Category

$MYST

$MYST now on QuickSwap! Discover the fastest, cheapest way to trade

$MYST token is now listed on QuickSwap. You can trade MYST with a number of coins and cryptocurrencies at a fraction of the cost and speed when compared to other Ethereum-based DEXs.

 

To celebrate our listing on QuickSwap and support our community, we are also covering the costs of transferring your funds from Ethereum to Polygon blockchain. Once you’ve made the switch, you can also easily participate in our liquidity campaign. This campaign will start on 8th of April and finish on the 14th of April. Learn how you can participate here.

What is QuickSwap?

 

QuickSwap is a fork of Uniswap, the original Automated Market Maker. Uniswap is the largest decentralized exchange on Ethereum, significantly contributing to the increase of trading activity on the network. However, extreme network congestion has led to high transaction fees, making this DEX very expensive to use.

QuickSwap solved Ethereum’s congestion problem by deploying Polygon’s Layer 2 technology. (Polygon is formerly known as Matic Network, and we will refer to Matic during certain steps in the trading guide, as their wallet, token and network are still labelled as such.)

To provide users with the best possible speeds and price, QuickSwap plans and executes a sequence of multiple token swaps. For example, to convert my QUICK tokens to XYZ tokens at the best possible price, QuickSwap determines the best route is to convert QUICK into SX, then DAI and then XYZ. Moreover, you don’t have to figure this out for yourself, it’s just chosen and executed automatically.

Why have we chosen QuickSwap?

 

QuickSwap provides its users with several important benefits:

 

1. High-speed transactions at significantly low costs

At the time of writing, the cost of a ‘fast’ transaction (~30 seconds) on the Ethereum network is $11.51, while the price for a single Uniswap trade costs more than $100 in fees!

Ethereum transaction gas costs as of April 2d, 2021.

 

In comparison, transactions via Polygon can be confirmed in as little as several seconds, at a cost of around $0.00002 USD.

Matic transaction gas costs as of March 31st, 2021. 

2. Familiar and easy-to-use interface

You can trade on QuickSwap directly from your wallet. Furthermore, if you have used Uniswap previously, you will have no issues when switching to QuickSwap as their interface is very similar.

3. Ability to earn passive income by providing liquidity + receive QUICK tokens

As with Uniswap, every user is able to earn passive income by providing liquidity to the various liquidity pools. Every trade on QuickSwap costs 0.3% of the total amount, a fee which is then split equally among liquidity providers based on their owned percentage of the pool. Additionally, liquidity miners also receive QUICK governance tokens.

How to trade MYST on QuickSwap

Now that you understand the benefits of trading via QuickSwap, it’s time to get moving. If you’ve already used QuickSwap in the past and have some tokens ready, you can start trading here. 

Otherwise, there’s some initial setup, including transferring your tokens from the Ethereum network so you can finally avoid that traffic jam and high gas costs. 

Don’t forget to read up on our campaign – Mysterium is covering the costs of your blockchain switch for a very limited time! AND we’ll be spreading some bonus $MYST around to liquidity providers.

Step 1: Add a custom RPC for MATIC to your wallet

If you can’t see “Matic Mainnet” listed among your available networks in your wallet, you need to set this up before transferring funds and begin using QuickSwap. 

You can do this by adding “Matic Mainnet RPC” as a custom network in your wallet.

For MetaMask wallet users, press the network selection button on the top of the app. Go to “Custom RPC”:

After pressing “Custom RPC”, you should see a screen allowing you to set up a custom RPC. 

Enter the following Matic Mainnet details shown in the screenshot below:

Network Name: Matic Mainnet

New RPC URL: https://rpc-mainnet.matic.network

Chain ID: 137

Symbol: MATIC

Block Explorer URL: https://explorer.matic.network/

Once entered, press the “Save” button. That’s it! You are now connected to the Matic Mainnet.

 

Step 2: Move tokens from Ethereum to Matic Network

To move your funds from from Ethereum blockchain to the Matic one, you can use the Matic bridge:
https://wallet.matic.network/bridge/

You can then connect your own wallet of choice:

And sign the signature request:

After you have connected your wallet, you will see the Matic Wallet V2 interface. You should press “Move funds to Matic Mainnet”:

If you are transferring MATIC tokens, you will need to use the Plasma bridge. 

If you are transferring ERC20 like MYST or ETH, please use the PoS bridge.

The currency shown by default on this transfer module will be ETH, but you can choose the funds you would like to transfer, as shown in the next screenshot.

Once you select your chosen cryptocurrency, type the amount you’d like to transfer:

After you have chosen the desired cryptocurrency and its amount, press the “Transfer” button:

In the next step you will see a warning message. Press “Continue”:

On the next screen, you will see the transfer overview with the cost of each transaction in the process:

After pressing Continue, you will see the estimated transaction fee. Press “Continue” again:

You will need to finally confirm the transaction in your wallet: 

It can take nearly 8 minutes and two transactions to successfully transfer your funds to Matic. This should cost you approximately $25-20 (at the time of writing), so make sure you have enough ETH in your wallet to cover this fee.

You can also use this guide to transfer your funds back onto the Ethereum blockchain, if you need to one day.

Step 3: Claim you free MATIC tokens when you make a trade

To acquire free MATIC tokens with your next QuickSwap trade, go to the Quickswap.Exchange and on the right upper corner press the “CLAIM MATIC” button. Please be aware that you can only claim free tokens when you currently have no MATIC in your wallet. You will also need to have at least 1 DAI/USDC/USDT in your wallet.

Check your wallet to ensure that you received 0,1 Matic. 

Step 4: Swap for MYST

Choose the desired cryptocurrency for swap by pressing on “MATIC”:

You will see a list of all tokens available for trade. You can find MYST by typing it in the search bar:

You can also check the available liquidity pools by pressing the “Charts” button:

You can provide liquidity by pressing the “Add liquidity” button:

 

You can withdraw your funds at any time using the same Matic dashboard. 

And that’s it – you can now make super quick trades at a fraction of a cent! If you still have any questions, jump into our Telegram, Twitter or Discord and our team can help you out.

And don’t forget to join our campaign so you can earn $MYST rewards. 😎

Happy swapping.

 

Some other useful links:

How to transfer funds from Ethereum to Matic

How to trade on QuickSwap

How to add tokens to liquidity pools on QuickSwap

Switch to Polygon & join our QuickSwap liquidity campaign

$MYST token is now listed on QuickSwap. You can trade MYST with a number of coins and cryptocurrencies at a fraction of the cost and speed, compared to other Ethereum-based DEXs like Uniswap.

Even though trading on QuickSwap is simple, many users will still need to transfer their funds from the Ethereum blockchain to the Polygon one. You can check our blog post here for the step-by-step guide on how to do this. 

When you are transferring funds from one network to the other, two transactions must occur. At current prices, it’s approximately $25-30 USD to make the switch. To celebrate our listing on QuickSwap DEX and support our growing community, we are covering the costs of transferring your funds from Ethereum to Polygon.

Note that Polygon recently rebranded and is formerly known as Matic Network. We refer to Matic at times, as their wallet, token and blockchain are still labelled in this way.

Campaign timeline

The campaign will start on 8th of April and will finish on the 14th of April. Participants will be paid their rewards between 22th and 28th of April, after the campaign ends.


How can I participate?

You need to transfer funds from Ethereum to Polygon (Matic) and/or conduct at least one MYST/USDC trade on QuickSwap between the 8th and 14th of April. Save the links to the two transactions that occurred during the transfer process, and the link to your trade on QuickSwap, so we can confirm your participation.

Please note that you will need to submit all links via this form between the 15th and 21st of April. 

Since QuickSwap uses an automatic algorithm to swap tokens at the best possible price, you don’t exactly need MYST or USDC to trade the MYST/USDC pair. If you have funded your wallet on Matic mainnet with tokens other than USDC or MYST, you can still participate in the campaign, as QuickSwap can convert the tokens for you. 

 

Requirements of participants

  1. You performed at least one MYST/USDC trade between the 8th and 14th of April.
  2. You have filled in this form between the 15th and 21st of April, with the links to your transfer and trade confirmed on the blockchain, as well as your Matic wallet address that supports WETH.

Your compensation

You will receive compensation in WETH for the costs of the transfer, up to a maximum of $30.

For example, Alice transferred funds from Ethereum to Matic and paid 0.005678454 ETH for the fist and 0.01024992 ETH for the second transaction.

In total, Alice paid: 0.005678454 + 0.01024992 = 0.015928374 ETH

Therefore, we will deposit 0.015928374 WETH into her Matic address. If the total value of the two transfers exceeds $30, we will compensate Alice $30 in WETH based on the current exchange rate. 

How should I fill the form?

When you transfer funds from the Ethereum to Matic blockchain, usually two transactions must occur. You need to submit proof of these transactions. You can use a blockchain explorer like Etherscan.io  which shows the transaction confirmations on the Ethereum blockchain. See the example in the screenshots below:

After that you will need to submit a link showing your confirmed trade on QuickSwap. Since Quickswap is a decentralized exchange, all transactions are displayed on the public blockchain. Please use the Matic blockchain explorer links to prove your confirmed trade: https://explorer-mainnet.maticvigil.com/

Check the screenshot below for an example:

Please do not submit links to your liquidity contribution in this field. Only users that have transferred their funds and performed at least one trade are eligible to receive compensation.

In the last step you need to submit your wallet address used for Polygon (Matic) trading, where you will be able to receive your compensation in WETH. 

 

QuickSwap campaign for liquidity miners

Liquidity miners can also benefit from Mysterium’s listing on QuickSwap. We encourage everyone to add funds to the MYST/USDC liquidity pool between the 8th and 14th of April and hold them for at least 30 days.


Campaign timeline

The campaign will start on the 8th of April. Users should add liquidity to the pool between the 8th and 14th of April. Rewards will be paid between 14th and 20th of May, after the campaign ends.

 

How can I participate?

Add funds to the MYST/USDC liquidity pool between the 8th and 14th of April and hold them for 30 days. We’re putting 10.000 MYST bounty pool and you will receive a proportional part to your size of the pool (our own liquidity will be excluded from calculations).

 

Requirements for participants

  1. You added liquidity to the MYST/USDC liquidity pool between the 8th and 14th of April.
  2. You have held the funds in the MYST/USDC liquidity pool for at least 30 days. Liquidity providers don’t need to fill out the form mentioned before. Each participant will receive a part of 10.000 MYST rewards pool in the MYST wallet address that was used to add liquidity.

 

Your compensation

You will receive a percentage of the 10,000 reward MYST allocated for this campaign. For example, Bob added 5,000 MYST to the pool and held the funds for 30 days. The total size of the QuickSwap pool reached 100,000 MYST, so Bob occupies 5% of the total pool.

Consequently, Bob will receive:
10.000 MYST * 5% = 500 MYST

We will deposit Bob’s wallet with 500 MYST.

Want to get involved in Mysterium Network today?

Mysterium網絡 is a decentralized VPN, with a growing global residential IP node network. There are versions of Android, Mac and Windows apps free to try and easy to use.

Stay tuned for more updates. If you are interested in participating, running a node, or generally have any questions, jump into our discord channel and speak directly with our core team.

Join the Valentine’s Day Giveaway

Valentine's Day Bitcoin

Remember that Ex you dumped? It’s time to win them back...

We know Valentine’s Day can be hard. But you don’t have to spend it alone. Mysterium’s crypto VPN will always be here for you, with versions for Android, Windows and Mac. (Hold on iOS, we’re coming for you!)

To show you that we care, we’re reuniting you with your favourite crypto, and introducing you to a very special new one (MYST), so you can experience the dVPN magic for yourself. 

Show us some love on Twitter by following us, then commenting on, or quote ReTweeting, our official V-Day Giveaway tweet.

Just tell us which cryptocurrency you ever regret selling and why, and you could win equal parts of your ex-token and MYST.

It will be the perfect pair <3 so you can start unblocking and anonymously accessing all the content your heart desires.

You’ll win up to $50 USD worth of crypto, split between the two types of tokens. 

Three winners will be announced on Valentines day, 14th Feb. 

Please read our Terms & Conditions for the competition below and learn more about Mysterium VPN.

Discover Mysterium dVPN

Mysterium Apps

Pay-as-you-go

 ⚡️ Stream, connect, share and socialise by the second

🔌 Switch on and off whenever you need. Only pay for what you actually use

💸 No contracts, no subscription, no locked-in costs

用加密貨幣付款

👻 It can’t be blocked and tracked

🕵️‍♂️ Pay for your privacy the anonymous way

Stay invisible, secure and untraceable

🔗 Technologically impossible to store central logs or data

🛡 Protect all your devices with OpenVPN and WireGuard protocols

 🌐 Select any IP address you like from our global list

Terms & Conditions

OFFICIAL RULES: Mysterium Network Valentine’s Day Giveaway

Competition is open to all residents with no purchase necessary. 

Entrants who have created social accounts purely for the purpose of entering Competition will not be eligible to win.

Entrants must be able to receive prizes via a cryptocurrency wallet address to be eligible to win. Entrants are responsible for creating and providing a cryptocurrency wallet address to collect prize(s). 

Winners will be chosen and announced on or before 14th February 2021 and announced via @MysteriumNet Twitter account. 

No purchase necessary to enter or win a prize in this Competition (defined below). A purchase will not increase your chances of winning. Void where prohibited by law.

Enter via use of a personal Twitter account.

The Competition is a campaign sponsored by BlockDev AG independently and is in no way endorsed by Twitter, Inc.

By entering into the Competition you agree to be bound by these official rules, please read them carefully before entering. Without limitation, this contract includes indemnities to the sponsor from you and a limitation of your rights and remedies.

 

GENERAL

  1. Sponsor: “Mysterium Network” is sponsored by BlockDev AG, a company incorporated under the laws of Switzerland (“Mysterium Network” or “Sponsor” of “Mysterium” for the purpose of this document), 

 

  1. Eligibility:

The Competition is open on the date of entry to those who have a Twitter account.

 

  1. Competition Period:

The competition begins at 11:00 GMT on February 9th 20201 until 16:00pm  GMT on February 14th 2021 (“Competition Period”).

 

  1. How to Enter:

To participate and enter this competition: you will need an eligible account on Twitter. 

If you don’t already have a Twitter account, visit https://www.Twitter.com to create one; or visit your App store and download Twitter; creating a Twitter account is free. By submitting your information and creating a Twitter account, you will be required to agree to the Twitter terms of service and privacy notice. If you do not agree to Twitter’s terms of service and privacy notice, you cannot create a Twitter account. Availability is subjected to supported countries.

 

To enter the competition on Twitter, the Entrants must complete the following actions:

  • Navigate to the official Twitter account of Mysterium Network, https://twitter.com/MysteriumNet or @MysteriumNet
  • Follow the official Mysterium Network account on Twitter.
  • Navigate to Reply-To or comment on the Tweet about Mysterium’s Valentine’s Day competition. Quote ReTweeting is also acceptable. You must write which cryptocurrency you regret selling and why.

 

NOTE: Sponsor may not receive entries from Twitter users with “protected” or “private” updates (i.e., user has set their Social Media Account or so that only people the user has approved can view updates)

 

Each entrant can only win one time, or one Prize in this Competition. Entrants who have won a prize from Mysterium Network within 90 days are not eligible and will be disqualified. 

 

Sponsor may disqualify entries if the Entry and related tag includes inappropriate, offensive, or other derogatory language or information. Sponsor reserves the right to remove, reject, or disqualify (along with the Entrants who submitted them) any Entry or related tag which, in its sole opinion, (a) violates any of these Official Rules, the terms of service and privacy policy of Twitter or Mysterium Network, (b) infringes, misappropriates, or violates any rights of any third party including, without limitation, patent, copyright, trademark, trade secret, or right of privacy or publicity, or (c) is otherwise inappropriate for inclusion in the Competition. For purposes of this Competition, only Entries that are recorded through Twitter will be included. Other proof of submitting an Entry (such as a printed or copied screenshot or message) does not constitute proof of actual receipt of the Entry for purposes of this Competition. 

