[ANN][MSK]MaskNetwork - the decentralized social network that pay users to post

[windjc]

How often will this thread be updated with updates?

We will update this thread every week.

Regarding the tiered structure of the coin price of the ICO - what if you wind up only selling a fraction of the million coins? What if you only sell 50k coins? The way the structure is, it'll be close to impossible to sell 1 million coins at escalating prices. I think this is why many are calling this a scam on its face, because it doesn't seem like pricing has been structured in a way that makes sense. Can you please elaborate on why you choose this type of pricing and what you will do about coins that aren't sold? Will those unsold coins be burnt? Or will you retain them - a lionshare of the coins for yourself?

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[themasknetwork]

We have just launched the first decentralized microblogging platform as part of MaskNetwork. It's the twitter with no central server / authority, 140 characters limit, cenzorship and so on...

To test it choose a web node and go to tweets.

How it works :
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1. An user post a tweet. He / she can attach up to 5 pics.

2. The "tweet" packet is broadcasted to all nodes.

3. Once included in a block the "tweet" will become visible on all web nodes.

Same rules apply for follow, unfollow, comments or like data packets.



Advantages :
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- No central server

- No central authority holding the personal data of hundreds of millions of users.

- No censorship (Web node operators can only "hide" content, but when 200-300 web nodes will be active completely censoring a post will become almost impossible, no matter the content.)

- As easy to use as the real twitter. There are no usability differences. Nothing to download. You can follow, unfollow, post comments or setup a profile for each address (Sample :  http://maskplace.net/pages/tweets/adr/index.php?adr=ME4wEAYHKoZIzj0CAQYFK4EEACEDOgAELY6%2FItayEz371H0LK5iAvlI076G1ZhVtQADv31yCYi%2F%2FBw2vh72ij%2B6xYDWvRivwkRZkWP2hML4%3D)

- No content restrictions but i'm sure node operators will "filter" really illegal posts.


So. It's official. The first decentralized social network is live. Stay tuned for some huge updates in the next 2 months.

We are not here to decentralize only the microblogging .....

[themasknetwork]

How often will this thread be updated with updates?

We will update this thread every week.

Regarding the tiered structure of the coin price of the ICO - what if you wind up only selling a fraction of the million coins? What if you only sell 50k coins? The way the structure is, it'll be close to impossible to sell 1 million coins at escalating prices. I think this is why many are calling this a scam on its face, because it doesn't seem like pricing has been structured in a way that makes sense. Can you please elaborate on why you choose this type of pricing and what you will do about coins that aren't sold? Will those unsold coins be burnt? Or will you retain them - a lionshare of the coins for yourself?

Well, a week ago we were talking about the first web based cryptocoin project. Now we are talking about the first decentralized social network and in 2-3 weeks we will talk about the first decentralized p2p betting platform / binary options where you can write / buy options on real live assets like Microsoft shares, oil, gold and hundreds of other securities. It's hard to say what the price will be when the presale period ends and all the features are online.

Anyway, in case we don't sell all the coins, we will use the remaining as collateral to launch market-pegged assets or speculative markets. It's hard to explain the details because the market pegged assets section will go live in 2-3 weeks, but  those coins will be frozen for many years. This is important.

We will not be able to sell them. And we don't want to. Remember that half of new coins are distributed by interest and the interest rate in the first year will be over 50%. Who wants to sell ??

[stoat]

Hi, can i ask what legal entity you operate under? And what do you plan to spend the money on that you raise from the sale of msk? 

Do you have a website with the names and faces of the development team?

[fishnbits]

How do you keep mask coins secure?

[jupiter00000]

Is it immune to DDOS?

[threedream]

Why do not continue ?

[themasknetwork]

Hi, can i ask what legal entity you operate under? And what do you plan to spend the money on that you raise from the sale of msk? 

Do you have a website with the names and faces of the development team?

We will spend the coins mainly for advertising because the development is 90% done.  We don't have yet a website listing developers but i'ts a good iddea to have one.

[themasknetwork]

How do you keep mask coins secure?

There are 4 ways to protect your MSK or assets and nobody will be able to spend your coins even if you loose your private key :

- Restricted recipients (By activating this option you will be able to send funds from the address only to a group of up to five other addresses.)
 
- One Time Passwords (A one-time password (OTP) is a passwordthat is valid for only one transaction, on a computer system or other digital device. Spending funds from an OTP address requires an unique password.)


- Multisignatures (A multi-signature address is an address that is associated with more than one private key. Spending funds from a multisig address requires signatures from up to 5 other addresses.)

- Frozen addresses (You can freeze an address for a period. From a frozen address one cannot spend funds. )

[SISAR]

Available For Sale 970,000 coins with Last Price $0.4 per MSK = Extremely overpriced, no thanks.

