MassBit is thrilled to share that by utilizing a great AMA session opportunity, Our Marketing team has successfully represented and spread awareness about our products among the FXCE Crypto Community in Vietnam.
The session was held in three parts: introduction, answering pre-selected questions from the FXCE Community and live Q&A. If you missed this insightful session, here’s another chance to get a glimpse of all that transpired during this session through this AMA RECAP.
*Note: This is a translated version from Vietnamese to English.
About the FXCE Crypto Community: It is a thriving community of blockchain and cryptocurrency enthusiasts from Vietnam. It was created in affiliation with the FXCE Financial Ecosystem.
Part 1: MassBit project introduction
Uyen: First, everyone, please introduce yourself to the FXCE community.
Khoi: I would like to introduce myself a little bit. I joined the team in 2021 as MassBit’s Digital Marketing Specialist. I am currently in charge of the company’s news activities. I am glad to have the opportunity to share with everyone about MassBit.
Joining today’s session, is Kate, the Marketing Manager, and Mr. Hoanito. He will help everyone understand more deeply about MassBit’s technology.
Hi @katedaynee, please introduce yourself so that everyone can get to know each other.
Kate: Hi everybody. I am currently the Marketing Manager of MassBit, in charge of marketing and partnership activities. About myself, I have been working in marketing for about 5 years, have experience from mainstream to crypto, and built a global platform product. With crypto, I am a trader and used to work in Project Seed and Coin68.
Sincere thanks to the FXCE team for allowing Kate and the team to connect with everyone here.
Hoanito: Hello, everybody. Hoanito is currently a DevOps Engineer at Codelight and is working with the MassBitRoute development team.
I am responsible for automating the verification process (test and validation) of the MassBitRoute product. This will ensure efficient development cycles of MassBitRoute along with the ability to help the team detect problems or bugs in the system before introducing new features onto the MassBit network.
I had the pleasure of talking to the FXCE team today and hope to share some useful information about Massbit products.
Uyen: Welcome Mr. Hoanito, Kate, and Khoi to the AMA. As far as I know, MassBit is led by a person with an extremely impressive profile in the industry. So can the Massbit team introduce a little bit about the founder of this project?
- I would like to introduce a little about the background of Mr. Minh Doan, the Founder of the MassBit project. Minh Doan was a Ph.D. candidate in Computer Science, having worked in Silicon Valley for more than 11 years. He also worked at Google for 5 years as a Tech Lead.
- Minh Doan has participated in founding a number of very successful startups, specifically Harmony One, which has now become a unicorn with a value of up to 4 billion USD.
Uyen: Wow excellent, this level of experience must be very valuable and useful in the process of development of the project. Recently, the community has also learned about Massbit through the FXCE Crypto channel. Hoanito, Kate & Khoi let’s share more about the project information so that everyone can understand it better.
Khoi: Thank you Uyen, to begin Khoi would like to briefly introduce MassBit.
- Launched in early 2021 MassBit is a blockchain infrastructure project. We aim to accelerate development and make blockchain more accessible to everyone. With a team of experienced developers, we believe that MassBit will succeed in the future.
Uyen: So as a Blockchain infrastructure project, what are the problems MassBit will solve? Can you share it briefly, Kate and Mr. Hoanito?
Kate: Ok Kate will share first.
- In 2021, there was an explosion of web3, DeFi, and NFTs showing the potential and challenges in developing Web3 applications. Seeing that opportunity, MassBit was founded with the mission of solving existing pain points and making web3 and DeFi development faster, easier, more reliable, and ultimately cost-effective.
- In the Web2 world, we have a content distribution network (Content Distribution Network) that allows large amounts of data such as stream data, videos, files, and web content to be delivered to end-users quickly.
- The CDN service is provided by the major players in the market like Akamai, Cloudflare, AWS CloudFront and they control the entire content delivery servers.
- In Web3, decentralization is key and no party should be able to control the entire network. Massbit Route aims to solve the centralization problem of traditional CDNs by forming a network managed and operated by users.
- User-operated nodes around the world will work together and ensure blockchain data requested by dApps is delivered to end-users in a timely manner.
