[Proposal] Improvements in the Permissionless ITO launching process

Overview

Mask Network has been actively practicing and exploring the possibilities of ITO (Initial Twitter Offering) since we announced the upgraded rules of ITO in April. We introduced "Permissionless ITO" and "Community Choice ITO" for interested users and projects in that update, and are constantly seeking solutions that will improve the user experience.

ITO was originally designed to be a fully permissionless function that is free and open to anyone. However, we have also found and foresee more scammy activities around the ITO that'll potentially cause loss of our users.

Proposal

In order to avoid such loss and at the same time create more value and use cases of the $MASK token, we are proposing a $MASK deposit requirement for Permissionless ITO launching. The deposit will set a threshold to Permissionless ITO, and be the precautionary act if the launched ITO is found to be scammy later. More details about the deposit could be further discussed on the Mask Forum (https://we.mask.io) after it goes online.

Note: Projects that plan to do a "Community Choice ITO," but do not pass the vote by either ITO Review Committee or the Mask Network community Snapshot vote, could also deposit $MASK (pending the voting result) to launch an ITO. The Snapshot vote will last for 48 hours, and all $MASK holders could vote "Yes" or "No" on whether we should set a $MASK deposit requirement for Permissionless ITO launching.