StrongBlock was developed with the goal of making it simple for anybody to participate in blockchains and rewarding them for it. As things stand, many blockchains reward miners while node providers must pay for their own expenditures. StrongBlock intends to alter this.
StrongBlock has the potential to become the platform for people to generate a passive income.
What is StrongBlock?
StrongBlock is the first and only blockchain-agnostic protocol that rewards nodes for maintaining their blockchain’s infrastructure.
Why should nodes be rewarded?
With limited resources and no financial incentive, many nodes run out-of-date software, maintain incomplete blockchain histories, and are intermittently off-line. Once a blockchain is deployed, there is no straightforward way to solve this problem.
StrongBlock has made it easy for anybody to construct a node in seconds — or to add their existing node — and collect STRONG token incentives on a daily basis. More nodes equate to more resilience.
At the time of writing, StrongBlock is paying approximately 1700 Ethereum 1.0 nodes, accounting for more than 15% of all active Ethereum nodes.
This article describes how the protocol leverages incentives and governance to prioritise the safety and sustainability of node rewards, compounding value for token holders by lowering supply on a regular basis.
Only Ethereum 1.0 Full Nodes are currently eligible for STRONG awards. At a later point, Ethereum 2.0, Bitcoin, and other protocols will be eligible.
Who is the Team behind StrongBlock:
CEO David Moss, CTO Brian Abramson, and CPO Corey Lederer are among the StrongBlock team’s blockchain and enterprise software professionals.
STRONG Facts and Definitions:
- STRONG: A governance token, enabling decentralized protocol governance
- Name: Strong
- Symbol: STRONG
- TYPE: ERC-20
- Decimals: 18
- Original Supply: 10,000,000
- Burned: 9,472,218.9008 (increasing over time) STRONG Burn Address
- New Max STRONG Supply: 528,886 (decreasing over time)
- Total Community STRONG: 330,366 (62.46%)
- Total Team and Shareholder Strong: 198,520.43 (37.54%)
- Community Rewards Reserve: 196,459.58 Rewards Reserve Address
- Circulating STRONG Supply: 144,907 (increasing and decreasing over time)
- STRONG Contract Address: STRONG Contract Address
- Protocol Smart Contracts: Ethereum Solidity, audited by Hacken
- Deflation is possible: Yes. The original minting contract did not provide for deflation. Tokens are sent to the STRONG Burn Address to permanently remove them from circulation
HOW STRONG WORKS:
The StrongBlock protocol is intended to give Node Universal Basic Income on a continual basis (NUBI). The STRONG gained in this manner is then utilised to manage the protocol. As the protocol grows, possible incentive shortfalls can be addressed in a variety of ways by the community through protocol governance.
Increasing community contributions per node; reducing NUBI; creating distinct NUBI classes; charging a renewal charge; burning STRONG for NFT’s, and other methods may be taken by the community to assure continued node rewards.
Node payouts are in STRONG and, in the future, NFT tokens. ERC-1155 NFT tokens are obtained under particular criteria that have yet to be established.
Node Benefits:
There are presently two methods for nodes to be submitted for reward eligibility. Rewards, costs, and availability are all subject to change. To begin, navigate to StrongBlock Nodes.
Distribution of Community Contribution:
- 10% for future use (NOTE: 7,896 STRONG — 5.81% — of circulating supply was burned through 2/25/2021 since the NaaS protocol launched on December 3, 2020)
- 10% to STRONG-ETH and LINK-STRONG Pools for rewards
- 20% into the Strong Pool
- 60% into node rewards pool
- Distribution subject to change over time
Pool Benefits:
Pool awards are given to people who support the protocol. You may take part by visiting StrongBlock Mining.
Strong Pool: STRONG mining for STRONG payouts
UNI-V2 LP STRONG-ETH Pool: Mine for STRONG rewards using LP tokens.
LINK-STRONG UNI-V2 LP Pool: Use LP tokens to mine for STRONG prizes.
The reward for Node Signaling:
You are permitted to Signal one node for each STRONG mined in the Strong Pool. Signalling tells which nodes should be supported. For your involvement, both you and the node you are Signaling gain a tiny bit of STRONG. Until you recall your signal, it remains in place.
Fees:
Through Ethereum transaction fees, the StrongBlock protocol produces income to be utilised for technical operations. These modest transaction costs are applied to operations like mine, undermining, claiming, and registration across the protocol.
Governance:
For all blockchain systems, a gradual approach to decentralisation has been established to be the safest. Holding STRONG will allow the community to propose, discuss, and vote on governance referenda, gradually advancing towards decentralisation over time. Governance ideas can be posted on the website in the form of Ethereum Smart Contract modifications.
Read More About Crypto Projects
Conclusion:
StrongBlock has substantially lowered the overall supply of STRONG since introducing its protocol, reduced daily inflation, achieved deflation, and added a fee-based Nodes as a Service (PaaS) offering, transforming the project into a model suited for long-term self-sustaining development. This lays the groundwork for the protocol’s further expansion.