 

Entries and Twitter posts not received by Sponsor will not be entered into the Competition. Attempts made by an individual to submit Entries in violation of these Official Rules by using multiple or false contact information or otherwise may be disqualified. Entries that are generated by a macro, bot, or other automated means will not be accepted and will be void. Entries made by any other individual or any entity or group, or originating at any website other than as set forth specifically above, including, without limitation, through commercial Competition subscription notification or entering services, will be declared invalid and disqualified for this Competition. 

 

As a condition of entering the Competition, without limiting any other provision in these Official Rules, each Entrant gives consent for Sponsor and its agents to obtain and deliver his or her name, address and other information to third parties for the purpose of administering this Competition and complying with applicable laws, regulations, and rules. Such third parties may use your information for their own independent purposes in accordance with their own independent privacy practices. Except as otherwise contemplated in these Official Rules,

 

The Sponsor is not responsible for any changes or unavailability of Twitter services that may interfere with the Competition (including any limitations, restrictions, or any conditions on Sponsor’s ability to use Twitter for the Competition as set forth herein that are not acceptable to Sponsor) or ability of Entrant to timely enter, receive notices or communicate with Sponsor via Twitter, in which case Sponsor, in its sole discretion, may terminate or modify the Competition. It is a potential winner’s responsibility to set his/her Social Media Account as applicable, to accept contacts by Sponsor and to timely check such account for any Sponsor direct messages.

 

  1. Winners Selection:

Winners will be chosen by the Sponsor. The odds of winning depend on the relevancy, quality and popularity of Entries received through Twitter.

 

If a winner did not fulfill the requirements that constitute an Entry then the Prize is automatically forfeited in Sponsor’s sole discretion.

 

Entrants cannot win more than one Prize during the duration of this promotion. Entrants who have won a prize from Mysterium Network within 90 days are not eligible and will be disqualified. 

 

  1. Winner Notification:

 

The Prize Winners on Twitter will be notified by receiving a direct message from @MysteriumNet to their Twitter account with a request for their cryptocurrency wallet address, (a “Winner Notification”). Once the Prize Winner provides such information they will receive the prize in their cryptocurrency wallet address. 

 

Prize winners receiving Winner Notifications will NEVER be asked for private keys or private information. Mysterium Network is not responsible for loss of funds due to incorrect or inactive cryptocurrency addresses, or sharing of private login and private key information of which Mysterium Network does not require for participation or prize retrieval associated with this promotion.  Prize winners are advised to backup their wallets and save their seed or private keys in a safe location that is offline. 

 

All other Prize Winners will be notified by the contact information they provided to the @MysteriumNet Twitter account, such as Email address, with a request from an official Mysterium Network team member to confirm their preferred cryptocurrency wallet address (a “Winner Notification”). 

 

If any Winner Notification or other Competition communication is rejected or returned as undeliverable, if a potential Winner cannot be reached after a reasonable attempt has been made by Sponsor (as determined by Sponsor in its sole discretion), or if the potential Winner fails to respond to a Winner Notification within 48 hours, the prize will be forfeited in Sponsor’s sole discretion. 

 

Sponsor reserves the right to modify the notification procedures in connection with the selection of any alternate potential Winner. If legitimately claimed in compliance with these Official Rules, the prize will be awarded. 

 

 

  1. Prizes:

Eligible entrants will be selected to receive a select amount of MYST from the prize lot. 

Each of the Prize Winners will win one prize from the prize lot. 

The prize lot is as follows:

Three (3) distributions of cryptocurrency tokens valued at $50 USD, in equal share of $25 USD in MYST and $25 USD in Prize Winner’s cryptocurrency of choice, such as Bitcoin (BTC).

 

 

The Prize Winners will receive their prize in a cryptocurrency wallet of their choice pending communication after Winner notification. 

 

All prize details not specified in these Official Rules will be determined in Sponsor’s sole discretion. Sponsor is not responsible for and will not replace any lost or stolen prize or any prize that is undeliverable or does not reach the Prize Winner because of incorrect or changed contact information. If the Prize Winner does not accept the entire prize, the unaccepted or unused part of the prize will be forfeited and Sponsor will have no further obligation with respect to that prize or portion of the prize. Sponsor is not responsible for any inability of the Prize Winner to accept or use any Prize (or portion thereof) for any reason. No transfers or prize substitutions will be made, except at Sponsor’s sole discretion. No more than the stated prizes will be awarded. Participants waive the right to assert as a cost of winning any prize, any and all costs of verification and redemption or travel to claim or use a prize and any liability and publicity which might arise from claiming, seeking to claim, or using a prize.

 

  1. Licenses and Approvals:

Entrants may not submit an Entry on behalf of someone else. By submitting an Entry, Entrant represents and warrants that Entrant meets all eligibility criteria for participation in the Competition. In addition, by submitting an Entry in this Competition, Entrant grants the Sponsor an irrevocable, perpetual, non-exclusive worldwide license to publish, post, display, copy, distribute, transmit, edit, use alone, together or with other works, and otherwise exploit the Entry, Entrant’s name, voice, persona, likeness, image, prize information, any quotes attributable to Entrant, biographical data and any other indicia of persona in any manner whatsoever throughout the world, including on the Internet, and at any time or times, in connection with the Competition, in any and all forms of media, now known or hereafter discovered, without additional compensation, review or approval rights, notification or permission, except where prohibited by law, and Entrant releases all Releasees (as defined below) from any and all liability related thereto. Entrant further acknowledges that if Entrant is chosen as a winner, Entrants identifying information, including but not limited to Entrants name, may be disclosed to third parties including, without limitation, being placed on a winners’ list.

 

  1. Limitation of Liability:

The Releasees are not responsible or liable for any of the following: (a) stolen, lost, late, misdirected, garbled, mutilated, damaged, incomplete, inaccurate, or illegible Entries, e-mail, mail, Competition-related correspondence or postage-due mail or any technical, computer, mechanical, printing, typographical, human or other errors relating to or in connection with the Competition, including, without limitation, errors which may occur in connection with the administration of the Competition, the mailing or transmission of notification or correspondence, the processing of Entries, the announcement of any prize or in any Competition related materials; (b) technical failures of any kind; (c) unauthorized human and/or mechanical intervention; (d) human error; (e) any error, omission, interruption, defect or delay in transmission or communication; (f) viruses or mechanical malfunctions; (g) errors, typos, or misprints in these Official Rules, in any Competition related advertisements or other materials; or (h) lost or unavailable network connections. Sponsor is not responsible for electronic communications that are undeliverable as a result of any form of filtering or insufficient space in Entrant’s email account. Sponsor is not responsible, and may disqualify Entrant, if his or her email address, telephone, or other contact information does not work or if it is changed without Entrant giving prior written notice to Sponsor. If for any reason an Entry is confirmed to have been erroneously deleted, lost or otherwise destroyed, corrupted or for any other reason not accepted as an entry into the Competition, Entrant’s sole remedy is another Entry in the Competition.

 

As a condition of participating in this Competition, each Entrant agrees to release, indemnify and hold harmless sponsor, Competition entities, Twitter, and each of their respective parent companies, subsidiaries, affiliates, divisions and advertising, and public relations agencies, and each of their respective agents, representatives, officers, directors, members, shareholders and employees (collectively, “releasees”) from and against any liability whatsoever for injuries or damages of any kind sustained in connection with the use, acceptance, possession, misuse or awarding of any prize, while preparing for, participating in and/or traveling to or from any Competition or prize related activity, including, without limitation, any injury, damage, death, loss, or accident to person or property. Each winner agrees that the prize is provided as-is without any warranty, representation or guarantee, express or implied, in fact or in law, whether now known or hereinafter enacted, relative to the use or enjoyment of the prize. Further, the releasees are not responsible in any way for any additional expenses, omissions, delays, or re-routing resulting from any acts of any government or authority.

