What Is Strong (STRONG)?
StrongBlock (STRONG) is a protocol that claims to incentivize the nodes and make blockchain access easy for everyone.
The blockchain has two main components: miners and nodes. While working on the blockchain, the miners acquire their compensation, but nodes never receive compensation. Therefore, there is no reward creation for the supporting nodes, which generates a high risk for supporting public blockchains. Hence, the StrongBlock (STRONG) protocol intends to work on this risk, creating the StrongBlock (STRONG) community DeFi protocol. They aim to incentivize the nodes to execute them better, using the STRONG governance token.
As per the flash paper, the protocol StrongBlock (STRONG) intends and believes that all decentralized, governed protocols must reward those nodes that support the setup of their blockchain. The nodes’ purpose is to keep updated details of all blockchain transactions. Also, these nodes help provide access to the applicants who wish to use that blockchain, for which these nodes never receive any reward.
Therefore, the protocol claims to use a developed technology to resolve this. This technology helps to host, create, maintain, and update a node in a few seconds, and thus the node can receive a STRONG token as a reward.
The StrongBlock (STRONG) protocol also aims to automate the below functionalities for a node to be rewarded:
In addition, the StrongBlock (STRONG) protocol seeks to provide a current Node Universal Basic Income (NUBI). NUBI is a reward system where the reward amount can change depending upon multiple factors like number of nodes, node health, token price, node revenue, and NFT ownership. STRONG tokens earned through NUBI rewards are used to govern the protocol.
There is only one way to make a node eligible for a reward. The protocol uses the Nodes-as-a-Service app to launch a blockchain node in seconds and get rewards.
Nodes as a Service (NaaS) allows anyone to create an Ethereum 1.0 full node in just a few minutes. The process needs to provide a name and a description for your new node. Then, the node’s hosting and maintenance are taken care of by StrongBlock (STRONG). Once anyone starts the process of node creation via NaaS, they have to contribute a participation value of ten STRONG, which are helpful for rewards generation and future usage.
History of StrongBlock (STRONG)
The team of the StrongBlock (STRONG) token is composed of blockchain and enterprise software experts, including CEO David Moss, CPOCorey Lederer, and CTO Brian Abramson.
How Are New STRONG Tokens Created & Users Rewarded?
The token STRONG works on the mechanism of ERC20 of the Ethereum blockchain and follows the same rules. TheERC20 token is the standard used to create and issuesmart contracts on the Ethereum blockchain. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain.
STRONG tokens get generated by the mining process. Mining is staking STRONG tokens into a pool for acquiring rewards. After mining in a pool, the STRONG token is rewarded to miners.
Mining into the StrongPool keeps the tokens working and earning for users. The mining pool rewards decrease to keep them in circulation in the community. The new tokenomics supports a low inflation model, where rewards are primarily generated from node contributions and complemented by the remaining pool of strong rewards in the StrongBlock (STRONG) community wallet.
Further, the STRONG token also uses a token-burning approach to create new tokens. Cryptocurrency burning is when a fraction of tokens are sent to a wallet with no private key. This burning means the tokens are lost forever. Thus, token burning occurs to reduce the availability of the token and increase market value.
How Many STRONG Tokens Are There?
The maximum supply of the token is 528,886 STRONG.
