ITO is Upgraded, Who is the Next?
At the beginning of 2021, Mask Network launched a brand new feature - ITO (Initial Twitter Offering). Many outstanding projects, including Loopring $LRC, Mirror Protocol $mTSLA, and our own $MASK, have launched ITO since we first released this feature.
We are thrilled to see that more and more users are interested in ITO. However, we noticed that many questions have been raised in our community during the past ITO events. Thus, in this article, we’ll give a more thorough introduction of ITO and explain our plan for future ITOs.
What is ITO?
Introduced by Mask Network, ITO (Initial Twitter Offering) is a decentralized asset offering feature based on the decentralized blockchain network infrastructure - Ethereum. Users could participate in a token launch directly on Twitter; projects could also reward users or build awareness through ITO by offering their existing tokens with a discount, or simply launch a new token.
The features include:
- Customize the pricing of multiple ERC-20 tokens
- Set user swap limit
- Set start/end time
The recently updated advanced features include:
- IP region restrictions
You can choose from a list to block users from selected countries based on their IP. The default one is open for all regions.
- Delay unlocking token
You can choose to lock the tokens and only release the tokens at a desired time.
You can write your own qualification contract based on IQLF interface to customize how users can qualify for the ITO. The default one will let everyone through. Customizations may include:
2. holding one or more specific tokens;
3. not holding one or more specific tokens, etc.
There will be more types of the auction and support multi-chains in the future to meet various needs of the community and projects.
We believe that huge potential will be released once an excellent asset issuance tool is integrated with a well-developed social network. This is also part of the vision Mask Network is trying to achieve: bridging Web 2.0 and Web 3.0 by bringing great DApps into the traditional internet.
How projects could launch ITO:
Option A: Permissionless ITO
ITO is a decentralized, permissionless way of token offering, any individuals and organizations with Mask Network installed could launch ERC-20 assets without letting Mask Network know. As long as individuals or projects set an attractive price of the asset (new or existing), and with sufficient marketing effort and guidance, it will be possible to launch a great token offering.
Option B: Community Choice ITO
From the feedback of the community and projects, we found out that the community is interested in Mask Network’s ITO, and although ITOs can be launched permissionlessly, they still want help from Mask Network. After thoughtful consideration, Mask Network will introduce a community voting mechanism. Apart from permissionless ITOs, we hope the community voting mechanism will help projects gain better exposure while benefiting the Mask Network ecosystem as a whole.
- ITO Review Committee
Mask Network will initiate an ITO review committee to conduct a preliminary review process for every project that applies for an ITO. We also welcome community members to refer more outstanding projects to us.
The ITO review committee will be formed by members of Mask Network and community members who hold more than 3,000 $MASK, the term of office of each member lasts 15 days, and members can withdraw freely during the period of re-examination. In the future, Mask Network will fully return the power of ITO governance back to the community. The application to the autonomous ITO review committee will open soon.
- $MASK Voting
All projects that passed preliminary review will move forward to a vote that lasts 48 hours, the official Twitter of Mask Network @realmaskbook will share the voting link to users, $MASK holders could vote “Yes” or “No” on whether the project could launch an ITO. The total number of votes should meet the quorum, for now, the quorum is 100,000 Mask., with more than 66.67% approval ratio (Numbers could be changed in the future).
Mask Network will support ITO projects that successfully passed the community voting.
Method for users to participate in ITO
The methodology is actually the same as participating in the offerings on other platforms, it requires users’ insight to distinguish the quality and potential of the project. There could possibly be panic buying circumstances when ITO begins, so users need to get their internet ready and have a sufficient gas fee.
We hope the community voting mechanism will produce the next great ITO projects while giving more projects a chance to conduct an ITO. In the future, we also plan to hand ITO governance back to the community and achieve full decentralized autonomy.
That’s all for the ITO, let’s wait and see Who is the Next?