What Is StrongBlock (Strong) And How Does It Work?
The only constant thing in life is indeed ‘change’ and as such, everything in life continually evolves constantly as days go by.
The financial sector has never been left out of the wind of technological change ravaging the fintech world and this, of course, reflects in the crypto sector since both are closely related to almost the same.
A new project called StrongBlock has been initiated to promote and popularize the concept of a node as a service(NaaS) on the blockchain.
NaaS provides the required infrastructure and tools for developers to set up, and manage blockchain nodes and poses as an alternative to running entire blockchain nodes privately.
The main functions of a connected blockchain node are to send, transmit and store decentralized blockchain data.
However, a node is simply a device that stores the transaction history of a blockchain.
The StrongBlock project is fully in support of blockchain technology. It envisions the blockchain as the future of financial technology and therefore, it has an objective of simplifying the blockchain for everyone to engage.
StrongBlock can be a risky place to delve into unless you have mastered the technological breakthrough.
This article will explain the meaning of StrongBlock, how it works and how to buy the Strong token
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What Is StrongBlock?
Due to the intricacies involved in the blockchain, some users may find it very difficult to navigate through it.
StrongBlock project or platform was built to eliminate this problem and allow such disadvantaged users to build a blockchain-compliant node with compensation for running it.
StrongBlock platform seeks to revolutionize the standard and system of blockchain operation. It was created to simplify the blockchain operation through the simple NaaS tool by allowing users to build their blockchain nodes.
Before the StrongBlock invention, extensive understanding of blockchain, coding knowledge and a good server that can run the node for long, were all required for running Ethereum nodes.
At this time, one needed either a high level of effort or a high level of skill to simplify the process.
Also, mining rewards on a blockchain were reserved for the miner alone, none was distributed among the nodes because there was no way to access the nodes’ performance.
Now, however, the invention of StrongBlock has automated and neutralised the processes involved. It has given a fair ground for everyone to engage in the blockchain revolution.
Using the StrongBlock platform, users can create a node in seconds, they can add their nodes to get rewarded daily with STRONG token.
STRONG is StrongBlock’s native token which is also a governance token that gives token holders the power to make decisions about the protocol’s future.
What Are Strong Nodes?
Having said that a node is a device that stores a blockchain’s transaction history, and a strong node is a node that supports the Ethereum blockchain.
Strong node operators are rewarded with a “Node Universal Basic Income” (NUBI) which is based on the number of Ethereum blocks they contribute to the blockchain’s upkeep.
Strong nodes are run as a service and do not require any form of hardware. This explains why non-technical and unskilled people can build a blockchain-compliant mode in seconds and earn from it.
However, the token price, number of nodes, non-fungible token (NFT) ownership and node revenue are all variable factors that influence the rewards, therefore they can never be guaranteed.
What Is A Strong Token?
The STRONG token (now referred to as STRNGR) is an Ethereum-based ERC-20 token that runs on the Ethereum network. It is a governance token that may give birth to a more decentralized StrongBlock system.
The team burned 95% of its 10 million STRONG tokens to develop a current tokenomics for the system.
The coin is a governance token that will eventually lead to StrongBlock’s decentralized system by democratizing decision making power according to volume of token held by users.
With each new node, the StrongBlock platform still burns extra STRONG tokens to maintain a deflationary token supply.
How Does StrongBlock Work?
The StrongBlock protocol offers continuous “Node Universal Basic Income” (NUBI).
These NUBI rewards are funded by the company with the STRONG token and in the future as NFTs.
The governing council of the StrongBlock protocol are those who possess the STRONG token through such a manner. The potential reward shortfalls can be rectified by the community in a variety of ways as the protocol grows.
The rewards given to the users are measured in terms of their ongoing contributions per node, renewal fees, lowering NUBI, burning STRONG for NFTs, lowering NUBI and creating NUBI classes.
Also, you can use nodes within the StrongBlock with two methods.
The first is the Bring Your own Node (BYoN) which offers additional flexibility and proficiency while personalizing your node.
StrongBlock NaaS is a faster method which is easier to set up.
The same base NUBI incentives are offered in both approaches, though BYoN nodes may get more opportunities than NaaS nodes through future additions.
The monthly fee for NaaS is $14.95 (paid in ETH), whereas it is not the same for BYoN.
Is StrongBlock A Good Investment?
Of course, a project which will help you earn passive income by launching Ethereum nodes is a project you may find interesting.
The answer to whether it is a good investment depends on your consideration of the platform’s high gas fees and the general crypto market volatility.
You should also consider if the organization’s vision and return on investment align with your financial objectives.
If they align, then you may become an active member and participant in the StrongBlock project and get rewarded with STRONG tokens.
You must always conduct due diligence before putting money into any and do not forget the risk exposure you are willing to take.
However, the platform proposes to support other Ethereum protocols soon; like Ethereum’s consensus layer upgrade which was previously named ETH 2.0.
New features will also be introduced into the platform, like NFT gasification and an NFT marketplace. This will encourage more users to participate in this StrongBlock blockchain evolution.
StrongBlock protocol is leading the most terrific blockchain evolution in recent time, which will not just create ways of making passive income from creating nodes, but also make blockchain usage more simple to use.
The STRONG token which is rewarded to users will likely gain more traction as the StrongBlock platform plans to upgrade its system and support other Ethereum protocols.
This may be a good time to take advantage of the amazing opportunity presented by StrongBlock.