Mysterium (MYST) is a cryptocurrency which was founded by Robertas Visinskis in May 2017 and distributed via an initial coin offering (ICO). The ICO used smart contract technology, where investors deposited Ether to an automatically generated address and received their coins immediately following the genesis block. Additional MYST were distributed via a bounty program where users were paid to advertise the coin on social media.
19.4 million coins are in circulation while the total coin supply is 32.4 million. The difference between these numbers is the amount of coins the developers are holding for the 2nd phase of their ICO in 2019, which is an unhealthy situation for those investing in MYST since that flood of coins could eventually crash the market price.
Mysterium – An ERC-20 Token For Decentralized VPN
Mysterium is an ERC-20 Ethereum token, so it uses the highly secure Ethereum blockchain as its backbone and requires no additional mining or staking to maintain and secure the network. The purpose of Mysterium is to provide decentralized virtual private network (VPN) services. VPNs are an extremely popular way for people to browse the internet privately and mask their identity; it is a $51 billion industry globally.
With a VPN, a user can obtain an internet protocol (IP) address from anywhere in the world, and therefore gives them the ability to appear as if they’re in a different geographic location. VPNs are useful for circumventing bans on forums and other websites. If a user is banned, all they have to do is change the IP of their VPN. Before Mysterium, all VPN services were centralized, meaning someone owns and controls them. Although users are under the impression that their internet usage is private and untraceable when using a centralized VPN, they do not really know what goes on behind close doors. So, it is possible that their internet usage is being recorded and disseminated to the government.
Decentralized & Private Connection
A decentralized, open source VPN like Mysterium solves this problem. No entity is in control of the its network and all data is cryptographically encrypted, so users have peace of mind that their VPN usage is truly private. Additionally, VPN services can only be paid for with MYST via blockchain smart contracts, making the payment completely anonymous. The use of smart contracts also ensures that the user gets exactly what they pay for.
Due to its decentralization, the Mysterium Network can’t be easily shutdown and, therefore, will provide long-term consistency for VPN users. Taking down any single computer can’t stop the network, since it exists on many computers worldwide. Anyone with extra bandwidth can join this platform and earn MYST for helping to facilitate VPN services.
The First Ever In History
This is the first decentralized VPN in history, which is a major milestone for the internet and blockchain technology. It could will help to protect freedom on the internet by aiding users in circumventing unfair censorship and bans, which is becoming more of a problem in our increasingly centralized world.
I expect Mysterium’s VPN services to become very popular in the future, and as usage increases, MYST value will rise since it’s the only form of payment accepted on the network. However, as mentioned before, the developers will be dumping a ton of coins in the 2nd phase of the ICO, so investment is risky until after that is complete.
Please note that the purpose of this article is not to give investment advice or influence any investment related decisions. It’s only meant to inform crypto enthusiasts and promote awareness. Always consult a qualified investment professional before investing.