Launching MBR Testnet Phase II — Staking With Rewards
After the success of the 1st Testnet for MassBit Route (MBR) product, we are ready to launch Testnet Phase II til the Mainnet.
In the launching with more features, we will continuously test, upgrade products and confirm the reward month by month. So remember to subscribe the email or join our discord to timely stay updated. Regarding to the date it will be on 18th of May, 2022 to start.
Allocation for rewards: 200,000 $MBT per month for 100 approved nodes and gateways.
Total supply of MBR product: 10,000,000,000 $MBT.
That being said, every approved node/gateway earns 2,000 $MBT per month. Node/gateway daily reward (called A) = 2,000 $MBT / 30 days = 66.7 $MBT.
Total reward per month = Number of days in “staked” status x 66.7 $MBT.
*The (A) is only counted when the provider remains node/gateway in “staked” status for 24 hours from the time of staking.
*The target of approved 100 nodes & gateways per month will be changed by the demand of the consumer side (dAPI).
*The monthly reward is closed and calculated every month’s last day.
*The confirmation of the previous month’s reward is sent to your email on the 10th day of the following month.
*Any concerns, feel free to contact us at discord.
✅ How to join?
Step 1: Sign up / Log in at https://massbit.io/.
Step 2: Check the email to verify the account.
Step 3: Set up node/gateway through the guidance.
Step 4: Check the approval of your node/gateway within 24 hours after step 3. Once a node/gateway is selected, the node status shows as “Approved.”
Step 5: Join the MassBit discord server and get a token from the faucet channel. Check the guide on how to get unofficial tokens here.
Step 6: Stake $MBT token for approved nodes/gateways.
⏱ Time: From 18 May, 2022
*Node/Gateway approval criteria.
- 100 approved nodes & gateways will be expected in 6 different zones.
- Higher chance for approval: Nodes with higher resources and network bandwidth that provide stability/availability and satisfy the network benchmark baseline. have a higher chance of being selected by an automated process.
🔼 About MBR Testnet Phase II you need to know
For whom doesn’t know about MassBit
About MassBit: MassBit is the decentralized infrastructure for Web3. We work with node & gateway providers all over the globe to help Web3 develop their projects faster, stable, scalable, and more cost-effective through the fully decentralized APIs of blockchain network.
More information: https://blog.massbit.io/7-things-about-massbit-you-might-not-know/
MassBit Route Testnet Phase II: The main purpose is to introduce the core functionality of MassBit Route product to the community. In this phase, anyone will be able to create nodes, and an automated process will select nodes in each zone to allow the nodes to be staked and earn token rewards at IDO. Staked nodes and gateways become part of the MassBit network and serve dApi requests during the TestNet period.
What’s new compared to MBR Phase I?
- Staking and claim the reward for verified node/gateway resource with unofficial token
- Updated dashboard
- New UX on onboarding flow
- Increased response time: 1000ms
- Faucet provides unofficial tokens for users to stake nodes and gateways
Hardware minimum recommendation
We encourage participants to prepare the system as below:
- Node: 2 CPUs, 2GB Ram, 40GB SSD. 5Gbps Egress network bandwidth.
*A Massbit node requires a blockchain data source node (ETH or DOT full or archive node) to be created.
- Gateway: 4 CPUs, 4GB Ram, 80GB SSD. 5Gbps Egress network bandwidth.
In the dashboard, there are many statuses to show the status of nodes and gateways operating in the system of MassBit Route.
- After a new node/gateway is created on the web Portal and the installation script is successfully executed on your server, the node/gateway status changes from “Created” to “Installed.”
- Once a node/gateway is approved, the node status shows as “Approved.”
- Approved nodes are qualified for staking with unofficial Massbit tokens. You can obtain testnet tokens from the faucet channel on Massbit Route Discord
- After nodes are selected to participate in Testnet, the reward will be calculated based on the time the nodes maintain “Staked” status in the Massbit network.
- Nodes and gateways maintain “Staked” status while it correctly handles blockchain API calls to the blockchain data sources.
- If a node/gateway experience issues and results in a performance downgrade or stop responding, a Fisherman component will flag the node and the status changes to “Reported.”
How to maintain “Staked” status and earn daily rewards?
Fisherman is a component that keeps track of whether a node or gateway is qualified to join the MassBit network and remains “Staked” status and serves dAPI traffic by periodically checking.
When a node/gateway asks to join Massbit, and after they are officially part of Massbit, fisherman continuously checks to make sure nodes meet these criteria.
- Fisherman makes sure Massbit nodes return results matching with base blockchain nodes such as block data, block hash, and runtime version. This ensures data integrity and prevents malicious actors from performing a man-in-the-middle attack
- Average response time
- Node’s blockchain data source is fully synchronized with
Nodes need to route blockchain queries to the nearest data sources and the average response time for blockchain queries must be less than 1 second. Attention: this is AVERAGE response time so that some responses can be more than 1s
- The success rate of blockchain queries.
- HTTP response code (200).
- Each query has a timeout of 5 seconds. A query will fail if no result is returned within 5 seconds.
- Data integrity: check if NODE return matching data with BASE node.
To receive a full daily reward, nodes or gateways must remain staked until the end of an Era, which is 24 hours.
📝 Terms & Conditions
- Nodes & gateways will be active in MBR from now on. However, we encourage you to check your node/gateway status regularly. If nodes and gateways experience technical issues or malfunction, the status will change to “Reported,” and participants will be notified through email within three days.
- 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, and negatively publish the bugs/community testing information.
- The members who have been active and supportive in the Massbit project will receive the plus.
- The reward will be partly distributed when we launch $MBT.
- 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. Feel free to reach out to us on our Discord if you have any questions.
Once again, please remember to register on our Website: https://massbit.io/
MassBit provides fully decentralized solutions for Defi and Web3 App project development. Currently MassBit has 3 products in the stage of development; MassBit Route, MassBit Cross-Chain Indexing and MassBit Insights. 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.