Interesting Facts About MassBit You May Not Know
Find out some interesting info and fun facts you might not have known about the MassBit project.
In early 2021, MassBit entered the crypto world by exploring the boom of DeFi and NFT protocols. Minh Doan, the Co-founder of MassBit, could see the potential and challenges in revolutionizing web3 app development.
With MassBit entering into the global market in 2022, let’s take a look at some of the lesser known aspects of the company.
What is MassBit?
Massbit will be the world’s first fully decentralized solutions to make Web3 applications and DeFi project development to work faster, with stability, reliability and with less associated costs.
MassBit has 2 products that are currently in Developer Testing — MassBit Route and MassBit Cross-chain Indexing. MassBit Route, is essentially a decentralized blockchain distribution network and MassBit Cross-chain Indexing, which allows for indexing queries to be supported across multiple blockchains. The technical ‘glue’ which holds together and supports all the MassBIt products is the MassBit Verification Protocol. We discuss this protocol more in length below, however, in short, it is a way to ensure network health that incentivizes those working within the system to verify each other’s work. The verification of other nodes, gateways or indexers gives rewards to each individual or entity.
1. That Being Said, Yes MassBit Supports Multiple Blockchains
MassBit’s vision to be able to serve all the major chains, which will enable 1000s of projects to gain development momentum and open up many new possibilities.
MassBit Route for example enables a community of nodes collaborating with Massbit to provide APIs, while a community gateways will run like a CDN of blockchains. The decentralized nature of MassBit Route means that networks will communicate quickly, stably, and thus reliably, all at a fraction of the cost of centralized networks.
MassBit Cross-chain Indexing on the other hand is essential to DeFi and Web3 app development. Massbit provides the infrastructure to index data from different blockchains, such as Substrate, Ethereum-compatible chains and especially fast blockchains like BSC, Matic and Solana. MassBit also supports indexing logic in different languages such as Rust, AssemblyScript and TypeScript.
2. The MassBit Founder also co-founded Harmony ONE
Minh Doan helped launch Harmony ONE after leaving Google. Harmony ONE became a unicorn and one of Minh’s missions after returning to Vietnam from Silicon Valley was to launch the next unicorn out of Vietnam.
When Minh witnessed the boom in DeFi and Web3 protocols happening at the beginning of 2020, he saw immediately the issues that would hamper the growth of the industry — namely scalability and interoperability. So he hired 5 developers in the beginning, which quickly grew into a global team, spanning Vietnam to America. To tackle these aforementioned Web3 issues, MassBIt was born.
3. Developers can join the MassBit Network, contribute and monetize their work
By joining the MassBit platform, developers can begin to work and earn MassBit tokens. There are numerous ways to be rewarded within the ecosystem, which all vary depending on the role which each person or entity wishes to perform.
Nodes in MassBit Route will be paid for providing data from API bases, whereas a Gateway Manager (as the name implies) manages gateways in their localized community, routing API traffic to the fastest gateway with the highest score, calculated by geolocation and server resources.
There are also roles in Massbit’s Cross-chain Indexing, such as becoming an indexer, which also garners rewards for completed work. As the MassBit community grows, the company’s token will also increase in value which simply means more wealth for all of those who work with the platform!
To learn more about these two products specifically, head over to MassBit.io
4. Web3 App development greatly benefits from Cross-chain Indexing
When we mentioned previously that Massbit makes a developers life much easier, and that the development phase for projects will happen faster, be more reliable and less expensive, you may wonder how that is.
Taking Cross-chain Indexing — currently, if a dev team wants to develop their project on a single blockchain, they first have to build a pipeline of work to ensure that their project will work. The pipeline to query data includes running a node, reading and filtering raw data, indexing the data and storing it in a database, then building a serving service.
This is a lot of work and can take months to complete — and runs the added uncertainty as to whether the pipeline will work too. But by using MassBit Cross-chain Indexing, a dev team only needs to choose their preferred chain, make the query request and receive the important data that they need, immediately.
With MassBit Route, Web3 app and DeFi clients can utilize a powerful dAPI solution. With its global node network, caching content, and improving route paths, MassBit Route users will see faster response times. The cost itself is over 30% lower when compared to centralized solutions and as each node within the network is running the chain, there are less security risks and no single entity is allowed to profit off of user data.
5. MassBit Verification Protocol Runs Behind the Scenes on all Products — and It’s a Massively Powerful Tool
MassBit Verification Protocol is an incredibly powerful tool. When people sign up to host a node, a gateway or become an indexer, depending on the role and product they choose to work within, then immediately they become subject to the protocol. This protocol gives economic incentives to those working on the same job to check and verify each other’s work. By each node or gateway checking and verifying each other, bad actors will be easily caught and penalized for trying to game the system. The MassBit Verification protocol ensures network health and safety!
6. MassBit has products coming to Testnet soon.
MassBit Route is scheduled to enter Testnet in Q1 2022. During testnet, there will be some excellent opportunities for developers to join and learn how the product works, and get rewarded as well for the work. There will even be leaderboard prizes given out to the most prolific testnet members.
Cross-chain indexing is also scheduled to enter testnet within Q1.
Testnets are the last stage before a product enters the market, so the entire MassBit team, only after one year of inception, are greatly excited to bring these world-first decentralized solutions to Web3 app and DeFi projects everywhere!
7. MassBit Will Grow Its Community
MassBit delivers real value to developers working on any type of Web3 App, as well to end users who enjoy the decentralized nature of crypto, DeFI or NFTs.
As such, MassBit actively wants people from all walks of life to join in the MassBit community, to engage in constructive dialogue and grow with the company. MassBit will have a new and exciting campaign directed to community engagement starting in this month! Make sure to be on our Discord to see the announcement!
Massbit is the world’s first fully decentralized solution for Web3 App and DeFi project development. If you would like to find out more or become a member of our burgeoning community, our social links are listed below!
MassBit provides fully decentralized solutions for Defi and Web3 App project development. Currently offering 3 products, with many more in the pipeline, Massbit enables DeFi and Web3 App development to be faster, stable, scalable and more cost-effective.
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