[Alfred Dulaire]

Available For Sale 970,000 coins with Last Price $0.4 per MSK = Extremely overpriced, no thanks.

They are currently selling 1 Million coins by 10k bandwidth with a 0.1 increase at each level, starting at 0.1$.
So the 1 000 000th coin should "theorically" be sold for 10$ !!! (if they are all sold haha)
And each year for 9 more years they will put 1 million new coins in the system. Why? idk. Interest rates? New crowdsales?
Will they really stop putting new coins after 10 millions coins in the system? idk either. Why would they stop...
They can edit how many coins they want, I did not read it is a fixed number like the bitcoin.
So in the long run how is it interesting to invest currently 0.4$ / MSK coins it is too much indeed

[themasknetwork]

Available For Sale 970,000 coins with Last Price $0.4 per MSK = Extremely overpriced, no thanks.

They are currently selling 1 Million coins by 10k bandwidth with a 0.1 increase at each level, starting at 0.1$.
So the 1 000 000th coin should "theorically" be sold for 10$ !!! (if they are all sold haha)
And each year for 9 more years they will put 1 million new coins in the system. Why? idk. Interest rates? New crowdsales?
Will they really stop putting new coins after 10 millions coins in the system? idk either. Why would they stop...
They can edit how many coins they want, I did not read it is a fixed number like the bitcoin.
So in the long run how is it interesting to invest currently 0.4$ / MSK coins it is too much indeed

Ok :

1. On the first page of MaskNetwork presale, the first words are : "In total there will be a maximum of 100 million coins in circulation...". So, bitcoin has a maximum of 21 mil and MaskNetwork 100 mil. The max limit is hard-coded.

2. Each ear a maximum of 1.000.000 coins are generated. Half of this amount is generated by interest and half by miners. And for the next 100 years the software (not us) will generate 1.000.000 coins / year.

Right now the market cap of MaskCoin is $400.000.

MaskNetwork is the first and only web-based decentralized social network and in 1-2 weeks will become the first decentralized trading social network. We are alpha over testnet and we are uploading new features every 1-2 weeks.

Right now making price predictions is way too early....

[windjc]

What happened to weekly updates?

[SISAR]

This is an alpha software. In case you find bugs (and you will find ), please report them here or use the contact form on web nodes.

This is one of the most complex projects launched in the last years and we really need a lot of testers. We will keep you updated.

So you are not only attempting to sell us very overpriced coins but also expecting us to test your alpha software and report bugs, suggestions and participate in all this for free? Funny guy!  

[DexterDaxter]

Hi, Mask Network
I found a bug in regards to the Receiving Daily Interest option on your Maskwallet.com website, although i have enough mask coin to start receiving daily interest, it does not for some reason hand out the daily interest even though i signed up for it and the website verifies it, i also noticed that right next to the Title "receive Daily Interest" it says (not receiving) even though i opted in for the option.
I hope this Helps.

Dexter Daxter

[themasknetwork]

We have just introduced user issued assets:

User Issued Assets (UIA) :  User issued assets are a type of custom token registered over MaskNetwork, which users can hold and trade.

The creator of such an asset publically names, describes, and distributes its tokens, and can specify customized requirements, such as daily interest, or the associated trading and transfer fees.

Sample asset : http://hiddenwallet.org/pages/assets/options/bet.php?uid=125305476952

Keep in mind that assets are different from assets markets. In the next weeks users will be able to launch assets markets between any two assets. On an asset market, users will be able to post buy / sell orders to buy an asset using another asset as a currency.

For example on NXT asset exchange (the biggest ae market) when you launch an asset, a market between that asset and NXT is automatically launched. Over MaskNetwork a market like this can be launched between any two assets or between an asset and MSK.

Other features :

- You can specify a per-transaction transaction fee. Users will pay you a small fee after each transaction involving your asset.

- You can specify an interest. If you specify an interest, assset holders will receive a hourly / daily / weekly / monthly  interest.

-  User issued assets enjoy the same security levels as maskcoins. For example from a frozen address, you can't spend assets. You can send assets as easy as maskcoins using the same send dialog.

[themasknetwork]

New feature - data feeds :

A data feeds can be created by any address. A data feed "injects" data into the network at regular intervals. The data can be anything, from stock quotes to outside temperature in London. On to of data feeds some very interesting decentralized applications can be built.

For example this data feed is presenting live quotes of major cryptocoins : http://hiddenwallet.org/pages/assets/feeds/feed.php?symbol=CRYPTO

Suppose you have access to a data feed and you want to make it public for MaskNetwork users, for a fee. Data feed owners can specify a small fee that will be paid by those who want to use this data for their own applications (binary options / speculative markets….). This is what you have to do :

1. You start a new data feed and specify what kind of data will make available. It can be any kind of data. (check one of web nodes for details). You also have to specify where the data will come from (a web link)

2. The packet cotaining the feed details will be broadcasted into the network and once included in a block, every node will know that your address has some data to provide (http://hiddenwallet.org/pages/assets/feeds/feed.php?symbol=CRYPTO).

