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StrongBlock Protocol: An Overview

StrongBlock (STRONG) is a blockchain protocol that focuses on rewarding nodes for supporting the infrastructure of their blockchain. The mission of StrongBlock is to create a world where the StrongBlock Node Army supports dozens of protocols and millions of nodes. In other words, StrongBlock offers a node-as-a-service tool that allows people to participate in securing blockchains without requiring technical knowledge. With StrongBlock's automated processes, users do not need to know how to code or run their own server to keep the node online.

StrongBlock addresses current node problems such as out-of-date software, incomplete blockchain histories, and downtimes. With over 1,700 Ethereum 1.0 nodes, StrongBlock represents more than 15% of all active nodes on Ethereum 1.0. In the future, StrongBlock plans to offer its nodes-as-a-service tool for Ethereum 2.0, Bitcoin, and other protocols as well.

The Founders of StrongBlock

StrongBlock was founded in July 2018 by CEO David Moss, an LA-based blockchain entrepreneur with three decades of experience as CTO, CEO, and founder of various tech-related companies.

Moss is supported by CTO Brian Abramson, a systems administrator and developer with almost two decades of experience. Abramson previously served as the VP of Infrastructure for Block.one, a blockchain company related to EOS.

The third member of the executive team is CPO Corey Lederer, an expert in enterprise blockchains and cryptocurrencies. Lederer was the former Senior Director at Block.one and has two decades of experience in leadership positions at companies like Nike.

The Unique Features of StrongBlock

StrongBlock offers nodes that support the Ethereum network and can be purchased as a service or brought by users themselves. While over 350 nodes have been registered for rewards by the community, the nodes-as-a-service is the protocol's key value proposition that interests most users.

Anyone can "rent" a node that StrongBlock hosts and maintains. Users who want to bring their own node have to contribute 10 STRONG to the community, which are used as follows:

• 10% are reserved for future use.
• 10% are allocated to rewards in STRONG-ETH and LINK-STRONG liquidity pools.
• 20% go to the StrongPool for rewards.
• 60% are allocated to node rewards.

Whether owned or rented by STRONG holders, all nodes are rewarded daily. Furthermore, nodes can receive rewards by signaling for a node, with both the node and the signaler receiving the reward. Each mined STRONG entitles the miner to signal one node. Mining rewards for STRONG tokens were reduced after the tokenomics changed and are based on elapsed Ethereum blocks, resulting in much lower gas fees.

This system enables the protocol's Node Universal Basic Income (NUBI). The STRONG earned through NUBI is used to govern the protocol and regulate the community's contributions per node, the level of monthly maintenance fees (currently $14.95), burning STRONG for NFTs, and more. In the future, the protocol plans to issue NFTs in addition to its native token as a reward.

Explore More:

Check out Chainlink (LINK) — an oracle solution used by many protocols.

Check out Band Protocol (BAND) — another oracle solution.

Learn about what Nodes are and how they work.

Get the latest crypto news and latest trading insights with the CoinMarketCap blog.

StrongBlock (STRONG) Coin Supply

STRONG is the governance token of the protocol. In November 2020, StrongBlock decided to update its tokenomics and burn 94% of the original 10 million STRONG. The new total supply of STRONG is 535,000, with a current circulating supply of 138,000. This decision led to a massive surge in the token price from under $50 to an all-time high of almost $1,200. The token serves as a reward for the node operators running on Ethereum and as a means to vote in the protocol's governance.

The token distribution is as follows:

• 330,365.57 STRONG are for Community rewards for nodes and miners directly supporting the protocol.
• 96,784.62 STRONG are for Shareholders of StrongBlock, creators of the StrongBlock DeFi protocol.
• 101,735.81 STRONG are for the Team (developers of the protocol).
• 0 STRONG is allocated to StrongBlock.

With this tokenomics change, the team switches to a low-inflation model that emphasizes node participation and pushes the number of nodes from the hundreds to the thousands.

Network Security of StrongBlock

StrongBlock runs on Ethereum, which is secured by a proof-of-work consensus mechanism that requires miners to mine new Ether. A set of decentralized nodes validates transactions and secures the Ethereum blockchain. The protocol has been successfully audited by Hacken and has integrated oracle services by Chainlink to determine mining reward distributions in STRONG. The team chose Chainlink over rivaling oracle solutions because of its "timely and accurate" price calculations, which are crucial for the protocol's success.

Where Can You Purchase StrongBlock (STRONG)?

STRONG can be bought on KuCoin, Gate.io, Bitrue, Hoo, and Uniswap (V2).

If you want to learn more about how to start buying cryptocurrencies, you can read more in our guide.