 

  1. Additional Disclaimers:

Without limiting any other provision in these Official Rules, Releasees are not responsible or liable to any entrant or Prize Winner or any person claiming through such entrant or Winner for failure to supply the prize or any part thereof in the event that any of the Competition activities or the Releasees’ operations or activities are affected, as determined by the Sponsor in its sole discretion, including, without limitation, by reason of any acts of God, any action, regulation, equipment failure, threatened terrorist acts, terrorist acts, air raid, blackout, act of public enemy, earthquake, war, fire, flood, epidemic, explosion, unusually severe weather, hurricane, embargo, labor dispute or strike labor or material shortage, transportation interruption of any kind, civil disturbance, insurrection, riot, or any law, rule, regulation, order or other action adopted or taken by any governmental, federal, state or local government authority, or any other cause, whether or not specifically mentioned above.

 

  1. Disputes and Governing Law:

By participating in the Competition, each entrant agrees that to the extent permitted by applicable law: (1) Any and all disputes, claims and causes of action that cannot be resolved between Entrant and any releasee arising out of or connected with the Competition, or any prize awarded, will be resolved individually, without resort to any form of class action; (2) Any and all claims, judgments and awards will be limited to actual third-party, out-of-pocket costs incurred, (if any), not to exceed ten dollars ($10.00), but in no event will attorneys’ fees be awarded or recoverable; (3) Under no circumstances will any Entrant be permitted to obtain any award for, and Entrant hereby knowingly and expressly waives all rights to seek, punitive, incidental, consequential or special damages, lost profits and/or any other damages, other than actual out-of-pocket expenses not to exceed ten dollars ($10.00), and/or any rights to have damages multiplied or otherwise increased; and (4) Entrant’s remedies are limited to a claim for money damages (if any) and Entrant irrevocably waives any right to seek injunctive or equitable relief.

 

These Official Rules shall be governed by the laws of Switzerland. Any dispute, controversy, difference or claim arising out of or relating to this Memorandum, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the ICC International Court of Arbitration under the Switzerland International Chamber of Commerce Administered Arbitration rules in force when the Notice of Arbitration is submitted. 

 

  1. General Rules:

Sponsor’s failure to enforce any term of these Official Rules shall not constitute a waiver of that provision. Sponsor’s decisions will be final in all matters relating to the Competition, Sponsor reserves the right to restrict or void online Entries or participation from any IP address if any suspicious Entry and/or participation is detected. Sponsor reserves the right, in its sole discretion, to void Entries of any Entrants who Sponsor believes has attempted to tamper with or impair the administration, security, fairness or proper play of the Competition. In the event there is an alleged or actual ambiguity, discrepancy or inconsistency between disclosures or other statements contained in any Competition-related materials and/or these Official Rules (including any alleged discrepancy or inconsistency in these Official Rules), it will be resolved in Sponsor’s sole discretion. Entrants waive any right to claim ambiguity in the Competition or these Official Rules. If Sponsor determines at any time in its sole discretion that Entrant is disqualified, ineligible, or in violation of these Official Rules, or engaging in behavior that Sponsor deems obnoxious, inappropriate, threatening, illegal or that is intended to annoy, abuse, threaten or harass any other person, Sponsor reserves the right in its sole discretion to select an alternate winner. The invalidity or unenforceability of any provision of these Official Rules will not affect the validity or enforceability of any other provision. If the Competition is not capable of running as planned for any reason, Sponsor reserves the right, in its sole discretion, to cancel, modify or suspend the Competition and award the prize from eligible entries received prior to cancellation, modification, or suspension or as otherwise deemed fair and appropriate by Sponsor. In the event of a dispute concerning who submitted an Entry, the participant will be declared to be the registered account holder of the Social Media Account as applicable, of record for the account submitting an Entry during the Competition Period, but only if that person meets all other eligibility criteria, otherwise the Entry may be disqualified and any potential Prize won will be forfeited in Sponsor’s sole discretion. Each potential Winner may be required to provide Sponsor with proof that he or she is the authorized account holder. If a dispute cannot be resolved to Sponsor’s satisfaction, the Entry and individual(s) may be deemed ineligible in Sponsor’s sole discretion. Any damage made to the Website, and the Twitter service will be the responsibility of the registered account holder of the e-mail address for the Social Media Account, as applicable, submitted at the time of entry. Any attempt to damage an online service or web site or undermine the legitimate operations of the Competition violates criminal and civil laws. If any such attempt is made, the sponsor may seek damages to the fullest extent permitted by law and may disqualify any participant making such attempt. 

 

  1. Official Rules and Winner List:

For a copy of these Official Rules or a list of winners, please email the Sponsor at help@mysterium.network

$MYST now listed on Bittrex Global

Bittrex Mysterium MYST

Major exchange Bittrex has launched Mysterium on their platform, introducing MYST token to the global cryptocurrency market.

This listing is an exciting gateway to MYST and unlocks new liquidity for the entire Mysterium ecosystem. 

Anyone holding MYST will now be able to receive and store their tokens in their Bittrex wallets.

From 28th January, any Bittrex Global user holding Bitcoin (BTC) or USDT can easily get their hands on some MYST tokens.

The trading pairs available:

  • BTC <> MYST
  • USDT <> MYST

Note that users who send their old legacy MYST tokens (unmigrated) to the exchange will LOSE them permanently. Learn how to migrate manually here.

What this means for the community

Uganda protests social media tax

Internet censorship and surveillance is expected to worsen in 2021. In the second week of January alone, a total internet shutdown was ordered in Uganda, coordinated by the country’s dictatorial leadership, in an attempt to disrupt the nation’s democratic general election. 

Mysterium’s peer-to-peer network powers censorship-resistant applications which can give users secure and private access to the internet. We are reinventing the $30 billion VPN industry with this next-generation internet technology. 

It helps bypass debilitating blackouts which infringe on our basic human rights, such as freedom of speech and access to information. We’re rewiring the internet from the inside out, creating a new, more secure layer of the internet that cannot be switched off by governments or corporations.

And the MYST token ties it all together.

As we grow and make Mysterium Network an increasingly global platform, we need this native token to also be available and tradeable on a global level. 

Though built on Ethereum, we’re a blockchain agnostic project. We want to ensure our community is made up of a diverse range of cryptocurrency users, not just those familiar with Ethereum-based utility tokens. 

Making MYST available on a global exchange means we can lower the barrier to entry so our dVPN can be discovered and easily accessible by crypto holders everywhere.

What is MYST?

MYST is the network’s reserve currency. Instead of paying a regular VPN service a monthly subscription to unblock websites and apps, users pay peers (nodes) within the distributed network to connect to their residential IP address. Users can pay with MYST and other major cryptocurrencies, such as Bitcoin (BTC), while nodes easily earn MYST by the minute or hour.

The MYST token does more than transfer value in the network. It acts like digital fuel, powering Mysterium’s various functions and applications, while keeping the network safe from things like DDoS attacks. 

Like most other cryptocurrencies, MYST has helped forge new online communities, where global networks like ours can easily share internet resources with each other, such as storage, computing power, and now privacy.

web 3 mysterium

MYST token helps power new decentralised apps and platforms which make up the Web 3.0

What is Bittrex Global?

Bittrex Global is a secure, reliable and advanced digital asset trading platform developed for international (non-USA) customers and built on Bittrex’s cutting-edge technology. This international trading platform provides innovative tokens, while also providing instant trade execution, dependable digital wallets, and industry-leading security practices.

Some main benefits of trading via Bittrex:

  • Secure platform 

Bittrex Global employs the most reliable, effective security technologies available. Security is always their first priority. 

  • Custom-built trading engine

Their custom trading engine was designed to be scalable and to ensure that orders are executed in real-time. 

  • Fast deposits and withdrawals

A highly efficient and automated monitoring platform allows Bittrex to provide users the fastest transactions available today. This includes updates on balance, trade, and holding information. 

  • Driving Innovation 

To help drive innovation in the blockchain industry, Bittrex seeks to provide its users with an ever-growing selection of blockchain technologies and digital tokens, including tokenised stocks of Tesla, Apple and Amazon shares.

Bittrex trading competition

MYST trading competition on Bittrex Global

To kick off our launch on Bittrex Global, we’re giving away $15,000 in MYST tokens to our new community of Bittrex users.

The competition will kick off on the 1st of February and run for seven days. It includes three types of promotions, which reward Bittrex users when they trade with MYST. You can read about the trading competition on the Bittrex website.

Note that to participate in this competition you will need a Bittrex Global account.