Uyen: I can see that MassBit has a pretty clear orientation about its products and goals. To be successful, MassBit cannot ignore the adoption of a certain community group. So, who are the customers that MassBit aims to serve?
Kate: Very good question! MassBit serves 3 types of customers.
- 1st are developers, you can join MassBit’s network to run nodes and gateways.
- 2nd are web3 apps, which can be understood as blockchain projects, which are also MassBit’s customers. MassBit will make web3 work with blockchain faster, more efficient and less expensive.
- In addition, the 3rd type of customer is also very important for MassBit, they are the community members. Community members delegate tasks to developers to run nodes, and gateways in the product, participate in marketing programs, and many other activities in the MassBit Discord.
Uyen: Wow, can the team explain more about the difference between Nodes and Gateways and their role in the network?
Kate: Sure. Let Kate explain a little more clearly.
- Nodes and Gateways are two important components in the network of MassBit Route.
- Where nodes are community nodes that receive blockchain API requests from the community gateway, and then forward those requests to users’ blockchain nodes (web3) for processing.
- Gateways are community-run Massbit nodes, responsible for caching and improving the route from decentralized/Web3 applications to the nearest community nodes for better timekeeping and optimized response time.
Uyen: On Discord, I see MassBit is planning for the Verification Protocol to become Layer 1 in the future. Does the team have a specific plan yet? Also, can anyone share the key milestones of the project going forward?
- About the vision to become Layer 1. MassBit will focus on developing and improving the MassBit Verification Protocol and products in the MassBit ecosystem, and then build the project’s own blockchain network to become Layer 1 in the future.
- Regarding the specific plan, the team will update everyone with the roadmap this month. Currently, if everyone does research, you will see that the new roadmap has not been updated yet. Only the milestones of MassBit.
- By the way, Khoi also wants to update everyone, that MassBit has just launched MassBit Route – 1 of 3 products – Testnet Phase 1 and is preparing for Testnet Phase 2 in late April or early May. Everyone remember to follow MassBit’s Discord to stay updated!
- In this Testnet, we aim to have people running Node and Gateway join the system. Details will be announced and updated soon on the project’s information channels.
Uyen: Exactly, a few members of FXCE’s Crypto Research team are also participating in the Testnet Phase 1 in supporting MassBit. Uyen and FXCE are both looking forward to seeing many more successful milestones of the project.
Part 2: MassBit answers pre-selected questions
Question 1: What makes MassBit’s products different from other developed projects in the market, especially compared to the project’s main competitors? For example The Graph?
Kate: Interesting! First, we must talk about the vision of MassBit, and then the market players, then the difference of MassBit.
- As mentioned above, MassBit develops 3 products and Protocol to make the product more powerful. The protocol is based on the Proof-of-Stake algorithm and in the future, the team will build to layer 1.
- Regarding market players with 3 MassBit products. With MassBit Route, it is Pocket Network, Blox Route. With the second product, Cross-chain Indexing, one of the competitors is The Graph. Each product has well-known competitors.
- Compared to The Graph, MassBit aims to solve all the problems that web3 is facing, not just Indexing. Maybe The Graph is developing a lot now, but the MassBit team hasn’t updated it yet
- In addition, based on MassBit Verification Protocol, MassBit can develop other products such as Oracles. Another point is that we deploy multichain, currently Ethereum and Polkadot in Testnet Phase 1.
- Regarding deploying other blockchains, depending on the needs of users, we will index the substrate chain of Ethereum and Solana in turn as mentioned in this article: https://blog.MassBit.io/7-things-about-MassBit-you -might-not-know/. Finally, we will build our own blockchain network which will make it easy to upgrade without a hard fork.
Uyen: I’m quite impressed because MassBit is very confident when it comes to its ability to compete with existing competitors. Everyone can follow @FXCEResearchHub to update FXCE’s in-depth studies on MassBit in the near future!
Question 2: As far as I know, MassBit is going to issue $MBT tokens, and there are no plans for a public sale yet. What use will the token have in the Massbit ecosystem?
- Massbit’s goal is to build a completely decentralized blockchain CDN network for web3 and decentralized applications. Therefore, the team wants to encourage more users around the world to participate in MassBit to stake and maintain nodes in multiple geographical locations, to make the network safer and more reliable.
