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StrongBlock (STRONG) is the one and only protocol that rewards nodes for upholding their blockchain’s infrastructure.
Let’s start our journey to know how strong is the StrongBlock.
A short introduction to StrongBlock
The future of the digital world is expected to expand overnight, which is not surprising to those who already belong to the crypto industry. However, a brand-new player on the blockchain is becoming increasingly famous and is called StrongBlock.
StrongBlock strongly believes that the blockchain will be the foundation of the future, but unless you are well-versed in the technical breakthrough, it can be an intimidating place to enter. Therefore, StrongBlock’s goal is to simplify blockchain for everyone, so people can easily support, adopt, and participate in this technology.
While this short introduction covers a portion of the problem, in this blog, we’ll get an in-depth overview of what all StrongBlock can bring to the table.
What is StrongBlock?
StrongBlock is a Node-as-a-Service (NaaS) platform that makes it possible to build nodes for blockchains of Ethereum (ETH), Polygon (MATIC), EOS (EOS), and other blockchains. The platform helps the users who lack technical knowledge and face challenges in running their own node on blockchains; however, they can also earn rewards through this.
When we talk about consensus, blockchain nodes are equivalent to shareholders in a firm. To enhance the security of the blockchain, nodes filter out multiple spends while validating transactions. Depending on the topology of the blockchain, specific nodes may have more power and the capacity to create blocks. A blockchain is extremely decentralized as it is made up of thousands of nodes.
With more than 15% of all Ethereum nodes under its management, the StrongBlock ecosystem is currently one of the world’s most effective Ethereum node services. StrongBlock presently hosts close to 2,000 nodes. As a result, users can deposit their ETH and quickly run a node on the system without having to download the complete blockchain. Presently, Ethereum 1.0 is supported, but the platform is getting ready to switch to Proof-of-Stake (PoS) for Ethereum 2.0 in the near future.
What are Strong nodes?
A Strong node is basically a node that supports the Ethereum network. It provides a “Node Universal Basic Income” (NUBI) to node operators in exchange for the Ethereum blocks they produce to maintain the network. The number of nodes, token price, node income, and ownership of Non-Fungible Tokens (NFTs) are all variables that impact rewards; they are only variables and thus are not always guaranteed.
Strong nodes are operated as a service, so they don’t need hardware. This enables anyone—even non-technical people—to quickly construct a blockchain-compliant node and make money for running it.
What is a STRONG token?
The STRONG token, currently known as STRNGR, is an Ethereum-based ERC-20 token that functions on the Ethereum network. The currency is a governance token that serves StrongBlock’s decentralized system.
To create proper tokenomics for the system, the team burnt around 95% of the 10 million STRONG tokens they produced. In addition, the system keeps burning additional STRONG tokens with every new node deployed to maintain a deflationary token supply.
How does StrongBlock work?
StrongBlock provides two primary blockchain node services: Nodes-as-a-Service (NaaS) and Bring-your-own-Node (BYON). The former service is the most popular one as it simplifies the process of creating nodes. The second service is for users who already operate an Ethereum node and want to move that node to the StrongBlock ecosystem to collect STRONG incentives. Both demand a starting investment of 10 STRONG.
The primary distinction between mining on StrongBlock and mining Ethereum using your own node is that users mine STRONG tokens rather than Ethereum.
The StrongBlock team devised a new strategy to streamline the complex node-operation process. Instead of shelling out thousands of dollars to set up a node system, users can join the current StrongBlock network with a smaller investment and get the benefits of a complete node operator. It is a bullish investment because of the token’s uniqueness, scarcity, and previous price appreciation. The only risk element is the token’s performance, which is closely tied to that of the crypto market as a whole.Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.