 

Promotion #1: Trade MYST to win $7,500 in MYST Tokens

Promotion #2: Buy MYST to Win $5,000 in MYST Tokens

Promotion #3: Sign up for a Bittrex Global account, trade MYST, and get free tokens 

 

(Terms and conditions apply, so be sure to read these first on the Bittrex website.)

Uniswap Liquidity Campaign

For those seeking a decentralized trading alternative, we launched the MYST Liquidity Engagement Campaign earlier this month. It rewards liquidity providers for providing liquidity to the MYST/ETH pair on UniSwap.

We have already completed our latest airdrop for participants, with our liquidity pool doubling in size since the beginning of the campaign. So far, participants have received their share of more than 7700 $MYST.

Join the campaign here.

Uniswap Liquidity

Dive into the dVPN with MYST

Last month we shared details of Mysterium’s testnet upgrade, which came with some exciting new features and functionalities. This includes changes to our node registration flow, updates to My Mysterium Network, a different UI, the ability to earn in 2 networks during the migration, top up VPN apps with your crypto of choice (not just MYST), and the freedom to use our dApp in China!

We have been in stealth mode upgrading a small percentage of our user base and node runners onto Testnet 2.0, to test and learn. Now we’re rolling out Testnet 2.0 to everyone on Mysterium Network. 

You can experience the power of our global, decentralized network at your fingertips, using your crypto of choice. Top up your Mysterium dVPN account with Bitcoin, Litecoin, Ether or any other major crypto thanks to our Coingate integration. 

crypto vpn

Download Mysterium dVPN today and experience some MYST magic for yourself.

With Mysterium dVPN, you’ll get some free test tokens. After you run out of these tokens, you will be prompted to top up with MYST, BTC, LTC or other cryptocurrencies. Download the Mysterium VPN now and try before you buy.

Testnet 2.0 is here – Ready for your all-crypto VPN?

New year, new testnet.

Last month we shared details of Mysterium’s testnet upgrade, which came with some exciting new features and functionalities.

We have been in stealth mode upgrading a small percentage of our user base and node runners onto Testnet 2.0, to test and learn. 

Now we’re rolling out Testnet 2.0 to everyone on Mysterium Network.

Experience the power of our global, decentralized network at your fingertips, using your crypto of choice! Top up your Mysterium dVPN account with Bitcoin, Litecoin, Ether or any other major crypto thanks to our Coingate integration. Download Mysterium dVPN today.

 

What is Testnet 2.0?

Mysterium has been running on a Testnet 1.0 for some time as we battletest and refine the code before our mainnet release on Ethereum. This constant process of revision will ensure the dVPN is robust and glitch-free upon its full launch. This is imperative, as when this happens, the app will already be serving hundreds of thousands of users, with a supporting and worldwide node network.

We gave access to the latest iteration of the dVPN to a small handful of BETA testers. Now we’ve received and acted upon their feedback, we’re ready to introduce all Mysterium dVPN users and Node Runners to Testnet 2.0

With this network upgrade, called Testnet 2.0, a number of things have changed, such as node registration flow, updates to My Mysterium Network, a different UI, the ability to earn in 2 networks during the migration, top up VPN apps with your crypto of choice (not just MYST), and the freedom to use our dApp in China!

Read about all these new updates in more detail, as well as how to upgrade and claim your node in Testnet 2.0, in our guide.

Download Mysterium dVPN – now crypto enabled

In a world where censorship is growing rampant, now it is more important than ever to understand your digital rights. With Mysterium Network, we are working to provide a censorship-free internet to all.

Mysterium dVPN has been upgraded to Testnet 2.0, which means you will get some free test tokens. After you run out of these tokens, you’ll be prompted to top up with MYST, BTC, LTC or other cryptocurrencies. Check out our upgraded apps on Testnet 2.0 and let us know what you think.

MYST Liquidity Engagement Campaign Launches on Uniswap

Thinking about providing liquidity for MYST but don’t want to get hit by impermanent loss? We have a solution!

Mysterium Network is excited to present the MYST Liquidity Engagement Campaign, which rewards liquidity providers for providing liquidity to the MYST/ETH pair on UniSwap.

Even though we are not able to reduce the risk from impermanent loss that occurs due to the price fluctuation, we can support our liquidity providers with rewards in MYST tokens

MYST Liquidity Engagement Campaign explained

In the video below, we break down how the MYST liquidity campaign on UniSwap will work and how rewards are calculated. You can read further in the blog post for more details as well.

First things first, what is impermanent loss?

Impermanent loss happens as you add liquidity to a liquidity pool, and the price of your deposited assets fluctuates. The bigger the change, the more exposed you are to impermanent loss.

Impermanent losses can be counteracted by trading fees, as is the case with UniSwap.


What is UniSwap?

Uniswap is a DeFi protocol which allows for the exchange of tokens in a decentralised manner. While we are gearing up towards a listing on a tier one exchange in 2021, UniSwap remains a primary gateway into the MYST ecosystem on Ethereum. 

As mentioned before, impermanent losses can be counteracted by trading fees. UniSwap charges 0.3% for every trade. This goes directly to UniSwap liquidity providers. Now for the cherry on top.

How does the MYST Liquidity Engagement Campaign reduce your risk and give you more rewards?

We are rewarding each participant in the MYST liquidity engagement campaign based on the amount of funds supplied and the duration for which liquidity is locked in the UniSwap protocol.

Liquidity engagement MYST

MYST liquidity engagement campaign details: 

Start Date

Monday, 5th January 2021, 2 PM UTC.

End Date

We plan to run the MYST liquidity engagement campaign on UniSwap for 3 months, until the 3rd April 2021.

Our goal with this campaign is to double MYST liquidity on UniSwap. We will review the success of this campaign after 4 weeks on the   4th February 2021. Following this, we will evaluate engagement and feedback from the Mysterium community.

Should we see uptake from the wider Mysterium community during the first month, we will prolong the campaign for the next two months.

How are rewards calculated?

When you provide liquidity on UniSwap, UniSwap mints liquidity tokens proportionate to the added liquidity. This allows us to calculate each liquidity provider’s engagement. 

Our program analyses UniSwap liquidity token distribution at each block and proportionally distributes tokens to liquidity providers participating in the campaign. 

MYST liquidity campaign uniswap

MYST tokens will be distributed as rewards to liquidity providers for the MYST/ETH pool on UniSwap V2 each week. 0.15 MYST tokens will be allocated to each Ethereum block. This will vary alongside price fluctuation.

We have allocated up to 30,000 MYST for the month of January. This is subject to change depending on number blocks per period and price of $MYST.

Minimal time tick on blockchains usually is one block, which on Ethereum blockchain occurs every 13-15 seconds. Approximately 6,700 Ethereum blocks are mined each day. This means that liquidity providers will divide 1,005 MYST tokens per day between themselves based on how much each of them has contributed to the liquidity pool. 

You can use the following formula to calculate your potential rewards:

Your UNI-V2 pool tokens * 0.15 / total supply provided by liquidity providers in campaign

There is no minimum or maximum amount of funds required to participate. Every liquidity provider will be awarded proportionally. We reserve the rights to change the reward size as the program matures.

How do you get involved and earn MYST for providing liquidity?

To stake and begin earning MYST liquidity mining rewards:

  1. You must deposit an equal value of MYST and ETH tokens to the MYST/ETH pool on Uniswap V2. 
  2. After successfully contributing your cryptocurrencies, you will receive UNI-V2 pool tokens representing your share of the MYST/ETH liquidity pool. 
  3. You can monitor the size of the pool and your share of it here. We are excluding Mysterium Network’s share of liquidity in how rewards are calculated. 
  4. You can add or remove liquidity at any time as our system will track the liquidity pool within each Ethereum block. Every time there is a change of distribution in the pool, reward proportions will be adjusted accordingly.

For example:

You provide $10,000 worth of liquidity for a week while the total liquidity pool is $200,000 (excluding liquidity provided by the Mysterium team).
Your share of provided liquidity is 5%; therefore, you will receive 5% of all token rewards distributed during the week.
The total reward amount for the week is 7,035 MYST tokens, so your share of 5% will result in 351.8 MYST tokens.

