We’re only a month into the new calendar year, but there is a special feeling at MassBit and within the MassBit communities. 2022 was a challenging year, both in the levels of excellence and product development we held ourselves to, along with the general global economy dealing with large contractions and consolidation in every sector.
Well known American investor manager James Chonos once said, “The only thing I do know is that from chaos comes opportunity”. 2022 was a year focused on building, with MassBit showing great resiliency and community growth, even as the market struggled, with some key upgrades implemented to the networks code-base and UI/UX design, and a better reward mechanism implementation.
New version of MassBit Route is under development
During the first Twitter Space of the year, we provided some key updates regarding our flagship product, MassBit Route. First, we continued with the UI/UX design overhaul we began in the 4th quarter of 2022, with a more clean and informative dashboard that provides every detail for providers to monitor.
MassBit Route user optimization was increased, with a cut-down and easy to interact with UI that makes Node/Gateway creation more streamlined. Additionally, the updates included some key security features.
Fiat based payment system
2022 saw one of the deepest declines in general public sentiment towards web3 and crypto, attributed mostly to centralized projects that didn’t adhere to the basic principles of web3. These projects did not believe in fairness, decentralization or self custody. These collapses sent a ripple effect throughout the sector, emphasizing the need for transparency and decentralization in every web3 project. The market has been resilient, refocusing the need for projects of substance over speculation, as users look to retain value in even the most harsh market conditions. As a result, MassBit Route is currently transitioning to allow fiat to be used for both payment and staking on the network.
Web3 is powered by decentralization. A good web3 project should be open-sourced, community run, and focused on self-custody, with trustless and permissionless systems in place to minimize user risk. With web3 still being in its infancy, sadly even the best and well run projects are subject to the market trends created by these collapses. But these are necessary road bumps as web3 matures, and weeds out those who do not strictly adhere to web3 morals. MassBit is one of those projects, fully committed to creating the best user-operated, fully decentralized global dAPI for dApps and web3 development. As market conditions change, we will reevaluate the network reward mechanism to ensure it is providing the most benefit for our providers and community members.
Our performance in 2022
1. Social media growth
2022 was about community empowerment, bolstered by the MassBit Angels Ambassador Program, which affords community members new opportunities to take on additional roles as the project grows, while providing the experience, networking, and incentives that makes MassBit one of the most rewarding web3 communities. Looking back at 2022, we are filled with a sense of accomplishment, as well as gratitude for every person who contributed to the MassBit community, and to web3 growth in general.
2. Community growth
Discord is one of the most important platforms for MassBit, offering the customization and features to allow for a myriad of events, programs, tutorials, user-generated content, and more. We saw the greatest community growth during the 3rd and 4th quarters, with a general uptrend in growth patterns showing a strong upward momentum in community growth. The community is nearing 30k members and has shown strong rates of retention and engagement. MassBit remains focused on creating organic and sustainable community growth with strong engagement, as we see this as a better indicator of long term community health and sustainability compared simply to trying to build the user base as quickly as possible.
About MassBit
MassBit is a decentralized infrastructure project. MassBit, which is based on proof-of-stake, uses a verification protocol to create products that are decentralized, providing faster, cost-effective, scalable and more stable solutions for Web3 apps.
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