With a total of 800,000 users, Pawoo.net is currently the second largest instance on Mastodon.
According to a blog post, the company Social Coop Limited, which is affiliated with the Mask Network, a protocol that enables users to send encrypted messages and cryptocurrency transfers across social media, has acquired Pawoo.net, which is one of the largest instances/servers on the social media site Mastodon.
According to the blog post, the new team will take over operations on December 21, despite the fact that the cost of the acquisition has not been made public.
Pawoo, which is located in Japan and has approximately 800,000 users, is the second largest instance, which is another term for an internet server, on the social networking platform Mastodon.
Since Elon Musk took over Twitter in October, Mastodon’s popularity has skyrocketed in a hurry. Musk restricted users who promoted Mastodon and other social media websites, a decision that he later admitted “was a mistake” during a Twitter spaces on Wednesday. This decision caused a great deal of controversy.
According to Crunchbase, Mask Network has raised nearly $50 million from investors since it was first launched in 2017. The company has stated that the acquisition will assist in the building of a “decentralised social network and a free, open internet.”
According to CoinMarketCap, the native token of the Mask Network, known as MASK, is currently trading at $2.28 after experiencing a decrease of 1.08% over the past twenty-four hours.