How are rewards distributed?

Each block earning is summarized. You can claim your earnings at any time using the claim button on our liquidity campaign leaderboard on liquidity.mysterium.network.

Alternatively, we will airdrop the rewards once per week due to high Ethereum transaction costs to the liquidity providers that earned more than 500 MYST tokens.

How can you track and claim your rewards?

Want to track how much you’ve earned in the MYST liquidity engagement campaign? Looking to claim your rewards? Check out our step by step help guide.

Why invest in growing MYST liquidity pool on UniSwap?

We are focused on building a healthy MYST ecosystem so that community members can enter large positions with as small a price slippage as possible. For this we are seeking to create incentives for the wider Mysterium community to benefit from providing liquidity on UniSwap. This is the first of many campaigns like this to come. 

 

Join us in making the world a more open place. 

Mysterium Network is at its core a grassroots project, run for the people, by the people. We’ve seen more than 100x growth within our network in 2020. 

Now more than ever it is pertinent that we seek community based incentives to grow a healthy MYST ecosystem that matches our growth in users and node runners. 

We’re excited to meet our future MYST liquidity providers. Get started now.

Questions? Chat directly with our core team on discord, or tweet at us.  

 

Migrate your tokens & earn 10 $MYST

Mysterium Network has been hard at work building a decentralised VPN. To date, we have maintained an incentivised test network of residential IPs for over a year. Our next step, peer to peer payments – which come with Mysterium Mainnet.

Relevant Reads:

  1. Mysterium Token Migration Guide 
  2. The Road to Mainnet: Mysterium Product Roadmap Update 

Mysterium Network began our token migration as part of our wider move to MainNet. To date, we have migrated about 15 million legacy tokens.

As we approach Mainnet, we would like to encourage our core community to migrate legacy MYST tokens. To help this initiative along, we are launching an airdrop between the 18 & 25 November 2020! 

We are launching an airdrop between the 18 & 25 November 2020!

Why an airdrop?

We plan to compensate MYST token holders for the high Ethereum transaction fees they might incur during the token migration process.

To reiterate terms of our token migration: 

  1. This a 1:1 token migrations
  2. No new tokens will be created

Want to get 10 MYST airdropped into your wallet? 

  • Migrate your tokens from your old addresses to a new one from 00:00 between the 18 & 25 November 2020
  • Regardless of the number of tokens that you own, we will compensate you 10  MYST (One user gets 10 MYST). 
  • Multiple applications from one participant, as well as other actions that can be qualified as fraud, will result in disqualification from this airdrop. Simply put, no MYST if you try to game the system. 
  • MYST tokens will be distributed to new token addresses between 26 November and 2 December 2020

As you can clearly see, the nature of the service we are offering and the emerging markets that we are a natural ally to, make Ethereum’s current transaction fees a lock out when onboarding new customers. 

As such, like many other Ethereum-based projects, Mysterium Network has had to reroute our roadmap in search of scalability solutions to give our users the cheapest and fastest service possible, while maintaining decentralized and noncustodial architecture. 

In the following sections, we will review existing Layer 2 solutions in relation to Mysterium Network’s use case, explaining how they offer both opportunities and limitations.

How can I get support migrating my legacy MYST tokens?  

 We have an easy to follow token migration guide to get you started, otherwise jump into our and speak directly with our core community and team.

How can I get support on this airdrop?

If you have any issues with the airdrop after successfully completing all terms of requirements, please, write to us at help@mysterium.network.

Roadmap Update: no more free VPN, nodes get paid in $MYST

mysterium VPN

Has that gotten your attention?

 

Mysterium Network is maturing, alongside our wider ecosystem. With the freedom of speech online being debased, a global pandemic and other macro forces in play  – we see it as a priority to enable peer to peer payments in the most frictionless way possible. 

As we have written previously, transaction fees on Ethereum have proven to be a problem. But we have found the workaround.

To dive deeper, read these blogs:  

1. Layer 1, 2, 3 – and beyond: The search for the cheapest and fastest microtransactions. [2020]

2. Mysterium Network’s Head of Product, Jaro Šatkevič breaks down a lightweight solution for Mysterium Network payments

3. Mysterium Network micropayments whitepaper [2019]

 

Mysterium Network Updated Roadmap Q4 2020

What does this mean?

 

Step one: Network Fork 1

 

All users and node runners within Mysterium Network will have to upgrade into testnet version two (Testnet 2.0).


What is Testnet 2.0?


a) New smart contracts on Goerli testnet – Mysterium Testnet 2.0 will be using new test MYSTT token, same code as new MYST token, with `permit` function and 18 zeros (instead of 8) after the comma. We will also be using a new set of payments smart contracts which will halve settlement of collected funds and add support for being used in multiple chains.

Read more in our deep dive on Layer 2 solutions so as to avoid ETH transaction fees.

b) Payment processor integration into apps  – this will provide the possibility for dVPN consumers to top-up via their Mysterium account with a set of different cryptocurrencies (such as BTC, LTC, ETH, BCH, DAI or USDT). Paid funds will be converted into MYST (or to MYSTT while in testnetv2) token and be sent into the user’s payment channels (top-up address) on the blockchain.

c) 1 MYSTT will be equal to 1 MYST. Also, bounty payouts will be done in MYST tokens. Previously we have pegged 1 collected MYSTT to 1 USD and did node runner bounty payouts in ETH. To take us closer to MainNet environment conditions, the time has come to implement pay-outs in MYST tokens. We will be still using our ETH bounty fund reserves, but we will be buying MYST token on the market to do payouts for node runners.

Users will have to update their applications. You will be given a starter kit of MYSTT. Following this users will need to top up using BTC, LTC, ETH and other cryptocurrencies.

Existing Node Runners will need to upgrade their node into the newest version, network upgrade will be done under the hood. For further updates specific to Node Runners check out our regularly updated network fork guide. 


Please note: 

  • Node runner bounty will be paid only for Mysterium Node Runners running on Testnet 2.0 
  • Node runners will begin to receive payouts in $MYST. 


A month after the transition begins, testnet 1.0 will be completely destroyed. Network fork ends.

Step two: 

 

We will be releasing BetaNet (silent launch for a limited set of test users) and upgrading Testnet 2.0 to use some of Ethereum’s sidechain and cross-chain payments (consumers will be on a sidechain testnet, and node runners will have their accounts on Ethereum Goerli testnet).

This upgrade will happen under the hood and users may even not recognise that such change happened.

This will mean cheaper on-chain transactions for users and node runners as account registration and top-ups will happen on the sidechain instead of Ethereum Blockchain, once on MainNet.

Stay tuned for exciting integration partnerships coming very soon. Subscribe to our newsletter to hear it first. 

As you can clearly see, the nature of the service we are offering and the emerging markets that we are a natural ally to, make Ethereum’s current transaction fees a lock out when onboarding new customers. 

As such, like many other Ethereum-based projects, Mysterium Network has had to reroute our roadmap in search of scalability solutions to give our users the cheapest and fastest service possible, while maintaining decentralized and noncustodial architecture. 

In the following sections, we will review existing Layer 2 solutions in relation to Mysterium Network’s use case, explaining how they offer both opportunities and limitations.

Step three:
Testnet as we know it is going to be destroyed.

Step four:  

 

All users and node runners within Mysterium Network will be upgraded onto Mysterium MainNet in 2021.

 

What is MainNet?


MainNet is Mysterium Network on Ethereum Blockchain. All internal payments will be done using real MYST tokens.

Users will pay as they go for VPN service on Mysterium Network. Mysterium Network will run a few free nodes so that new users can test the service before topping up their account. This is also when we will look to roll out our much-awaited referral program, and other user-focused bounties. 

Node Runners will continue to be paid in MYST. This marks the end of the Mysterium Node Pilot No provider bounty is needed at this point and node runners can settle collected funds any time you like.

What happened to our Mysterium Pro plans?


As we had previously written, we were considering Mysterium Pro as our solution to high Ethereum transaction fees

Thanks, to Multichain support and the ability to use sidechains for consumer payment channels (top-up wallet management), we can avoid releasing a custodial MysteriumPro solution and instead merge its best features (such as pay in different cryptos, or one-click connect) into the default Mysterium VPN application itself. 

