Mysterium (MYST)

What is Mysterium Network?

Mysterium Network is building the world’s largest P2P network to power Web 3 privacy applications. An open source, Swiss-based company founded in 2017, Mysterium is rewiring the internet so it’s secure, free and accessible for all. Mysterium held a token sale through which it raised $18 million USD.

The network is transparent and permission-less by default, made up of layered VPN protocols, blockchain and smart contracts. It lays the groundwork for all kinds of next-gen services to be built on top of it, including Mysterium’s flagship product, the decentralized VPN app.

This dVPN plugs into Mysterium’s global network of residential nodes, one of the fastest growing online communities decentralising the web. This open marketplace allows anyone to become a node and rent their unused bandwidth and IP address to those in need. Individual users can choose from providers located all around the world, allowing them to unblock content, and making them resistant to logging, surveillance and cybercrime. Users pay nodes for providing VPN services in MYST, the network’s native token and reserve currency.

What is MYST?

MYST is the utility token at the heart of Mysterium Network. This cryptocurrency acts like digital fuel, powering various functions and applications while keeping the network secure and decentralized.

If you’re using the dVPN as a consumer, you pay with MYST token. If you’re a node (provider of the VPN service) you receive MYST. When you first sign up for the network, users need a little MYST to receive and verify their unique identity. Once you receive your unique ID/address, you can start to receive and send payments. Mysterium has designed its own unique P2P payments infrastructure, the Hermes protocol, to facilitate these fast, anonymous and censorship-resistant micropayments.

MYST is an ERC-20 token with addition of ERC-2612 (the permit function), which was introduced with the DAI token and popularized by the Uniswap team.