What is MBT token used for?
In Massbit blockchain distribution network, MBT token is used by Consumers to pay for dAPI services handled by Providers.
MBT token deposit to dAPI by Consumers will be converted to dAPI quota, which is a number of dAPI requests can be served through dAPI endpoint.
The traffic of each dAPI can originate from different zones depending on the source IP. Based on dAPI traffic forwarded to each zone, the fee distributed to each zone is proportionate to the number of dAPI requests served. As Massbit network becomes mature and the Node/Gateway global coverage spreads evenly, a country-based reward mechanism will be adopted.
In each zone, Massbit network response time for dAPI is optimized if the community maintains the ratio of 4 Gateways and 1 Node. To incentivize Providers to maintain the ideal ratio, 80% of the Zone reward is distributed to all Gateways, and the remaining 20% Consumer fee goes to all Nodes. Node/Gateway reward is distributed at the end of each Era based on MBT staking amount.
Providers need to stake MBT token for each Node and Gateway to earn reward for their participation in Massbit Route network. Massbit's staking reward mechanism provide incentive for Providers to run as many Nodes and Gateways as possible. If a Provider has a large amount of tokens, staking on multiples would be ideal for maximizing the reward. Staking coefficient ensures fair distribution of token reward and prevents Providers from staking a large amount of MBT token on a few Nodes/Gateways.
Each transaction on Massbit Chain incurs a fee depending on the complexity of the transaction. Processing transaction requires resources, including memory usage, storage I/O, computation, transaction/block size, and state. To determine a fee for a transaction, Massbit utilizes the concept of Weight available in Substrate to measure the time to validate a block. Based on the Weight, the Transaction/Payment pallet calculates the final fee which includes the following:
- base fee: This is the minimum amount a user pays for a transaction. It is declared as a base weight in the runtime.
- weight fee: A fee proportional to the execution time (input and output and computation) that a transaction consumes.
- length fee: A fee proportional to the encoded length of the transaction.
- tip: An optional tip to increase the priority of the transaction, giving it a higher chance to be included in the transaction queue.
The formula for calculating the final fee: