https://strongblock.com, is a website-hosted user interface (the “Interface or “App”) provided by StrongBlock, Inc. (“we”, “our”, or “us”). The App provides access to a decentralized protocol on the Ethereum blockchain that allows users to create nodes or submit nodes for various blockchains and participate in rewards (the “Protocol”).
StrongBlock (STRONG) is the first and only blockchain agnostic protocol that rewards nodes for supporting their blockchain infrastructure.
Why stimulate nodes? With limited resources and no financial incentives, many nodes run outdated software, maintain incomplete blockchain histories, and periodically go offline. After the launch of the blockchain, there is no simple mechanism to solve this problem.
To solve this problem, StrongBlock made it possible for anyone to create a node in seconds or add their own node and receive rewards in the form of STRONG tokens every day. More knots - more stability.
Miners and nodes manage blockchains. Miners verify new transactions and write them to the blockchain. Miners are rewarded in the form of tokens and transaction fees. Nodes are servers in the blockchain that maintain consensus with other nodes, validate transactions and store a copy of the blockchain, and provide redundancy and other useful services. For example, in the main Ethereum network, in addition to miners, there are full nodes, Light nodes, and archiver nodes. All three types of nodes, Full Light and Archive, are critical to the ecosystem, but they are not currently being compensated.
With limited resources and no financial incentives, many full nodes run outdated software, maintain incomplete blockchain histories, and are periodically offline. After the launch of the blockchain, there is no simple mechanism to solve this problem.
More knots = more stability
Over 86,000 nodes form the backbone of the top 20 tokens. The more nodes running on a blockchain, the more resilient it is to disaster and corrupt actors.
While all nodes are useful, full nodes archiving the full blockchain with 24/7 uptime provide the most value. But while full nodes are an important infrastructure for a well-functioning blockchain, they are expensive to run.
Token holders rely on full nodes to support high performance decentralized networks to keep their tokens of value.
Using the DeFi Reward System to Improve Node Performance
To incentivize better node operators, a financial incentive is needed to turn node management from a hobby into a commercial activity.
Ideally, the financial incentive should come from blockchain token holders who directly benefit from a high-performance network of nodes.
Our idea is to use the concept of mining to get more nodes in general and more full nodes in particular running on all blockchains and compensate them for that.
A protocol is a data mining concept applied to solve an important but often overlooked goal: node performance. Note. Nodes are just the beginning of what we'll be applying this protocol to.
STRONG is a standard ERC-20 token.
The protocol provides many ways to participate. The following definitions describe how to do this.
-Communities are blockchain protocols.
-Mining is the working activity of depositing or fixing tokens for reward in the community.
-Signaling - indicates which nodes you want to support in the community.
-Voting is the proposal and acceptance or rejection of changes to the protocol.
You can vote and show your STRONG at the same time. The rules are as follows:
-One STRONG, one vote - your vote only counts if your STRONG was mined when you made a proposal.
-One STRONG, one signal - your signal remains in place until you cancel it.
-Each STRONG can be used to signal and vote at the same time.
“Which community is the best in StrongBlock’s DeFi protocol?”
“I used my STRONG tokens to signal my support for Bob’s best nodes, Anna’s awesome nodes, and NodeWhisperer in the Ethereum community.”
“Great, the governance referendum for adding LINK staking in the Ethereum community has just passed!”
To become a member of the Community, the only action you need to take is to mine in it. In order to signal and receive rewards or vote, you must be mining STRONG in a strong community.
STRONG Voting and signaling rights can be delegated to other addresses. Thus, voters and communicators do not need to be in a STRONG STRONG position to vote or signal if they have been delegated STRONG INFORMATION. For the purposes of referendums, STRONG holders can delegate their tokens to nodes to ensure broader participation of those groups that will be most affected by the results of the referendum; or the delegation can be passed to experts who can better gauge the node's performance.
Some will choose to participate in a way that will impact the community, others will participate based on how influential the community is to them. The point is that you do not have to choose: you are interested in participating for the benefit of society and for yourself.