Onward to MainNet

 

Mysterium has been hard at work getting peer to peer payments implemented within the network. This has meant the navigation of a quickly shifting technological landscape. We wouldn’t be here without our community of node runners, users and token holders. 

We thank you for your ongoing support and are excited about the new changes to come as Mysterium Network grows to meet the new and very real challenges of our times. 

If you haven’t already, download Mysterium VPN or start to run a node.

Layer 1, 2, 3 and beyond: The search for the cheapest and fastest microtransactions

How many layers does it take to get cheap and fast microtransactions?

Building on top of a quickly iterating Layer-2 scaling ecosystem has meant murky navigation of several new technologies. This is especially difficult for builders looking to find workarounds for high transaction fees on the Ethereum blockchain. 

The recent DeFi boom has led to users cramming into Ethereum Network and creating a large backlog of unprocessed transactions. This has meant network congestion, and high transaction fees – both of which are natural killers for decentralized applications and networks. 

Why are cheap and fast microtransactions important for decentralized networks? 

In Mysterium, a decentralized VPN, payments are peer to peer. Consumers of VPN are directly paying exit node runners for VPN service. As such, there is no middleman with the power to freeze payments. This means that payments happen minute by minute, with transaction values as small as 0.0001 USD (in our native token MYST).

The nature of the peer to peer, and second by second service consumption mean that decentralized VPNs, and other incentivized distributed networks depend on microtransactions as a means of reducing risk within their network economy. Learn more about peer to peer technologies.

Earlier this year, we released our own Layer 2 solution (based on payment channels) on Testnet. This enabled users to transact with one another autonomously, without a need for an intermediary (including us) and without touching Layer 1 (Ethereum blockchain). This introduced super cheap and instant transactions, and allowed paying with values as small as $0.0001.

However, one of the challenges with payment channels, our protocol included, is the need to have specific on-chain transactions. In the case of Mysterium Network this is seen in two events, dVPN account creation and top-up. 

Onward - the search for scalability

User story: As a user in Nigeria, I am looking for a VPN solution that lets me pay for what I consume. I am unable to afford the expensive subscription pricing of traditional VPNs. I try Mysterium VPN, which allows me to stream a video for $0.05 USD in MYST on their freemium version. I run out of free MYST and want to add an additional $1 USD (in MYST). I try to top up. It costs me $2.25 in ethereum tx fees to top up my Mysterium Account. I delete the app.

See our how our userbase is growing in Nigeria.

As you can clearly see, the nature of the service we are offering and the emerging markets that we are a natural ally to, make Ethereum’s current transaction fees a lock out when onboarding new customers. 

As such, like many other Ethereum-based projects, Mysterium Network has had to reroute our roadmap in search of scalability solutions to give our users the cheapest and fastest service possible, while maintaining decentralized and noncustodial architecture. 

In the following sections, we will review existing Layer 2 solutions in relation to Mysterium Network’s use case, explaining how they offer both opportunities and limitations.

Methodology: An Overview of Existing Solutions

Recently at Mysterium we did more research on various Layer 2 solutions and conducted an overview of the most recognised and trustworthy ones in 2020. In this overview, we looked at different sidechains, taking into consideration the differing motivations and user personas of actors within Mysterium Network – [Consumer/ User; Provider/ Mysterium Node Runner]. 

1. Sidechains or alternative blockchains with bridges to Ethereum blockchain

These types of solutions are characterised by xDAI, MaticRSK (RSK is creating bridges into Ethereum, meaning that you can technically move Ethereum based assets onto this Bitcoin sidechain).

The main value proposition of these solutions is they are scalable, capital efficient and offer fast withdrawal into Layer 1. The main drawback is that validators control the network and are able to freeze and confiscate funds with consensus.

This make sidechains unattractive to DeFi (who lock hundreds of millions) offerings, while they remain relevant for a decentralized VPN use case such as Mysterium Network. This is due to the fact that DeFi carries with it different risks when compared to a dVPN.

Matic Network

The following two examples, Plasma and Rollups are different articulations of sidechains, built more specifically for the Ethereum ecosystem.

2. Plasma

Plasma is a framework proposed for scaling Ethereum using hierarchical sidechains. Plasma type sidechains (also referred to as child chains) allow a majority of transactions to occur outside of the Ethereum blockchain. Only deposits and withdrawals, and points of entry and exit are handled on the main blockchain smart contract.

To make sure that transactions are final, Plasma operators run a “state commitment”. This is a cryptographic method for storing a compressed version of the state of sidechain inside the Ethereum blockchain. This storage of a compressed version of the state impacts the user experience of Plasma as it makes it challenging for users to withdraw their tokens. Users are required to be both online frequently and to download data.

While offering significant speed (up to 1000 transactions per second) and latency improvements over Ethereum, Plasma cannot offer the near-zero latency and near-free transaction fees required for a decentralized VPN micropayments solution.

One of the differentiators, and drawbacks of Plasma as a Layer 2 solution is it allows users to leave the network at any time – an action referred to as “exiting”. This means that users can safely withdraw their funds from Plasma even if it is shut down by validators. But this has to be done in a certain period of time and done by everyone. Read more about the mass exit problem in Plasma.

Another drawback, Plasma is not 100% EVM compatible. This would mean any decentralized application building on Ethereum would have to update their smart contracts or it might even not be possible to build on Plasma

Dive deeper into Plasma and its potential applications within distributed networks in Mysterium Network’s Micropayments Whitepaper.

Plasma network

3. Rollups

Rollups are Layer-2 scaling solutions similar in form to Plasma in that a single mainchain contract holds all funds and a cryptographic commitment to larger sidechain state. This state is maintained by users and operators offchain, providing an independence from Layer 1 storage. This is the biggest scalability benefit of Rollups.

 

    1. Optimistic Rollups


      Optimistic Rollups are constructions which enable autonomous smart contracts on Layer 2 using OVM. Borrowing heavily from both Plasma and ZK Rollup designs, Optimistic Rollups trades of some scalability to enable running fully general smart contracts on Layer 2, secured by Layer 1.

      It promises an easy way to migrate existing decentralized solutions and services with a reasonable degree of security/ scalability trade offs. Karl Floresch goes into more detail on Optimistic Rollups and OVM.

    2. ZK Rollups


      ZK Rollups is a Layer 2 solution where data is placed onchain.

      With ZK Rollups operators generate Zero-Knowledge Proof (SNARK) for every state transition, making it impossible for operators to commit an invalid or manipulated state.

      ZK Rollups should theoretically be able to process up to 2,000 transactions per second. 


ZK Rollups solution differs from Plasma as it solves the mass exit problem, meaning that validators are unable to freeze funds and users have no time limit to move funds out of Layer 2 even in case of emergency This makes ZK Rollups a great fit for both DeFi or cold wallets for Hodlrs. 

Its most known application is Loopring, a next-generation high-performance decentralized exchange and payment protocol also focused on scalability.

The challenge with ZK Rollups is the fundamental limitation in transaction amounts [2000 transactions per second], with current real world implementation, Loopring, achieving 500 transactions per second. 

Also, while transaction costs are lower than Ethereum, they cannot in theory be more than 100 times cheaper than Ethereum’s transaction costs. Most like 20 – 50 times cheaper according to our math.

Also, ZK Rollups are the more sophisticated and long term answer. Which as always, will take a longer time to implement. 

zKRollup

4. Payment channels

We have written extensively about payment channels both within our micropayments whitepaper released in 2019, and in several of our more recent updates:

    1. Introducing micropayments on Mysterium Network
    2. MYST, Migration and Mainnet
    3. Mysterium Network begins token migration

TL;DR

Payment channels fuse together the technologies and methodologies used by other payment solutions such as State Channels.

With payment channels parties exchange digital value without committing transactions to the blockchain. Only channel opening and closing are logged on the blockchain.

To open payment channels both parties have to lock some funds into a multisig smart contract. This allows both parties to update channel balances without the fear that funds will be double spent or stolen.

As these microtransactions are “commitments” rather than on-chain payments, we drastically reduce the total amount of transactions sent to the blockchain.

