What is Mysterium (MYST)?

Mysterium Network (MYST) represents a decentralized VPN service built on the Ethereum platform utilizing smart contracts. Users can set up nodes to provide their computer resources to the network while earning fees from clients agreeing to pay for the usage of these resources.

By integrating service nodes, client nodes, along with payment services, identity management, and account balance databases, Mysterium conducts all transactions on the Ethereum blockchain. Specific VPN services are deployed off-chain.

Since its initial sale in December 2016, Mysterium has raised around $100,000. Since then, their team has expanded from 3 full-time employees to 8. They’ve updated their website, published a detailed technical article, and built an offline testnet for Linux user VPN services.

In the upcoming months, Mysterium is focusing on expanding its customer base and developing applications for additional operating systems, including mobile apps, while integrating their services into the Ethereum network.

Special Features of Mysterium Network:

Trustless Technology:

Payments between consumers and service providers are executed on the blockchain.

Users can join or leave the network without external confirmation.

Mysterium, an open-source project, provides users with the freedom to control and monitor their network anytime, anywhere.

No Centralized Logs:

Mysterium Network proposes an integrated security solution. Technologically, the system cannot store logs centrally, as access traffic is distributed globally using residential IPs.

Pay-as-You-Go:

Using Mysterium’s micro-payment system (Hermes Protocol), users only pay for the actual data they use.

No registration requirements, no monthly fees, just pay-per-minute, creating a flexible and cost-effective payment experience for users.

Protect All Your Devices with Smarter Security:

OpenVPN and WireGuard protocols both hide users’ IP addresses when using VPN services.

Cryptocurrency payments enable continuous anonymity during VPN service usage.

Access What You Want, When You Want:

Mysterium’s network is free from geographical restrictions.

Users can choose any IP address from a global list, providing them with unlimited access to content worldwide.

How Mysterium Network Operates:

Mysterium Network utilizes the Ethereum blockchain to build a platform for sharing unused network capacity. Users can anonymously sell their surplus network capacity to those in need of VPN services.

According to Mysterium Network’s official website, the platform is described as an “open network that enables anyone to rent their unused bandwidth, providing secure connections for those in need.”

Think of Mysterium Network as a marketplace, where people can participate as providers (offering unused network capacity) or as customers (purchasing VPN services from other Mysterium network providers).

The platform is built on a complex architecture, integrating P2P, blockchain, Smart Contracts, State Channels, and other cryptocurrency technologies. To understand more about how the company’s technology operates, you can refer to detailed information on the official Mysterium Network website.

Benefits of Decentralized VPN over Centralized VPN:

Mysterium Network faces a significant challenge in becoming a decentralized VPN rather than a traditional centralized VPN model. Why is this important? Here are some reasons highlighted by the company:

Centralized VPN:

• Focuses on shareholder interests.
• Personal data is organized at a single location by a third party.
• Easy access to personal data by third parties.
• Aimed at high profits.

Decentralized VPN:

• Focuses on the interests of network participants.
• Personal data is decentralized and protected.
• Prevents third-party access to personal data.

Creates perfect competition, offering reasonable prices based on market demand.

Ultimately, Mysterium Network describes its decentralized network as having “infinite scalability” and “no single point of failure” because there is no central company or server.

Moreover, Mysterium Network’s source code is always public, and the company emphasizes 100% transparency.

In terms of security, Mysterium Network employs encryption, node reputation, layer protection protocols, and various other technologies to ensure a safe and private network participation.

According to the official website of Mysterium Network, the current global VPN market is estimated to be around $45 billion, expected to increase to $102 billion by 2022.

Mysterium Network Tokenomics:

Key Metrics:

• Ticker: MYST
• Blockchain: Ethereum
• Token Standard: ERC-20
• Token Type: Utility
• Contract: 0x4Cf89ca06ad997bC732Dc876ed2A7F26a9E7f361
• Total Supply: 32,433,365
• Circulation Supply: 20,033,628

Token Use Case:

Execute transactions within the Mysterium Network ecosystem using MYST tokens to purchase domains and pay for other services.

How to Earn/Buy MYST:

Currently traded on exchanges like 1Inch Exchange, Uniswap,…

Where MYST is Stored:

Easily stored in compatible wallets such as Trustwallet, MetaMask, Coin98 Wallet, or directly on the exchange where it was purchased. Ensure full security activation when doing so.

All the information provided is subjective reviews and analysis from the SOB team, intended for informational purposes and not investment advice. Individuals should carefully consider before making any investment decisions.” Follow Solution of Blockchain to update more knowledge about technology.