On 9th February 2022, MassBit will be releasing the first-ever public Testnet for its premiere product – MassBit Route. So what’s all the commotion about? Let’s check out all the specifics below!
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.
About MassBit Route Testnet
MassBit Route (MBR) is a decentralized blockchain distribution network (BDN). MBR is empowered by MassBit Verification Protocol – a decentralized proof of stake system that ensures all workers execute their tasks correctly, while also checking on each other’s work to verify that everyone is acting properly. MBR offers a quick, stable and reliable service, all at a fraction of the cost of centralized networks. Running MBR is also open to everyone – meaning that the ability to stake and receive rewards for completed work is available to companies or individuals looking to join.
- Testnet Goals
The goal of launching MBR’s Testnet is to examine MassBit’s premiere protocol while creating and onboarding a large number of nodes and gateways. Specifically, MassBit will target customers working on NFT, DeFi or Web3 dApp projects, as MBR can greatly assist these dev teams in their work while also allowing MassBit to identify and reward community members.
- Number of available slots: 10
The MBR Testnet will happen across three phases and is open to nodes, gateways, customers and investors. (Planning Timeline)
Phase 1: Warm-Up – Feb 9th 2022 – Feb 23rd (2 weeks)
- Open the whitelist for 10 participants to onboard and test the product
- Support developers to set up nodes, gateways and join the network
- Improve the product during the progress
Phase 2: Speed up – Feb 24th – March 17th (3 weeks)
- Begin to classify the results from the nodes/gateways/dAPIs based on predetermined metrics, such as uptime, latency, etc.
- Begin to reward nodes with tokens or NFTs based on their results
- Begin to encourage more feedback from the Testnet community
Phase 3: Evaluate & Sum up – March 18th – March 25th (1 week)
- Evaluate feedback responses & running MBR result
- Announce the result & the next timeline
- For Nodes & Gateways, rewards between $50–$1200 worth of MassBit tokens will be given for running 1 node and/or 1 gateway. Users can multiply their rewards if they run multiple times. The rewards are also based on when the node or gateway is launched. X2 the cost of running a node/gateway. Detail of cost of node/gateway by blockchain (detail as below)
*Reward = 2 x (Price of running node by week x No. of Week x No. of nodes/gateways)
Cost of running Nodes:
- Ethereum – $74.5/week.
- Polkadot – $69.5/week
Note: We’ll be upgrading to integrate more blockchain during the Testnet.
Cost of running Gateways: $20/week. Requirement: 4 CPU/4 GB RAM, 40 GB HDD
- For all participants, there are going to be 5 leaderboard prizes – $600, $700, $800, $1000 and $2,000 worth of MassBit tokens. Leaders will be chosen based on a number of criteria, including top performers for feedback, uptime, block rewards and latency. All participants too will be given the chance to join the MassBit Route Mainnet as well as the chance to have MassBit sponsor delegating to your slot.
- For community sharing, we have a reward pool of 1,000 USD in MassBit tokens, for a lucky 500 community members to spread the testnet news (2 USD in MassBit Token for each sharer). To join, you simply follow the MassBit Twitter here and retweet the thread here with hashtag #massbitroutetestnet.
*To record and reward your sharing, please leave your email here
- Node: A blockchain node to handle requests from dAPI users
- Gateway: Gateways will get MassBit token rewards for routing dAPI requests to the same type of blockchain nodes.
- Decentralized APIs: Teams wishing to launch their API in a decentralized manner. Products can be a connection between computers or between computer programs.
- Open to the entire community – we do not discriminate! The beauty of MBR is that as long as someone can meet the requirements needed to run nodes or gateways, then that’s all that is needed!
MassBit is working towards the dream of a decentralized future – REGISTER HERE and help us bring a Web3 world closer to fruition!
Guide to test: We will send it to whitelisted participants via email, stay updated!
Terms & Conditions:
- Participants understand that by joining the MassBit Testnet they will be known by the MassBit team.
- All of the following actions will be considered invalid if a participant is found to have engaged in such acts during the Testnet period, their rights will be terminated/locked indefinitely: Create FUD, publish the bugs/community testing information.
- The MBR product will be continuously upgraded. Participants must coordinate closely with the MassBit team to develop the product during the entire Testnet period.
- The members who have been active and supporting in the Massbit project will receive the plus.
- The reward will be distributed when MassBit is launched, and the MassBit team will use the closing price of the MassBit token on the day of distribution as the exchange rate.
- The list of winners will be announced on MassBit official channels within 5 days after the event has ended.
- All decisions made by the MassBit team are final and cannot be challenged or changed.
At MassBit, we aim to empower not only developer teams around the world but also end-users who are looking forward to a seamless transition to Web 3.0. Should you have any questions, feel free to reach out to us at our Discord.
Once again, please remember to register by completing the form – REGISTER HERE