Strong STRONG
About
What Is StrongBlock (STRONG)?
StrongBlock (STRONG) is a blockchain protocol focused on rewarding nodes for supporting the infrastructure of their blockchain. The protocol notes that its mission 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 to allow people to participate in securing blockchains without requiring the technical knowledge needed to do so. Thanks to StrongBlock's automated processes, users do not have to know how to code or run their own server to keep the node online.
This fixes current node problems like out-of-date software, incomplete blockchain histories, and downtimes.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 also for Ethereum 2.0, Bitcoin, and other protocols.
Who Are 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.
He is supported by CTO Brian Abramson, a systems administrator, and developer with almost two decades of experience. Abramson previously was 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 for 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.
What Makes StrongBlock Unique?
StrongBlock offers nodes that support the Ethereum network and can be either purchased as a service or brought by users themselves. Although over 350 nodes have been registered for rewards by the community, nodes-as-a-service is the protocol's key value proposition deemed interesting to most users.
Anyone can "rent" a node that StrongBlock hosts and maintains. Users that 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.
How Many StrongBlock (STRONG) Coins Are There in Circulation?
STRONG is the protocol's governance token. 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.
How Is the StrongBlock Network Secured?
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.
AI Analysis
What is the Strong (STRONG) cryptocurrency good for? What are its main use cases?
The Strong (STRONG) cryptocurrency is primarily associated with the StrongBlock platform, which focuses on creating and managing decentralized node services on the blockchain. Here are the main use cases and benefits of the STRONG cryptocurrency:
Node Creation and Management: STRONG is used to create and manage blockchain nodes within the StrongBlock ecosystem. Users can purchase node licenses with STRONG tokens, enabling them to operate nodes that support various blockchain networks.
Earning Rewards: Users who stake STRONG tokens can earn rewards from their active nodes. These rewards can come from the underlying blockchain networks or from the StrongBlock network itself, incentivizing users to contribute to the security and functionality of blockchain ecosystems.
Decentralized Infrastructure: STRONG aims to decentralize the infrastructure required for blockchain networks by allowing anyone to run nodes. This enhances the overall resilience and security of the networks supported by StrongBlock.
Passive Income: By running nodes funded by STRONG, users can generate passive income over time. This is appealing to investors looking for ways to earn returns on their cryptocurrency holdings.
Community Governance: As with many cryptocurrencies, STRONG holders may have a degree of governance over the platform, allowing them to participate in decision-making processes regarding the future direction of StrongBlock and its services.
Integration with Other Services: STRONG can integrate with other DeFi and cryptocurrency services, adding utility and value within the broader cryptocurrency landscape.
Overall, STRONG serves as a foundational token for participating in StrongBlock's node ecosystem, providing users with opportunities for earning, governance, and contributing to decentralized infrastructure.
What blockchain does Strong use? Is it its own blockchain or built on top of another?
Strong is built on the Ethereum blockchain. It utilizes the Ethereum network to provide its services, leveraging the capabilities and security that Ethereum offers while allowing users to create and manage decentralized applications.
Is Strong programmable? Does it support smart contracts or decentralized applications?
Strong is a blockchain protocol that focuses primarily on providing decentralized infrastructure and tooling for decentralized applications (dApps) and smart contracts. It aims to enhance the capabilities of developers by offering various features that facilitate building and deploying dApps in a secure and efficient manner.
If you’re specifically referring to a platform named "Strong," there may be multiple blockchain technologies or projects with that name. Generally, for most blockchain platforms that support smart contracts (like Ethereum, Binance Smart Chain, etc.), they allow developers to create programmable contracts that can automate processes and facilitate decentralized applications.
If you have a specific blockchain or project in mind, please clarify, and I can provide more detailed information!
How fast are Strong transactions? What is the typical confirmation time and throughput (transactions per second)?
As of my last knowledge update in October 2023, Strong is a blockchain protocol designed to enhance transaction speeds and scalability. However, specific metrics like confirmation times and transactions per second (TPS) can vary based on network conditions, congestion, and other factors.
Typically, Strong and similar blockchain protocols aim for low confirmation times (often in the range of seconds) and high throughput (potentially thousands of TPS). For example, some blockchains can achieve TPS rates in the hundreds or even thousands, depending on their architecture and the optimizations implemented.
If you're looking for the latest and most accurate figures regarding Strong's performance metrics, I recommend checking the official documentation or recent updates from Strong's development team or community to get the most current data.
How much data can I store on the Strong blockchain? Does it support on-chain data storage?
As of my last update in October 2023, the Strong blockchain is primarily designed to facilitate decentralized applications (dApps) and various blockchain functionalities, including smart contracts. However, like many blockchains, it has limitations concerning on-chain data storage to maintain efficiency, scalability, and performance.
Typically, blockchains are not optimized for storing large amounts of data directly on-chain due to costs associated with transaction fees and the inherent latency in accessing data on the blockchain. Most blockchains, including Strong, often encourage storing larger data off-chain while using the blockchain to store hashes or pointers related to that data.
For specific storage capacities or features related to the Strong blockchain, I recommend checking their official documentation or community resources for the most up-to-date information on their data storage capabilities and best practices.
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