We dive deeper into what payment channels are, and how we envision them functioning in our micropayments whitepaper. Read more.

How are payment channels different from Plasma, ZK Rollups and Sidechains?

Layer 2 solution

From a technical perspective, Plasma and zkRollups – all fall into a wider umbrella of sidechains. Sidechains are fundamentally different in nature from payment channels. We highly recommend “Evaluating Ethereum Layer 2 Scaling Solutions: A Comparison Framework” for a deeper dive into the distinct differences between sidechains.

In our comparison of Layer-2 solutions, we saw that while Rollups are great in terms of security and give significant scalability over Layer 1, they do not completely solve for the challenge of micropayments needed for Mysterium Network. They have a limit of 2K tx/sec, and they don’t give users instant finality. Also the transaction price is still too expensive for $0.001 transactions.

In the following section we will explain how payment channels, and more specifically unidirectional payment channels are the best fit for the peer to peer decentralized virtual private network use case in Mysterium Network.

Payment channels are different as they are:

  • Flexible – i.e. able to live on layer 3, or 2 
  • Cheapest solution when it comes to transaction fees.
  • Most scalable in terms of peer to peer payments.
  • Could be used for cross-chain payments (e.g. from one side-chain to another, or from Layer 1 to Layer 2).

Sidechains (broadly speaking to include Plasma and ZK Rollups) bring with them limitations on transaction amounts. Payment channels on the other hand, could be foundational to cross-chain interoperability as they allow payments to move from one chain to another without custody – with zero costs, and in seconds. Don’t take my word for it, hear it from Vitalik himself.

Unidirectional vs Bi-directional payment channels

Why unidirectional payment channels?

In the case of Mysterium Network, most network actors are either consumers or providers (nodes) of VPN service. Payments are always going in one direction. There is only a need for providers (Mysterium Nodes) to rebalance the payment channel and settle earned tokens on Layer 1. 

Bi-directional payment channels are more complex and do not give Mysterium Network’s use case much value. Also, thanks to unidirectional payment channels our consumers don’t need to have apps online all the time to ensure that their funds will not be stolen. 

 

Payment Channels as Layer 3, on top of Layer 2 

As we continued to take apart different Layer 2 solutions, we came to the same conclusion. Payment channels – as described in our micropayments whitepaper – should be on Layer 3. 

  • Consumers of VPN service need at least one onchain transaction to top up their funds. With payment channels on Layer 3, we can capitalise on cheaper channel openings (account creation) and top-ups on Layer 2. So adding $1 to your dVPN app account will cost users 2 cents, not 2 dollars. This would greatly reduce friction in onboarding new users.
  • Providers of VPN service need at least one onchain transaction once in a week or so to receive their funds. In payment channels, once the value of the offchain commitment is bigger than the channel size, a settlement onchain is required. By offering flexibility we can let providers choose whether they choose to settle on Layer 2, or Layer 1.

    Why is this important? Some providers may send their funds to DeFis or exchanges often, this will mean moving from Layer 2 to Layer 1 regularly. As such being on Layer 1 makes more sense for providers with this particular profile. 

In a world of zkrollups, payment channels can be used as bridges within networks. – Vitalik Buterin

In conclusion: Multichain, cross-chain and the future of interoperability

We did all that research to find a solution for our own problem. We believe that we found it! 

Just to recap:

  • Ethereum transaction fees are killers for decentralized applications and services which depend on cheap onchain transactions
  • ZK Rollups seem to be a promising Layer 2 solution, but unfortunately, it is new and smart contract support is only on testnet. We will need to wait for at least half a year or longer. 
  • There are good sidechains such as xDAI and Matic network, but no one knows which will gain mass adoption or how they will evolve. Being tightly connected to one blockchain is a risk to Mysterium Network, or any decentralized service. It may mean a hard and complex migration in the future. 
  • Payment channels are able to be used in cross-chain transactions – this means that consumers of VPN services can hold their wallets on Layer 2, while a provider is on a different Layer 2 or even on a Layer 1 blockchain. 

Mysterium Network will be deployed on multiple chains and we already are working on cross-chain payments support. We see this as the future for most payment channel-based solutions. 

Exciting updates to our roadmap and partnership announcements coming soon. If you haven’t already – Get Mysterium VPN: Free on Testnet.

Mysterium – now on uniswap 🦄

Mysterium integrates UniswapV2 and launches MYST liquidity pool!

Mysterium Network is fast approaching its launch on mainnet. This exciting event will allow all users to pay for privacy services using our native MYST token, which has not had its utility potential unleashed – until now. 

MYST is the token at the heart of Mysterium Network. It acts like digital fuel, serving various functions and bringing different network security and stability functions into Mysterium Network.

As stated in our founding whitepaper, MYST is a utility token. Therefore, providing liquidity for MYST prior to our dVPN launch has not been a focal point for the project. However, we anticipate that purchasing MYST may become a friction point for many new users who are keen to explore and use Mysterium VPN. Most of our users are not crypto-savvy, and may be unsure about where to begin or where to find the token.

Read: Did you know we’re upgrading the MYST token? Learn how to migrate your tokens here.

After collecting responses from a community survey, we learned that half of our current node runners prefer to receive their payments in Ether (ETH). Our survey has also shown considerable demand for payment settlements in Ether or stable coins. This is a feature we will look to implement in the future.

Our main focus is on growing traffic within the network, and in making it more resilient. We want to remove friction in our user journey, first for early adopters who hold crypto, and then to a wider audience. The large community of ETH and other ERC-20 token holders are a natural fit for Mysterium VPN. But they need an easy way to swap for MYST, creating a seamless onboarding experience.

To meet these requirements, Mysterium will be integrated with popular DEX platform Uniswap.

What is Uniswap?

Uniswap is a decentralized exchange. A decentralized exchange (DEX) is a peer to peer marketplace for cryptocurrencies that involves smart contracts instead of traditional third parties, such as brokers. It allows users to trustlessly swap Ethereum-based tokens. You can swap your tokens directly with other tokens supplied by their liquidity pools. 

A platform like Uniswap is just the interface for accessing these liquidity pools. Instead of a traditional order book, Uniswap pools all tokens into smart contracts, and users trade against these liquidity pools. Liquidity pools can be funded by projects or by users themselves, which are often rewarded with a percentage of the fees generated from all trades. Anyone is able to swap tokens, add tokens to a pool, or create a new pool (list a new token) on Uniswap. 

With decentralised exchanges, the process of trading is automated by smart contracts. You don’t have to have an account with the individual DEX platform – you just link your preferred wallet which signs and executes the transactions. 

How will the integration improve your experience?

We have created a liquidity pool for MYST on Uniswap. We’ll then integrate this pool with Mysterium’s backend, so it connects to our payments protocol, Hermes. Hermes is Mysterium’s native payments infrastructure which enables P2P transactions between all users (service providers and their customers).

Our service providers (node runners) will also be able to choose whether their payments are settled in MYST, or swapped directly into ETH, with a click of a button. This can also be done automagically, with settlement features that allows nodes to set certain thresholds which settle automatically when they are met. In the future, DAI will also be available as a payment option.

On the user side, this integration enables us to onboard broader communities into Mysterium Network. New users will be able to send ETH (or an ERC-20 token of their choice) to their Mysterium account, and receive MYST almost instantly to begin paying nodes for their services straight away. This means that a user won’t necessarily need to know what MYST is to use Mysterium Network. 

The MYST community is invited to provide liquidity to the Uniswap pool. This also provides an opportunity to earn a share of all fees from trades made through the Uniswap pool. 

In the future, we plan to integrate with other DEX platforms like Changelly to help connect BTC and other blockchain communities into Mysterium Network.

Ready to dive into MYST liquidity pool?

Excited about Uniswap x MYST? So are we. You’ll be able to provide liquidity yourself or simply swap your ETH for MYST ahead of our launch. 

Mysterium Network wouldn’t exist without its committed community of node runners and users. For this growing community of netizens committed to keeping the internet free, we are endlessly thankful. Interested in helping? Find out how you can run a node.

If you haven’t already, check out Mysterium dVPN available for Windows, Mac and Android. All our client applications are currently in testnet – so are currently free for a limited time. Try them out!