Web3 Foundation Grant — Explaining Milestone #1
With the successful completion of Milestone #1 of the Web3 Foundation Grant program, the MassBit team is looking forward towards the next milestone, focused on the optimization of the core features of MassBit Route. For Milestone #1, our goal was to lay the foundation of our project and vision; to build a decentralized, user-operated, and governed Blockchain Distribution Network.
Milestone #1 provided the Web3 Foundation with the architectural overview of MassBit Route, including network mechanics, which uses a decentralized network of node and gateways who stake and earn MassBit token servicing the BDN. The MassBit network uses a combination of Gateway Manger, Community Nodes, and Community Gateways to form a global blockchain CDN in order to optimize blockchain API request and response time. Consumers then pay in MassBit token for global access to MassBit’s decentralized blockchain APIs.
The MassBit network is able to achieve a more efficient, steady and cost-effective dAPI solution for users by continuously updating the network based on traffic and node health. Going forward towards Mainnet and Milestone #2, the MassBit team will work on optimizing key network features including the traffic routing mechanism and fisherman component, both of which ensure the networks stability and speed by assuring network nodes and gateways meet and maintain certain bandwidth and latency requirements, removing those who act in bad faith, and rerouting each region to best service requests.
As the network grows and becomes more redundant, DApp developers will migrate over to MassBit, which provides a cheaper web3 infrastructure without single points of failure. Currently MassBit Route is supporting traffic routing to Ethereum and Polkadot blockchains, with nodes and gateways deployed in 5 zones. Within the scope of Milestone #1, the user experience with node and gateway installation is being monitored to streamline network growth, and the team is hard at work updating network tokenomics to make sure the system is balanced and fair.
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.