-Mining - affects you
-Voting - affects your communities
-Signaling - affects your communities and you
The STRONGER you have, the more opportunities you have to vote and signal across all communities. The more mining and participation, the more you will be rewarded.
At launch, there will be one blockchain protocol community: Ethereum. Strong holders can propose new communities and vote for them in referendums. To receive daily rewards from the community, ERC-20 tokens are mined for STRONG.
Mining STRONG is different from other communities in that STRONG is both a mining token and a reward. Mining STRONG is required for voting and signaling. Signalers are rewarded for their participation. StrongPool also records and reports voting rights for each mining account. When a miner in the Community claims their STRONG rewards, those rewards can then be mined for the STRONGER ones.
STRONG is awarded by StrongPool for mining duration and signal activity. The longer you mine - with a set minimum duration (usually one week), and the more you Signal, the higher the reward.
When you mine STRONG, you can only vote with the balance of STRONG tokens that you were mining before submitting the proposal. This prevents double voting. In addition to being able to vote on proposals using the tokens mined at the time of the proposal, a miner can also signal their support to nodes in the Communities using the STRONG tokens they mine. One STRONG. One vote. One signal.
42.5% (4.25 million) of STRONG has been set aside to reward miners. Community mining rewards - if you mine with non-STRONG tokens - will be distributed daily as STRONG (gradually decreasing over 4 years). STRONG mining rewards for a week or more will be distributed periodically (weekly at launch) as STRONG, gradually increasing over 4 years. Signaling nodes in any community with STRONG are also rewarded. Mining with STRONG is required for voting nodes and signals. These parameters are configured by the voter.
The 4.25 million STRONG held in the Community Smart contact will not participate in protocol control. However, daily and periodic rewards after being mined immediately become eligible for voting and signaling.
Daily STRONG mining is distributed to each staked community in proportion to the total USD value of tokens mined from those communities at the time of Daily Settlement (UTC) using pricing oracles. Then, in each community, a percentage of the mining reward is distributed among miners and nodes. The split ratio is adjustable by the selector.
The community with the highest total daily mining calculated by the oracle mines the STRONGEST rewards with a voter-adjustable community maximum distribution limit. The remaining mining rewards are distributed proportionally among the remaining communities, and then between their nodes and miners. Strong holders can signal nodes in a given Community - one STRONG, one signal - with the top nodes receiving higher rewards. This is also regulated by the voter.
For example: if the Ethereum community has $700k worth of ETH mining during daily computing, and the Chainlink community has $300k worth of ETH, and we assume these are the only communities in the system, then the Ethereum community receives 70% of the daily reward for mining, and the Chainlink community receives 30% of the daily mining reward. The strong mining rewards for each community are then distributed among the miners proportionally, based on their share of the mined tokens. Nodes are rewarded with their proportional share of Signals.
Miners are rewarded based on each May second (the number of tokens mined times the number of seconds they are mined) for each full UTC day they are mined in the Community. Miners do not need to be staked for full days. There will be adjustable limits on mining to ensure that any miner cannot receive more than a certain percentage of daily rewards.
Anyone mining 1% (100,000) STRONG can propose a governance referendum, simple or complex, such as adding a new mining token, a new community, or changing the maximum number of nodes that can mine rewards in the community. Proposals are automatic code changes that update the corresponding management smart contract after they have been approved.
All proposals are subject to a three-day vote, during which any voting address (based on STRONG mining) can vote for or against the proposal. If a proposal receives a majority and at least 400,000 votes, it is queued and can be implemented in 2 days. High risk proposals - as defined in the smart contract parameters - have 14-day voting periods.
After the proposal is implemented, these changes will affect all further actions in the chain.
The following are some of the proposed governance options that can be changed by voter referendum.
1.Number of communities
2.Adding a new community
3.Adding a token that can be mined in the community
4.Minimum mining per community for daily rewards
5.Maximum per community that can be mined with one wallet address
6.Parameters for calculating daily mining rewards
7.Percentage of rewards for miners in the community
8.The percentage of node rewards in the Community.
At the start of the process, StrongBlock will reach out to the community to give their opinion on how governance should work.
Some basic rules cannot be changed by referendum. However, there are several areas where the ability to update smart contracts is critical.
When a new Community is proposed, the smart contract that controls the Communities has the ability to add the Community because it controls the distribution of mining rewards.
For example, why would you mine tokens if there are no more mining rewards available in that community? The smart contract will still exist, but miners will quickly abandon it. Likewise, when a new community is added, miners will most likely look for other miners to ensure continuity of the mining reward.
The STRONG Community smart contract is unlikely to be upgraded without a hardware upgrade, as users must revoke their STRONG and move them entirely to another contract in order to retain control of the protocol.
In addition, some smart contracts provide mechanisms for the exchange of mined tokens between communities.
The initial community will be Ethereum and as such will be made up of Ethereum nodes. To be eligible to mine and receive rewards in STRONG, node applicants must apply online and host their unique public strong.json file containing identifying information including the relevant Community for which they are applying. Nodes can only participate in a Community that conforms to their protocol.
Node candidates must have an independently running API or P2P node available for public requests and using the latest major version of the blockchain protocol for their Community. Endpoints will be polled regularly to confirm uptime, response time and current operating system, among other metrics. Additional criteria are detailed during the application process and in the strong.json template that will be published at launch.
Once accepted, the nodes are added to the seed.json list for their Community. The list of seeds published on the site will serve as a guide for signaling.
All Community node nominations submitted are subject to rejection based on non-compliance with automated criteria in the smart contract that controls the evaluation algorithm. Specific reasons for disqualification may be changed by referendum.
The total number of nodes that can receive mining rewards in each Community will initially be expressed as a percentage of available nodes; Nodes with more signals than the community-set threshold will receive higher mining rewards.
Initially, the protocol may use a lottery algorithm to signal highly qualified nodes in each Community based on established criteria. As individual signaling increases in each community to a predetermined STRONG threshold percentage, community signaling will become the main basis for node mining rewards.
Qualified nodes will be able to apply on the StrongBlock website once the protocol is launched.
Signaling will not begin until the STRONG token is publicly available and certain control threshold parameters for the nodes have been met. Every eligible node in the Community can be signaled. One STRONG token is equal to one Signal. Individual nodes will receive Community Rewards as follows: the top Signal Nodes will receive higher mining rewards, and the remaining nodes will receive mining rewards based on the weight of the Signals in the Community. For communicators (my signals / general signals) * daily node reward) will be the formula for remuneration of communicators. These parameters can be changed by referendum.
Demand for StrongBlock nodes and other blockchains will fluctuate with peaks and valleys. For additional validation, StrongBlock can create one or more decentralized mainnet chains for each protocol community to validate nodes to authenticate their capabilities.
Documentaries, videos and podcasts
- CryptocurrencyA cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.
- BlockchainA blockchain is an append-only digital ledger storing a set of time-ordered transactions grouped in blocks that are linked together using cryptographic hashes.
- Blockchain and cryptocurrencyTopics related to blockchain and cryptocurrency.
- Crypto (a cryptocurrency)Crypto (CTO) was a lite version of Bitcoin using a Lyra2RE as a proof-of-work algorithm.
- Decentralized Finance (DeFi)DeFi is short for "decentralized finance," an umbrella term for Ethereum and blockchain applications geared toward disrupting financial intermediaries.
- BitcoinBitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009.
- EthereumEthereum is an open-source, public, distributed blockchain computing platform featuring smart contract (scripting) functionality, which facilitates online contractual agreements.
- BinanceBinance is a cryptocurrency exchange founded in 2017 by Changpeng Zhao.
- Crypto (a cryptocurrency)Crypto (CTO) was a lite version of Bitcoin using a Lyra2RE as a proof-of-work algorithm.
- Show More