MassBit Route Officially Closed Testnet Phase-1
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.
Improvements in the system
We are constantly updating new features in parallel with the test operation. Here are some of the features that have been added:
- Staking: Nodes/Gateway/dAPIs in the system are able to perform staking using $MBT.
- Added debug tool for troubleshooting in Community Nodes and Community Gateways.
- Added verification service for verifying node/gateway in the registration phase.
- Updated the portal to improve the flow of node and gateway registration.
The participants this time are primarily Nodes and Gateways due to the nature of this Phase. They are the ones who directly test the system and communicate with the MassBit Team. Now we have added 40+ Nodes/Gateways. Currently, the amount of data passing through the system is stable. We will try to increase dAPI in the future.
A significant milestone in this Testnet is successfully applying MassBit Verification Protocol for MassBit Route. Nodes/Gateways and dAPIs in the system were able to perform staking using MassBit Token ($MBT). The MassBit team will update more info for you later.
Top 5 Leaderboard
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 will be given a chance to join the MassBit Route Mainnet as well as the opportunity to have MassBit sponsor delegating to your slot.
- Top 1: @pan
- Top 2: @Gon
- Top 3: @AaronJ
- Top 4: @Carloes
- Top 5: @Keith | Anorak
We greatly appreciate the community’s support. Participating members who shared the announcement post below + #hashtag will receive a reward from us. Details will be announced on our Discord channel if you are a member of Community sharing. Please DM KhoiNguyen | MassBit#5532 for help.
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.
Cost of running Gateways:
*For Nodes & Gateways rewards, we will send a confirmation email by the end of April 5, 2022. Please check your email regularly. Further notice will be updated on our Discord channel.
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 supportive 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.
*With MassBit Community Token “🐳” launching this month, we will use 🐳 to record your rewards when the MassBit Token has not yet officially launched. Read this article to better understand 🐳 and what you can do with it.
Should you have any questions, feel free to reach out to us at our Discord.
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.