MYST is the digital fuel that powers transfer of value and staking mechanisms within Mysterium Network. MYST is now available for trading on Bittrex Global. We’re also listed on Uniswap and HitBTC.
What is MYST token?
MYST is the native utility token at the heart of Mysterium Network. This cryptocurrency acts like digital fuel, powering various functions and applications, like the Mysterium dVPN, while keeping the network secure and decentralized.
MYST is a token that fights internet censorship and keeps the web world-wide.
The MYST token serves two purposes
Transfer of value
MYST is the network’s reserve currency.
If you’re using Mysterium VPN as a user, you can pay with MYST token. If you run a node (provide VPN service) you receive MYST.
Skin in the game
Users and nodes will need a little MYST to receive and verify their unique identity in the network. Once you receive your ID/address, you can start to receive and send payments.
By committing a little financially, you prove you have skin in the game. This also discourages spam accounts and protects the network against DDoS attacks.
How do MYST payments work?
Mysterium has designed its own unique P2P payments infrastructure, the Hermes protocol. Hermes Protocol facilitates the network’s fast, anonymous and censorship-resistant micropayments on a global scale.
MYST is the utility token native to Mysterium Network. You can pay for, and receive payment for VPN services in Mysterium Network with MYST.
In early 2017, Mysterium Network founders envisioned a future where users all over the world would be able to access information freely. From this, the concept of decentralised VPN (dVPN) was born.
In May 2017 a token sale was performed on BitcoinSuisse. The token issued during the TokenCreation is known as the Mysterium Token or MYST. This is the only time that these tokens were created. No future MYST will be created. As such, the total supply of MYST is fixed.
|Token sale start date:||30/05/2017|
|Token sale end date:||30/05/2017|
|Token price during funding:||1 MYST = 1 CHF|
|Crowdfunding hard cap:||14,000000 CHF|
|Amount of funds collected via Crowdfunding:||13325693 CHF|
|Total supply:||32 433 365 MYST|
|Circulating supply is dynamic, due to the upgrade of legacy MYST (pure ERC20) to new MYST (ERC20 with permit: 712-signed token approvals). Circulating supply is the total number of migrated tokens to the new 0x4Cf89ca06ad997bC732Dc876ed2A7F26a9E7f361 address.|
|Funds allocation:||Treasury 15,00%|
|Part of MYST supply was reserved for the future as an additional fundraising mechanism for the Mysterium network project to continue development. Tokens reserved for future funding were locked for 12 months, after which they were sent to a multi-sig-wallet belonging to Mysterium Foundation. You can find the detailed tokens allocation in our whitepaper.|
Mysterium team hasn’t collected information except for email addresses from contributors.
Everyone interested was able to participate in the token sale, except for US citizens.
Mysterium Network underwent a soft network fork in early December. Both nodes and users will be upgraded onto Testnet 2.0. You can see more details on our upgrades here.
MYST tokens will be actively used after this soft fork. To this point, we have been running an incentivized test network but paying out incentives from Mysterium. MYSTT – a separate test token – was used in the network on our Testnet.
This step is one of the first that will take us towards peer to peer payments in MYST. We forked the network so as to implement payment integrations and allow end-users to pay for service consumed.
MYST token does not give any voting rights.
MYST tokens are not backed by, pegged to, or redeemable for any other asset.
Mysterium does not provide staking or any other options of earning MYST tokens, except for by providing VPN services for Mysterium dVPN and other client applications on our network.
The integration of payments in MYST will create and maintain demand for our tokens, so we expect an increase in trading volume, token price and overall liquidity in the main markets. No buybacks or burning of tokens are planned.
Mysterium Team will not manipulate the market to artificially inflate or deflate the price or influence the behaviour of the market to gain financial benefits.
Already hodl MYST? Then you’ve come to the right place.
Mysterium has started upgrading its token to MYSTv2.
While there will be no time limit for migrating tokens, please be aware that only the new token standard will be used in the Mysterium Network payment system and actively traded on exchanges.
Find out how to migrate your token.
MYST is a type of cryptocurrency known as a utility token. This means it serves a specific purpose as a native digital currency within a particular network or platform.
In this instance, MYST enables peer-to-peer transactions within the Mysterium Network. Instead of paying a regular VPN service to unblock websites and apps, you can use MYST to pay people around the world when you connect to their IP address.
MYST is an ERC-20 token and can be stored in any Ethereum wallet (MyEtherWallet, Metamask, Ledger, Trezor, etc).
MYST is also compatible with the ERC-2612 token standard.
A decentralised VPN is an open, peer-to-peer marketplace that is permissionless (meaning no intermediary and anyone can join). It enables anyone to run a node and rent their unused bandwidth and IP address to those in need. Nodes replace the traditional role of a server. Users can select from this global list of residential IPs located all around the world, allowing them to unblock content. Users pay nodes for providing this VPN service for the time or bandwidth used.
Thanks to this peer-to-peer (P2P) architecture, it’s technologically impossible for us to log your browsing activity or data (unlike regular VPNs). There are also no contracts, no subscriptions, and no locked-in costs. You can switch on and off whenever you need, and only pay for what you actually use, minute by minute.
Just like Bitcoin and other cryptocurrencies, MYST tokens are censorship-resistant and pseudo-anonymous by default. Instead of regular fiat money, where governments control the supply, a cryptocurrency acts like universal internet cash. It is borderless and nationless, as it can be ‘minted’, owned and used by anyone.
Cryptocurrencies have helped forge new online communities, like Mysterium. Peers within a distributed network like ours can easily share resources with each other, such as storage, computing power and even privacy. Cryptocurrency provides a way for all these participants to interact and trade with one another without trusting each other and without third parties being involved (permissionless).
In this way, we can leverage cryptocurrency to enable fast, cheap and anonymous transactions between these peers.
If you’d like to use the Mysterium VPN, you can top up your account with a range of other cryptocurrencies such as Bitcoin, Litecoin and Ether. These cryptocurrencies will be automatically converted into MYST behind the scenes.
All nodes will receive their payments in MYST. MYST can be manually converted into your cryptocurrency of choice.
Beyond its use as a transfer of value, MYST is a representation of your active involvement and intention to participate within Mysterium Network. In this way, MYST enables more than just P2P payments. When network actors have “skin in the game” they help increase the overall security of the network, protecting against various types of attacks.
It also establishes a community around a purpose, so the network can grow and evolve with its token holders.
Migrating a token is simply upgrading the smart contract of that token (its “standard”). In the case of Mysterium, we are migrating from the ERC-20 to the ERC-777 token standard. This is a 1:1 token migration so there will be no new tokens created.