3. From now on, the your web wallet will ping the link you have provided and gather the data every minute.

4. Once it gets the data, the web node will pack it and broadcast it. Once included in a block, the feed will be updated and the whole network will know the new values / prices.

As i have mentioned, on top of those data feeds, a lot of applications can be built. The first one is decentralized betting / binary options and i will talk in a future post about how you can write or buy binary options (based on data feeds) with no central server / authorithy.

[themasknetwork]

In finance, a binary option is a type of option in which the payoff can take only two possible outcomes, either some fixed monetary amount or nothing at all, in contrast to ordinary financial options that typically have a continuous spectrum of payoff. Binary options pay some fixed amount of cash if some conditions are met in a specified time interval.

Right now the binary option market is dominated by huge players like 24option where you stand no chance to win on the long term, because you are betting against the house and the house always wins. Also, many websites are enforcing big minimum bets / identity verification. We have implemented over MaskNetwork a decentralized p2p betting mechanism where regular users can anonymous bet against others with no central entity.

Because this is something new in crypto world, the best way to understand the concept is to give you an example of how a binary option / bet is launched and how the software is processing the whole process with no 3rd party risk.

Suppose you think that the price of bitcoin will NOT hit $400 in the next days and you want to make some money on this so you launch a bet. In case the price hits $400 you will loose the bet and the buyers will win. The first step is to find a suitable data feed. Using the data from the data feed the network will decide who will win.

Step by step:

- You choose a data feed (http://coincenter.info/pages/assets/feeds/branch.php?feed=CRYPTO&symbol=BTCUSD)

- You launch a binary option based on this feed and setup the winning conditions. In our example the binary option will be won by buyers in case the price of bitcoin hits $400 in the next 2 days for example. But you can specify a lot of other details. (http://hiddenwallet.org/pages/assets/options/issued.php?act=show_modal&feed=CRYPTO&branch=BTCUSD)

- Because you are betting against other anonymous users, a collateral is required. In case you loose the option, the collateral will be used to pay the buyers. You have to specify how much maskcoins / assets are you going to risk on this bet. The coins / assets will be deducted from your account.

- The packet describing the binary option is broadcasted and once included in a block nothing can be changed until the option expire. The option will be available to investors (http://hiddenwallet.org/pages/assets/options/bet.php?uid=125305476952). You can not access the collateral in this time.

- Buyers check the winning conditions and if they think the option can be won, they invest maskcoins / assets to buy your option. The bets amount is limited only by the collateral. If the collateral is for exampe 100 msk and the buyers will win 100% of their investment, then only 50 msk can be invested into your option.

- Once an investor buys a piece of your option his / her coins / assets are frozen. The investor will not be able to access those funds until the option expire or it ends because it meets the winning / loosing condition.

- After each feed update, all nodes will check active options. Based on the values provided by data feed, the network will decide which options are won or lost and will automatically pay the winners.

The whole process is managed by software and nobody can change anything once an option is launched.

In the next 2 weeks we will move to our next goal (Decentralize online trading). Stay tuned.

[windjc]

Thanks for the update. My question is when and how are you going to start marketing this? There doesn't seem to be any community at this time. Unless there is a Slack or a Ryver that I am not aware of.

[themasknetwork]

Thanks for the update. My question is when and how are you going to start marketing this? There doesn't seem to be any community at this time. Unless there is a Slack or a Ryver that I am not aware of.

Generally speaking, advertising an unstable testnet is a really bad ideea.

Masknetwork is the most easy to use crypto network out there. We can easily inject 100.000-200.000 clicks / day, retain 500-600 new users and start building the community from there. It's a fast process once we start it.

End users will come. They will start to use the first decentralized social trading network and they will be amazed....for 2-3 days, until they will find that :

- Maskcoins have no values
- The testent is reset once every 2-3 weeks.
- The network is unstable.
- They is very difficult for anyone to run a web node
.
.
.

and a list of another 20-30 issues.

We don't need end-users right now. We need EXPERIENCED TESTERS THAT UNDERSTAND DECENTRALIZED NETWORKS. This is why we are here. If we wanted regular end users we could already have 10000 - 20000 actives  / day on all web nodes.

In the "real life" we make real cash economic simulators and have a huge user base to start from. Only goldentowns.com has over 1.000.000 verified active / inactive accounts that have no ideea that we are behind MaskNetwork.

Trust me. The easiest part is to build a strong comunity around Masknetwork once everything is in place...)

To answer your question, starting June, 1 when the real net goes live, we will start to bring regular end users  / traders. Until then, we build, test, build, retest and so on...