- To that end, the MBR token will be a tool for building network/user effects and helping with network governance and reliability. Massbit network will perform best when there are as many NFT games or dApp (consumer) developers and Massbit network participants as possible.
- Massbit network participants act as operators and service providers. They will stake tokens for active Massbit nodes to receive token rewards.
- Developers are users of services from service providers and will pay fees in MBR tokens. Tokens paid from consumers will be distributed to providers according to the corresponding staking ratio.
Question 3: Almost every investor just focuses on the price of tokens in the short term instead of understanding the real value of the project. Can you tell us the motivations and benefits for investors to hold your token in the long term?
Kate: Very interesting question from a long-term investor. Kate appreciates this question very much.
- If people look at vision and MassBit products, people will see that it takes a long time to achieve those goals, not the price of the token in the short term.
- To do that, the team is determined to do the first product well for developers to join the network and get benefits, to open the network for a large number of web3 participants to use. Then there are products 2, 3, and layer 1. The concept of Team MassBit is very simple, a project has value in the long run, meaning that the people who participate in the project receive value in the long run. Here, the project participants are developers, web3 and community members. That is MassBit’s long-term direction.
- As for the motivation for you to keep tokens in the long-term when MassBit is released, Kate thinks it depends on your taste and investment plan with the amount of capital you have, to create a specific strategy for each token in the market. Including MassBit token
Uyen: Okay Kate. It’s really worth looking forward to, isn’t it everyone?
Question 4: The 4th question is related to one of the current trends in Cross-chain “Is the project currently developing cross-chain on wallets? And what is the execution time?”
- Currently, MassBit is focusing on completing the MassBit Route product, and will do so when the MBR product is stable. So information about this feature will be announced and updated later.
Question 5: Hi team, I want to ask a question about Portal Manager. In the architecture of MBR, I see Portal Manager (PM) as the center to manage entry points. This part I see is running in a centralized architecture, so How can Massbit protect the PM from DDOS attacks? Obviously, if the PM is hacked, the system will be inoperable.
- When consumers want to call the blockchain API through the Massbit network using HTTPS or WSS, they need to deposit an amount of MBT tokens.
- Each API call made by the consumer will be charged from the token deposit. That fee will be divided among the service providers who run the node/gateway and stake the MBT token.
- Therefore, actors with malicious intent when performing DDOS attacks will need a large amount of MBT to create congestion in the MBR network.
- And providers with strong hardware resources that can handle DDOS traffic will be rewarded for maintaining network availability and stability.
- MBT token will be the main component to ensure the balance and safety of the Massbit network.
Uyen: Thank you Hoanito, Kate and Khoi for the details about the project. At the end of this section, Uyen would like to open chat again so that our community and the team can directly communicate for 5 minutes.
Part 3: Live Q&A with the community
Q – Minh Khanh: I have a question: “How to receive Tokens in MassBit’s Lucky Draw program”
A – Khoi: Hi Khanh, the list of winners will be announced on MassBit’s Discord, along with the rewards will be transferred to the winner’s Discord account, join by clicking here!
Q – Miley: Currently, 1 Node only supports 1 data source, in the future, 1 Node will support multiple data sources or not? Because I see that Node acts as a proxy for requests to the data source, it will be very light and consume few resources. Using 1 Node/1 Data source will require a lot of Nodes and lead to difficult management.
A – Hoanito: Currently, a Node will proxy into a data source, and the Node’s request and storage configuration are not too much, enough to proxy traffic. Currently, the team is implementing simulated stress testing internally to ensure the network serves requests < 1s. As for multiple data source support, it’s still technically possible. However, the team will consider how such an implementation will benefit the provider and the network. Thank you for your question.
Q – Ken: Hello team MassBit, I think everyone will want to learn about the minimum specifications to run a node/gateway on MassBit and how to apply, can the team share it for everyone to know.
A – Kate: Thanks for your question. As soon as the testnet phase 2 announcement is released, the massbit team will publish information about the minimum specifications to run the node/gateway. Details will be updated on https://blog.massbit.io
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.
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