Article Summary, Automatically Generated By AI
About StrongBlock (STRONG)
Key Points
- StrongBlock is a blockchain protocol that rewards nodes for supporting blockchain infrastructure.
- It offers a node-as-a-service tool, allowing users to participate in securing blockchains without technical knowledge.
- StrongBlock has over 1,700 Ethereum 1.0 nodes, representing 15% of all active nodes on Ethereum 1.0.
Founders
- CEO David Moss, a blockchain entrepreneur with 3 decades of experience.
- CTO Brian Abramson, a systems administrator and developer with almost 2 decades of experience.
- CPO Corey Lederer, an expert in enterprise block
About Stronghold
Introducing StrongBlock (STRONG): A Revolutionary Blockchain-Based Ecosystem
StrongBlock (STRONG) is a pioneering blockchain protocol that incentivizes nodes for their vital role in supporting the infrastructure of their respective blockchains. The protocol’s overarching mission is to envision a future where the StrongBlock Node Army provides robust support to dozens of protocols and millions of nodes. In essence, StrongBlock offers a node-as-a-service solution, empowering individuals to contribute to the security of blockchains without necessitating extensive technical expertise. Leveraging StrongBlock’s automated processes, users can participate in node operation without requiring proficiency in coding or server management, ensuring seamless node uptime.
This solution effectively addresses prevailing node issues, including outdated software, incomplete blockchain histories, and downtime. Notably, StrongBlock boasts a substantial presence, comprising over 1,700 Ethereum 1.0 nodes, which translates to more than 15% of all active nodes on Ethereum 1.0. Looking ahead, StrongBlock plans to expand its nodes-as-a-service tool to accommodate Ethereum 2.0, Bitcoin, and other protocols in the future.
The Visionaries Behind StrongBlock: Meet the Founders
StrongBlock was established in July 2018 by its visionary CEO, David Moss, a seasoned LA-based blockchain entrepreneur, who brings to the table an impressive three-decade tenure as a CTO, CEO, and founder of numerous tech-centric companies.
He is supported by CTO Brian Abramson, a seasoned systems administrator and developer with nearly two decades of experience under his belt. Notably, Abramson previously held the position of VP of Infrastructure at Block.one, a prominent blockchain company closely affiliated with EOS.
The third member of the executive team is CPO Corey Lederer, a renowned expert in enterprise blockchains and cryptocurrencies. With a storied career spanning two decades, Lederer formerly served as Senior Director at Block.one and held leadership positions at esteemed companies such as Nike.
Unveiling the Unparalleled Strength of StrongBlock
StrongBlock provides nodes that bolster the Ethereum network, offering users the flexibility to either purchase them as a service or acquire them independently. Notably, despite over 350 nodes being registered for rewards by the community, the protocol’s nodes-as-a-service feature remains the most compelling value proposition for the majority of users.
Through StrongBlock’s hosting and maintenance, anyone can effectively “rent” a node. Meanwhile, users who prefer to bring their own node are required to contribute 10 STRONG to the community, which are subsequently allocated as follows:
- A 10% allocation is reserved for future utilization.
- A further 10% is designated for rewards within the STRONG-ETH and LINK-STRONG liquidity pools.
- A significant 20% is allocated to the StrongPool, where it will be utilized for rewards distribution.
- The majority, 60%, is earmarked for node rewards, providing incentives for network participants.
Notably, all nodes, whether owned or rented by STRONG holders, receive daily rewards. Moreover, nodes can earn additional rewards by signaling for another node, with both the node and the signaler benefiting from the reward. Each newly mined STRONG token grants the miner the right to signal one node. Following the tokenomics adjustment, mining rewards for STRONG tokens were reduced, and are now tied to the elapsed Ethereum blocks, resulting in significantly lower gas fees.
This system empowers the protocol’s Node Universal Basic Income (NUBI) mechanism. The STRONG earned through NUBI serves as a governance tool, regulating the community’s contributions per node, determining the level of monthly maintenance fees (currently $14.95), and facilitating the burning of STRONG for NFTs, among other functions. In the future, the protocol plans to introduce NFTs as an additional reward, complementing its native token.
What Is the Circulating Supply of StrongBlock (STRONG) Coins?
STRONG is the protocol’s governance token. In November 2020, StrongBlock made a pivotal decision to revamp its tokenomics, resulting in the burning of 94% of the original 10 million STRONG tokens. Consequently, the new total supply of STRONG was capped at 535,000, with a current circulating supply of 138,000. This strategic move triggered a remarkable surge in the token’s price, skyrocketing from under $50 to an all-time high of nearly $1,200. The token serves a dual purpose, functioning as a reward for node operators running on Ethereum and as a means of participating in the protocol’s governance.
The token distribution is allocated as follows:
- A total of 330,365.57 STRONG have been earmarked for community rewards, directly benefiting nodes and miners who actively support the protocol.
- An allocation of 96,784.62 STRONG is reserved for shareholders of StrongBlock, the visionary creators of the StrongBlock DeFi protocol.
- The development team behind the protocol will receive 101,735.81 STRONG, recognizing their invaluable contributions.
- Notably, StrongBlock itself will not receive any STRONG allocation.
By implementing this tokenomics adjustment, the team transitions to a low-inflation paradigm, prioritizing node engagement and catalyzing a significant expansion of the node network, scaling from hundreds to thousands.
The StrongBlock Network’s Robust Security Framework
StrongBlock operates on the Ethereum network, which is fortified by a proof-of-work consensus mechanism that necessitates miners to mine new Ether. A decentralized network of nodes validates transactions and ensures the integrity of the Ethereum blockchain. The protocol has undergone a rigorous audit by Hacken, and has integrated Chainlink’s oracle services to determine mining reward distributions in STRONG. The team opted for Chainlink over competing oracle solutions due to its “timely and accurate” price calculations, a crucial factor in the protocol’s success.
Where to Acquire StrongBlock (STRONG): A Comprehensive Guide
STRONG is proudly listed on esteemed cryptocurrency exchanges, including KuCoin, Gate.io, Bitrue, Hoo, and the decentralized trading platform Uniswap (V2).
For those seeking to delve into the world of cryptocurrency investment, our comprehensive guide provides a wealth of information on how to initiate your cryptocurrency-buying journey.
Associated Resources:
Discover Chainlink (LINK), a pioneering oracle solution leveraged by numerous protocols.
Explore Band Protocol (BAND), a cutting-edge oracle solution that’s making waves in the industry.
Delve into the world of nodes: understanding their fundamental role and operational dynamics.
Stay ahead of the curve with the latest cryptocurrency news and expert trading insights, all in one place, on the CoinMarketCap blog.