 On The Back Of These Factors
Ethereum, the second-largest cryptocurrency, recently failed to breach $3,524, triggering a sharp price drop. Since then, recovery efforts have remained weak as volatility persists.
However, the current conditions suggest Ethereum may be preparing for a comeback as the market stabilizes.
Ethereum Has Room For Recovery
Ethereum’s Network Value to Transaction (NVT) Ratio is experiencing a decline, recently hitting a monthly low. A low NVT indicates that transaction activity is balanced with network value, reflecting reduced volatility. This creates an environment conducive to price recovery, something Ethereum urgently needs to regain its footing.
With the NVT ratio signaling healthy network activity, Ethereum is positioned to stabilize in the short term. Declining volatility often fosters investor confidence, making it more likely for the cryptocurrency to see renewed buying interest. As speculative activity wanes, Ethereum has an opportunity to chart a path toward meaningful recovery.
Ethereum’s realized profits recently dropped to a six-week low, pointing to a significant reduction in selling pressure from investors. This trend highlights the market’s shifting sentiment, with fewer participants looking to offload their holdings. Such conditions could provide Ethereum with the breathing room required to capitalize on broader bullish cues.
The lack of an uptick in realized profits suggests that the selling lull may persist, allowing Ethereum to focus on building upward momentum. With investors holding onto their coins, market conditions are primed for a gradual recovery, provided external factors remain favorable.
ETH Price Prediction: Breaking The Barrier
Ethereum is currently trading near $3,300, just below the critical resistance level of $3,327. Flipping this into support is essential for ETH to initiate a rally toward $3,524, representing a 6% increase from current levels. This move would mark a partial recovery from recent losses.
Breaking through the $3,524 resistance is crucial for Ethereum’s recovery. Achieving this would erase the recent downturn and also position the altcoin for further gains, potentially targeting $3,711. Such a move would underscore Ethereum’s resilience and align with the broader market’s bullish sentiment.
However, failing to establish $3,327 as a support level could stall Ethereum’s recovery. This scenario would leave the cryptocurrency vulnerable to a retracement toward $3,200, undermining recent progress and potentially delaying its path to $3,500.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Justin Sun, Vitalik Buterin Speak Amid Ethereum Reform Debate
TRON founder Justin Sun has offered a hypothetical plan for Ethereum and the Ethereum Foundation (EF) under his leadership. His remarks come amid controversy over EF’s leadership transformation.
In a series of posts on X (formerly Twitter), Ethereum co-founder Vitalik Buterin outlined the reforms’ goals and progress. He highlighted improvements in technical expertise, ecosystem engagement, and operational efficiency.
Justin Sun Outlines Blueprint for Ethereum Leadership
The TRON executive shared ambitious remarks on how he would lead the Ethereum Foundation if given the opportunity. Sun’s vision, shared on X, outlined a four-point plan to radically restructure EF operations, optimize Ethereum’s economic model, and drive the price of ETH to $10,000.
“If EF and Ethereum were under my leadership, ETH would hit $10,000,” Sun claimed.
Sun proposed an immediate halt to ETH sales for three years to stabilize supply and boost market confidence. He suggested covering EF’s operational costs through DeFi protocols like Aave, staking yields, and stablecoin borrowing, aligning with Ethereum’s deflationary goals.
A key component of his plan involves imposing significant taxes on Layer 2 (L2) solutions, aiming to generate $5 billion annually. The collected taxes would go toward exclusively repurchasing and burning ETH, further enhancing its scarcity and value.
Sun also called for a drastic downsizing of EF staff, retaining only top performers and offering them significant salary increases. This merit-based approach, he argued, would streamline operations and improve efficiency.
Finally, Sun emphasized adjusting node rewards and increasing fee burns to reinforce Ethereum’s deflationary narrative. He proposed redirecting all resources toward Ethereum’s core L1 development, focusing on scalability, security, and adoption. Justin Sun’s plan sparked a mixed response, with some applauding the bold vision.
“These are all very practical suggestions. Please pay attention to them and refer to them, Vitalik Buterin,” core developer 0xSea.eth posed.
Meanwhile, others challenged Sun to focus on TRON and explore bringing decentralized finance (DeFi) to its ecosystem.
“Maybe start with how to make DeFi great on TRON – you should ask your exec team (and yourself), “Why is DeFi nonexistent on TRON despite it being the chain with the most stable coins on it?” If you answer this, maybe TRON can beat eth one day,” ZIGChain co-founder Abdul Rafay Gadit remarked.
Vitalik Buterin Defends Leadership Amid Criticism
Sun’s proposed solution aligns with Vitalik Buterin’s recent post discussing ongoing changes over the past year, some of which have already been implemented. Buterin emphasized goals such as strengthening the EF’s technical leadership and improving collaboration with ecosystem participants. He also addressed concerns, rejecting the notion that the EF might adopt centralized or politically motivated roles.
“…these things aren’t what EF does and this isn’t going to change. People seeking a different vision are welcome to start their orgs,” Buterin articulated.
Aya Miyaguchi, an EF executive, confirmed the ongoing efforts, expressing excitement about forthcoming announcements. She noted that the reforms aim to solidify Ethereum’s position as a global neutral platform while embracing decentralized and privacy-preserving technologies.
The announcement has stirred controversy within the crypto community. Critics argue that the current leadership has failed to manage Ethereum effectively.
“Respectfully, just let new blood take over. You guys can’t even make a simple Twitter account work—how can you be trusted to lead the second biggest blockchain,” Wazz posed.
Another user, Coinmamba, suggested that pressuring Miyaguchi to resign could result in Ethereum reaching new all-time high. Buterin strongly condemned these comments, defending Miyaguchi and calling out the toxicity of such social media rhetoric.
“No. This is not how this game works,” Buterin retorted. “The person deciding the new EF leadership team is me. If you ‘keep the pressure on,’ then you are creating an environment that is actively toxic to top talent. YOU ARE MAKING MY JOB HARDER,” the Ethereum co-founder lamented.
Buterin also refuted specific claims against Miyaguchi, pointing out inaccuracies in translations and misinterpretations of her statements. He reiterated the need for a “proper board” within EF to enhance governance.
Ethereum’s ETH token was trading at $3,305 as of this writing, representing a modest 0.2% surge since Wednesday’s session opened.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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