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Recently, we have seen increased demand for VPN clients from different providers as internet users are trying to regain their privacy. By using cryptocurrencies and payments such privacy is provided. An example of this is the cryptocurrency of Monero and Zcash type.
In 2014, Chinese developers came up with the VPNCoin project but unfortunately did not gain a sufficient user base. At the end of 2016, a team of developers emerged and introduced their plan for a decentralized VPN network. Let’s take a closer look at the possibilities a new project based on blockchain technology and smart contracts would provide.
The project is called Mysterium network and is run by a team of Lithuanian developers. They aim to create a market with its own VPN network, headed by Robertas Višinskis, who has years of experience in the field of technological startups.
The main motivation for developers was to create a VPN network where third party trust will not be needed, as is the case with traditional VPN providers today.
In the VPN network, those who share their bandwidth within the created nodes on the network obtain a Myst token fee, and those who want to use VPN services will be the payers of these fees. A small portion of these fees will go to developers for further network development and maintenance. This token collection method is very different from classic PoW and PoS.
The development of token prices should thus reflect the growth of the entire Mysterium network. There are many areas in the world that do not yet have a complete digital infrastructure such as a large part of Africa. The Mysterium Network aims to be a global marketplace and involve all participants, whether from the Western developed world or from less developed areas such as the aforementioned Africa. The potential for growth thus appears to be great.
Currently, the team are deciding whether they should release the VPN app now or continue developing the protocol that is necessary for the full functionality of the VPNs. Another pitfall was finding other members for the developer team. To attempt to resolve this they organised a “No Trolls Allowed” camp in Lithuania, where they established contacts and perhaps successfully managed to incorporate new members into the team. Marta Kuzmickajte, who has worked as Internal Communications & Employer Branding Manager at Vinted, was recently hired and will assist greatly.
At present, many investors and users who have been watching the project from the beginning are concerned about the lack of team communication through social networks. It seems that we may soon experience changes in this respect as the recruitment of new members to the team takes place.
After a successful ICO, where $14 million was raised, the downward trend has grown and the price has stabilised at around 0.0002 MYST / BTC. Token Myst is traded on two stock exchanges, Bittrex and Liqui. By the end of June, the price had peaked at 0.0016 after a previous consolidation around the level of 0.001. Daily Volume is currently increasing around 250BTC but any news from the development team could increase this. The price is currently trying to reach the maximum levels since August this year, at the level of 0.0006 Myst / Btc to further open the way to 0.0009, where it moved after a successful ICO