The biggest change to come in the MassBit next phase is the switch to a fiat-based reward mechanism. The transition from a token model to a dollar fiat model for MassBit provides numerous benefits in the current market.
- First, a clearer business model will make it easier for our partners to understand the value proposition of MassBit, leading to more trusted and established Node Providers understanding the economic value of helping to run the network.
- Second, switching to a fiat model provides transparency and clarity around the pricing and reward mechanism, leading to more trust from users.
Of course, while switching to a fiat system provides short-term benefits such as a clearer business model and user interface, MassBit will still consider using tokens in the future once the market stabilizes and the regulatory environment becomes clearer.
Additionally, updating and clarifying the reward model works to improve the benefit of participating in the MassBit system, but is a null point if it’s overly complicated to actually join the network. In the previous phase, several Nodes Providers encountered technical difficulties while attempting to create Nodes and Gateways. As a result, we have now simplified the Node/Gateway creation process and adjusted the deposit/reward model to incentivize more independent Node Providers to join and scale the network more efficiently.
MassBit’s next phase further expands the capabilities and strengths of the network, while easing the cost of entry. Creating decentralized systems means a network must be open to all kinds of participants and providers, while still keeping the security measures in place that ensure network stability and security.
The new MassBit business/payment model makes it more affordable to join, while the fiat reward mechanism ensures value for network providers. Creating increased flexibility allows the network to organically grow, expanding on the strengths of having a decentralized dAPI network, providing fast and reliable service with redundancy and a network that can easily adapt to demands.