Find out some interesting and fun facts you might not have known about the MassBit project.
In early 2021, MassBit entered the crypto world by exploring the boom of DeFi and NFT protocols. Minh Doan, the Co-founder of MassBit, could see the potential and challenges in revolutionizing web3 app development.
With MassBit entering the global market in 2022, let’s take a look at some of the lesser-known aspects of the company.
What is MassBit?
MassBit will be the world’s first fully decentralized solution to make Web3 applications and DeFi project development work faster, with stability, reliability, and with less associated costs.
MassBit provides fully decentralized solutions for Defi and Web3 App project development. Currently, MassBit has 3 products in the stage of development; MassBit Route, MassBit Cross-Chain Indexing and MassBit Insights. MassBit enables DeFi and Web3 App development to be faster, stable, scalable, and more cost-effective.
The powerful ‘glue’ holding together and supporting all the products is the MassBit Verification Protocol, which is based on Proof of Stake. We discuss this protocol more in length below, however, in short, it incentivizes those working within the system to verify each other’s work. The verification of other nodes, gateways, or indexers gives rewards or penalties for the mistakes to each individual or entity. From that, the protocol ensures the whole network’s health.
1. That Being Said, Yes MassBit Supports Multiple Blockchains
MassBit’s vision is to be able to support all the major chains, which will enable 1000s of projects to gain development momentum and open up many new possibilities.
MassBit Route, for example, will enable communities to run nodes and gateways on Ethereum, Near, Solana, Harmony, Binance Smart Chain, Polkadot, Avalanche, Fantom and Polygon when the Testnet is launched. The decentralized nature of MassBit Route means that networks will communicate quickly, stably, and thus reliably, all at a fraction of the cost of centralized networks.
MassBit Cross-chain Indexing on the other hand is essential to DeFi and Web3 app development. Massbit provides the infrastructure to index data from different blockchains, including Substrate, Ethereum, and Solana, which are in the dev environment of the product. MassBit also supports indexing logic in different languages such as Rust, AssemblyScript and TypeScript.
2. The MassBit Founder Also Co-founded Harmony ONE
Minh Doan helped launch Harmony ONE after leaving Google. Harmony ONE became a unicorn, and one of Minh’s missions after returning to Vietnam from Silicon Valley was to launch the next unicorn out of Vietnam.
When Minh witnessed the boom in DeFi and Web3 protocols happening at the beginning of 2020, he saw immediately the issues that would hamper the growth of the industry – namely scalability and interoperability. So he hired 5 developers in the beginning, which quickly grew into a global team, spanning Vietnam to America. To tackle these aforementioned Web3 issues, MassBit was born.
3. Developers Can Join the MassBit Network, Contribute and Monetize Their Work
By joining the MassBit platform, developers can work and earn MassBit tokens. There are numerous ways to be rewarded within the ecosystem, depending on the role of the product that each person or entity wishes to perform.
Nodes in MassBit Route will be paid for providing data from API bases, whereas a Gateway Manager (as the name implies) manages gateways in their localized community, routing API traffic to the fastest gateway with the highest score, calculated by geolocation and server resources.
There are also roles in Massbit’s Cross-chain Indexing, such as becoming an indexer, which also garners rewards for completed work. As the MassBit community grows, the company’s token will also increase in value, which simply means more wealth for all of those who work with the platform.
To learn more about these two products specifically, head over to MassBit.io
4. Web3 App Development Greatly Benefits from MassBit Products
When we mentioned previously that Massbit helps Web3 app grow much more easily, reliably and more cost-effectively, you may wonder how that is.
Taking Cross-chain Indexing – currently, if a dev team wants to develop their project on a single blockchain, they first have to build a pipeline of work to ensure that their project will work. The pipeline to query data includes running a node, reading and filtering raw data, indexing the data and storing it in a database, then building a serving service. This is a lot of work and can take months to complete – and runs the added uncertainty as to whether the pipeline will work too. But by using MassBit Cross-chain Indexing, a dev team only needs to choose their preferred chain, make the query request and receive the important data that they need, immediately.
With MassBit Route, the Web3 app and DeFi projects can utilize a powerful D-API solution. With its global node network, caching content, and improving route paths, MassBit Route users will see faster response times. The cost itself is over 30% lower when compared to centralized solutions and as each node within the network is running the chain, there are fewer security risks and no single entity is allowed to profit off of user data.
5. MassBit Verification Protocol Runs Behind the Scenes on all Products – and It’s a Massively Powerful Tool
MassBit Verification Protocol is an incredibly powerful tool. When people sign up to host a node, a gateway, or become an indexer, depending on the role and product they choose to work within, they immediately they become subject to the protocol. This protocol gives economic incentives to those working on the same job to check and verify each other’s work. By each node or gateway checking and verifying each other, bad actors will be easily caught and penalized for trying to game the system. The MassBit Verification protocol ensures network health and safety.
6. MassBit Has Launched MBR Testnet Phase I – Testnet Phase II Is Opening
MassBit Route has launched the first Testnet in Q1 2022. You can read about the MBR Testnet Phase I here!
In the Testnet Phase II, we will test more new features such as Staking and increase the number of nodes/gateways in the system. Especially now, anyone can join Testnet and become part of the MassBit Route network.
Join MBR Testnet Phase II: https://massbit.io/
More information: https://docs.massbit.io/massbit-route/testnet-phase-ii-opening
7. MassBit Community Is Growing
MassBit delivers real value to developers and projects working on any type of Web3 App, as well as to the community who enjoy the decentralized nature of crypto, DeFi, or NFTs.
As such, MassBit actively wants people from all walks of life to join the MassBit community, engage in constructive dialogue, and grow with the company. MassBit will have a new and exciting campaign directed to community engagement starting this month! Make sure to be on our Discord to stay updated!
MassBit provides fully decentralized solutions for Defi and Web3 App project development. Currently with 3 products in the stage of development, MassBit enables DeFi and Web3 App development to be faster, stable, scalable, and more cost-effective.
The powerful ‘glue’ holding together and supporting all the products is the MassBit Verification Protocol, which is based on Proof of Stake. The protocol incentivizes those working within the system to verify each other’s work. The verification of other nodes, gateways, or indexers gives rewards or penalties for the mistakes to each individual or entity. From that, the protocol ensures the whole network’s health.