Today MassBit, a global decentralized API service for decentralized apps, has been awarded a grant from the prestigious Web3 Foundation Grant’s program. The MassBit team was able to secure a grant for Milestone 1 with a grant amount of $35,000, which the team has said will be used to accelerate product development leading up to mainnet.
The Web3 Foundation provides grants for projects believed to have the highest impact on the Web3 ecosystem, including Polkadot, the foundation’s flagship protocol. Polkadot creates secure and scalable ecosystems where multiple parachains can interact with each other.
Minh Doan, MassBit CEO, stated:
“The focus now is on optimizing and improving the efficiency of core functionalities. The grant will also help us further support the Polkadot ecosystem, utilizing the security, scalability, and decentralization of Polkadot to show what projects can expect when using MassBit Route as their project’s infrastructure and cross-chain indexing service.”
MassBit Route is now supporting traffic routing to ETH and DOT blockchain nodes.
The Web3 foundation is one of the largest and most respected foundations supporting the development of Web3 technologies. To date, they have accepted over 400 total projects with over 1050 applications received. The work and product development shown by the MassBit team made them just the 300th application to both be accepted and complete Milestone 1.
MassBit Route is a decentralized network of nodes and gateways that route DApp requests to low latency blockchain nodes, built on a substrate framework. Node providers stake and earn MassBit token for servicing the blockchain distribution network (BDN) and consumers pay in token for global access to decentralized blockchain APIs.
Doan stated:
“Our next goal is to expand the network, to increase overall stability, while balancing the token distribution mechanic to create the most fair system possible.”
The team has stated they will now begin work on Milestone 2, looking to complete the project, something only a quarter of all Web3 Foundation applicants have achieved.
Disclaimer: This publication is sponsored. Coinspeaker does not endorse or assume responsibility for the content, accuracy, quality, advertising, products, or other materials on this web page. Readers are advised to conduct their own research before engaging with any company mentioned. Please note that the featured information is not intended as, and shall not be understood or construed as legal, tax, investment, financial, or other advice. Nothing contained on this web page constitutes a solicitation, recommendation, endorsement, or offer by Coinspeaker or any third party service provider to buy or sell any cryptoassets or other financial instruments. Crypto assets are a high-risk investment. You should consider whether you understand the possibility of losing money due to leverage. None of the material should be considered as investment advice. Coinspeaker shall not be held liable, directly or indirectly, for any damages or losses arising from the use or reliance on any content, goods, or services featured on this web page.
