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What Is Initial Twitter Offering (ITO)?

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by José Oramas · 3 min read
What Is Initial Twitter Offering (ITO)?
Photo: Depositphotos

The guide provides an explanation of an Initial Twitter Offering (ITO). With ITO, Twitter users can buy tokens without having to leave the social network. 

The transfer to Open Internet, or the Internet of the future, is associated with Mask Network (Maskbook) – a portal that allows users to seamlessly encrypt content over the top of popular social networks without migrating from the platforms they are already using. Its goal is to bridge the new, open Internet right on top of the current one. In addition, Mask Network strives to maximize the freedom of interpretation on social media networks. At present, Mask Network is available on Facebook and Twitter. To achieve its goals, Mask Network has introduced its native MASK tokens. The distribution of tokens has been conducted via Initial Twitter Offering (ITO). It allows any Twitter user to buy MASK without leaving Twitter.

What Is Initial Twitter Offering (ITO)?

Initial Twitter Offering (ITO) is a new kind of public offering conducted by Mask Network (Maskbook) through a set of protocols integrated into an Initial Dex Offering (IDO) mechanism. With ITO, Twitter users can buy tokens without having to leave the social network. 

Previously, Mask Network ran two ITOs successfully. The first one was Loopring’s LCR token. It attracted several investors, and it took less than 3 minutes to sell the tokens. The second ITO was Mirror’s mTSLA. Both the ITOs showed the capability of Mask Network to connect social media with the decentralized finance, as well as the demand of existing social media users for a user-friendly way to access the world of DeFi and Web 3.0.

To ensure a fair initial distribution of token, the ITO will proceed in 3 consecutive rounds with tiered pricing.

Participants will be able to purchase $MASK with Tether (USDT), USD Coin (USDC), Dai (DAI), Binance USD (BUSD), HUSD (HUSD), and Ethereum (ETH). Each address will be able to purchase a maximum of 2000 MASK token each round.

ITO Advantages

Firstly, ITO reveals the potential of Mask Network to bridge Web 2.0 and Web 3.0, as there is no easier entry than the social network platforms that people use on a daily basis.

Secondly, in comparison with an Initial Public Offering (IPO) and Initial Exchange Offering (IEO), an ITO is not that complicated. Besides, it is closer to the IDO participants since a lot of them literally dwell on Twitter.

Further, according to Mask Network, it welcomes various assets to issue on the ITO platform. Existing tokens can make secondary offerings on Mask to give back to their loyal community supporters. New tokens can choose to launch with Mask first to stay on the cutting edge of financial revolution and garner the social spotlights.

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FAQ

What Is an Initial Twitter Offering (ITO)?

An Initial Twitter Offering (ITO) is a new kind of public offering conducted by Mask Network (Maskbook) through a set of protocols integrated into an Initial Dex Offering (IDO) mechanism. With an ITO, Twitter users can buy tokens without leaving the social network. The first ITO run by Maskbook was Loopring’s LCR token. It attracted several investors, and the tokens were sold in less than 3 minutes. The second Mask Network’s ITO was Mirror’s mTSLA.

How an ITO is conducted?

Maskbook uses an Initial Dex Offering with an underlying set of protocols to connect decentralized finance with the internet. Thus, an IDO mechanism is run by the platform, so that Twitter users don’t have to leave the social network to buy the MASK token.

How does Mask Network work?

The Mask Network can be viewed as a bridge for DeFi users who want to share encrypted files, DeFi products, and cryptocurrencies in networks like Ethereum and Polkadot. 

The particular feature of Maskbook is that it aims to bridge the current Web2 (the internet we use daily that is run by major tech corporations) with Web3, or an Ethereum JavaScript Application Programming Interface (API).

The Web3 is referred to as the next generation of the internet. It is driven and supported by blockchain instead of corporations. The Web3 is an Ethereum JavaScrip that has several protocols that can interact with an Ethereum node. It manages data in a collectible manner — a universal state layer where information is not centralized but controlled by users. 

This is where Maskbook comes into play, by bridging both Web2 with Web3, instead of creating a new system. 

What is the MASK token?

The MASK token is the native asset of Mask Network, under the MaskDAO — the ecosystem where users have full control of their funds. The token provides MASK’s users with a vote, with each token representing one vote.

What are the prospects of MASK token?

  • Community governance. Similar to AVAX’s blockchain community governance, the Mask ecosystem is run by users who will have governance over the network through the MaskDAO.
     
  • Voting. Users can stake their tokens to vote. The process is simple: you stake your MASK token on proposal contracts during a voting period that could last 1 hour to 2 days.

  • Supply and Distribution. There is a supply of 100,000,000 MASK tokens. Before the Initial Twitter Offering runs, there is a current 7% of public supply. In the upcoming ITO, there will be 1% of supply available for trading.
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