MassBit

MassBit positions itself as a critical infrastructure provider for the burgeoning Web3 ecosystem, aiming to streamline development for decentralized applications (dApps), particularly in the DeFi and GameFi sectors. The company was founded in 2021 by Minh Doan, a serial entrepreneur with a substantial background in the crypto space. Doan's journey includes a five-year tenure as a tech lead at Google and co-founding Harmony ONE, a sharding proof-of-stake blockchain. Recognizing the challenges in Web3 app development following the boom in DeFi and NFTs, Doan established MassBit to offer faster, more reliable, and cost-effective solutions.

The firm's core business revolves around providing fully decentralized solutions for developers. Its business model is centered on a suite of products that address key infrastructure needs. Revenue generation is anticipated through its MBT utility token, which participants in the MassBit network will need to stake to provide services and will earn as a reward for correct performance. The company targets Web3 developers and dApp projects as its primary clientele, offering tools to simplify and accelerate their development pipeline.

MassBit's product portfolio includes MassBit Route, a decentralized Blockchain Distribution Network (BDN) that functions as a decentralized API service, eliminating single points of failure common in centralized networks. Another key offering is its Cross-chain Indexing service, which allows developers to query and analyze data across different blockchains like Solana, BSC, and Ethereum-compatible chains, reportedly cutting down the development workload by a significant margin. The entire system is underpinned by the MassBit Verification Protocol, which employs a Proof-of-Stake mechanism to incentivize network participants, such as node and gateway operators, to verify each other's work, ensuring the health and integrity of the network. By mid-2021, the company had already launched two products into the developer environment and has since secured a $35K grant in a funding round on September 27, 2022, from investors including Infinity Capital and Web3 Foundation.

Keywords: Web3 infrastructure, decentralized applications, DeFi, blockchain development, API services, cross-chain indexing, Proof-of-Stake, decentralized network, dApp, crypto