Dear MassBit community,
This newsletter will be covering recent events, updates to our road map, and community events for MassBit in the month of September, 2022. September was a very emotional month for the MassBit team. The month saw huge developments, both technically and within the Web3 community, and we can’t wait to share all the exciting news this month with you.
Web3 Foundation Grant
In the most exciting news of the month, MassBit has officially received the Milestone 1 grant from the prestigious Web3 Foundation Grant Program. The grant ($35,000) will be used to accelerate product development leading up to mainnet, specifically the optimizations of the core functionalities of MassBit Route.
The grant application process allowed us to work closely with Polkadot, the foundation’s flagship protocol to showcase the MassBit networks infrastructure capabilities on a leading Web3 blockchain platform. During the intensive application process for Milestone 1, we were able to show core network functionality, with over 150 nodes running in 5 regions. Going forward our goal now is to improve network reliability and speed by expanding the network and improving the verification process for new Nodes/Gateways, as well as the traffic routing mechanism for maintaining network efficiency as the network grows.
The grant is a monumental achievement for our team and a verification of the hard work and underlying technology we are developing.
Near the end of the Month, MassBit co-founder Minh Doan, was able to make an appearance at the TOKEN2049 event in Singapore. The event is a leading global crypto event led by key entrepreneurs, investors and developers working in Web3.
The event was a great opportunity following the W3F grant to showcase the current state of the project, creating some exciting new opportunities for cooperation and collaboration with other leading Web3 projects.
MassBit Community Reaches New Heights
The official MassBit Twitter has now reached 21,000 members. Overall, the month saw promising community growth, as both the MassBit Twitter and Discord continue to grow organically with tons of engagement. Web3 projects reach beyond their decentralized technical networks and allow new and exciting opportunities for online communities to grow. Your feedback is what motivates us and we’re so pleased to see such support across all our pertinent social media platforms.
Working on the Web3 Foundation grant application was a great opportunity to find the strengths and weaknesses of MassBit Route. Since completing Milestone 1, we have made some key improvements that are bringing the network closer to our desired vision.
Recently, we have completed the upgrade of the MassBit Route Core environment on September 28th. The network is now ready to verify/approve the new Nodes/Gateways running the new code base. Previous Node/Gateways can start a new Node/Gateway or update their code base to use their existing infrastructure.
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