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MassBit Receives Grant from Web3 Foundation

MassBit recieved grant from Web3 Foundation

MassBit has been awarded a grant from the Web3 Foundation to develop MassBit Route, a decentralized API service built on a Substrate framework. MassBit has the vision to build a decentralized, user-operated, and governed Blockchain Distribution Network. 

The MassBit Route network will be powered by Providers, who stake MBT tokens to secure the network. Consumers can then exchange their tokens for global access to decentralized blockchain APIs. MassBit Route aims to create a tokenized economy and decentralized environment for everyone who wants to provide access to L1/L2 blockchain nodes, as well as enable connecting to block resources in a decentralized fashion.

Blockchain infrastructure-as-a-service (IaaS) providers have helped shorten DApp development time but at the cost of true decentralization. MassBit Route eliminates single points of failure by creating a decentralized global network that allows DApps access to the nearest blockchain data source with optimal response time. 

Why the Web3 Foundation?

Working within the Polkadot network provides MassBit with a unique opportunity to showcase the decentralized API infrastructure service by utilizing the security, scalability and decentralization of Polkadot. This “blockchain of blockchains” creates secure and scalable ecosystems where multiple parachains can interact with each other. Polkadot is helping to bring a number of new innovations and approaches to web3 development, and this Web3 Foundation grant provides MassBit the opportunity to accelerate development within an established ecosystem.

Comment from Web3 Foundation team, MassBit Grant Application
Comment from Web3 Foundation team, MassBit Grant Application

Currently, the network has over 2000 registered nodes, creating a diversified network of independent blockchain RPC nodes and Web3 applications servicing each other. The foundational software design and network structure of MassBit Nodes and Gateways allows for easy integration with upcoming layer 1 protocols, layer 2 solutions, and other parachains. When there is demand for a new type of blockchain in the MassBit Route network, new blockchain integration can be done in a short time. 

In the short term, the focus is on optimizing and improving the efficiency of the core functionalities of MassBit Route. We will open testnet with unofficial MassBit token to allow active community members to experiment with the MassBit Route network. This also helps our team to patch any bugs or issues from the design and implementation. For example, in Milestone #1 we placed Fisherman in each region to monitor network performance by measuring Round Trip Time (RTT) and network bandwidth from the Fisherman component to the new Node/Gateway. This approach is not optimal, and was meant to test the functionality of all MassBit components together. In Milestone 2, the Fisherman component will be modified using the performance metric observed from Testnet, using a Substrate Off-chain Worker to allow the community to operate the component under the Proof of Authority concept, providing true decentralized node approval while simultaneously increasing network stability. 

Once MassBit Route achieves stability and efficiency at an early stage, it will have a solid foundation to attract DApps to migrate to MassBit Route API and more Node Providers worldwide to come and service the network. DApps and strategic partners are onboard and offered to use dAPI from MassBit Route launched testnet. We will collect feedback/performance metrics and improve the product from the End-user/Consumer standpoint.

In the long run, once we reach the stability of global MassBit routing performance and fair token distribution from Consumers’ deposit fees to Node Providers, we will focus on expanding the MassBit Route ecosystem by integrating the network with parachains and major L1/L2 that have a large number of transactions and data usage. As we approach Milestone 2, further documentation will also be released to explain MBT token usage and reward distribution mechanism along with official guides for node operation, routing mechanism and Node/Gateway performance metric requirements for MassBit mainnet. 

The MassBit team chooses to build on the Substrate framework and utilize its flexibility to add more utility to MassBit Chain. When we reach a large network with node providers that span many different parts of the world with quick access to mempool, it will be a good opportunity for MassBit to expand the feature scope to Defi Trading, such as determining the gas price to win a gas auction, future block mining and oracle integration.

Web3 Foundation Grant Milestone 1
Web3 Foundation Grant Milestone 1

For more articles: MassBit 101 — Web3 Single Point Of Failure

About MassBit Project

MassBit provides fully decentralized solutions for Defi and Web3 App project development. Currently, MassBit has 4 products in the stage of development; MassBit Route, MassBit Multi-chain Indexing, MassBit Prime, and MassBit Insights. MassBit enables DeFi and Web3 App development to be faster, more stable, scalable, and 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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*For more information regarding the details of the grant, including the full Grant Proposal, please visit: https://github.com/w3f/Grants-Program/blob/master/applications/MassBit_route.md

*For information regarding the Milestone 1 evaluation, please visit: https://github.com/w3f/Grant-Milestone-Delivery/blob/master/evaluations/MassBit_1_takahser.md

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