StrongBlock Flash Paper
Overview
StrongBlock is the first and only blockchain-agnostic protocol to reward nodes for supporting the infrastructure of their blockchain.
Why incentivize nodes? With limited resources and no financial incentive, many nodes run out-of-date software, maintain incomplete blockchain histories , and are intermittently off-line. There is no easy mechanism to fix this problem once a blockchain is launched.
To solve this, StrongBlock has made it possible for anyone to create a node in seconds — or add their own node — and receive STRONG token rewards every day. More nodes equals more resilience.
At the time of writing, StrongBlock is rewarding over 1700 Ethereum 1.0 nodes, representing more than 15% of all Ethereum active nodes.
This paper provides details of how the protocol uses incentives and governance to prioritize the safety and sustainability of node rewards, compounding value for token holders by regularly reducing supply.
Currently, only Ethereum 1.0 Full Nodes are eligible for STRONG rewards. Ethereum 2.0, Bitcoin and other protocols will be eligible at a later date.
Team
The StrongBlock team is composed of blockchain and enterprise software veterans including CEO David Moss, CTO Brian Abramson, and CPO Corey Lederer.
Facts and Definitions
- STRONG: A governance token, enabling decentralized protocol governance
- Name: Strong
- Symbol: STRONG
- TYPE: ERC-20
- Decimals: 18
- Original Supply: 10,000,000
- Burned: 9,472,218.9008 (increasing over time) STRONG Burn Address
- New Max STRONG Supply: 528,886 (decreasing over time)
- Total Community STRONG: 330,366 (62.46%)
- Total Team and Shareholder Strong: 198,520.43 (37.54%)
- Community Rewards Reserve: 196,459.58 Rewards Reserve Address
- Circulating STRONG Supply: 144,907 (increasing and decreasing over time)
- Token Contract Address: STRONG Contract Address
- NFT Tokens: Serialized Bronze, Silver, Gold, Platinum 3D tokens
- NFT Use: Rewards booster. Other uses TBA.
- NFT Eligibility: For Bronze, a NaaS or ByoN node registered by 12/31/2020.
- NFT Supply: TBD. Each will have a max supply, and can be traded and burned
- Protocol Smart Contracts: Ethereum Solidity, audited by Hacken
- Deflation possible: Yes. The original minting contract did not provide for deflation. Tokens are sent to the STRONG Burn Address to permanently remove them from circulation
HOW STRONG WORKS
Rewards and Eligibility
The StrongBlock protocol is designed to provide an ongoing Node Universal Basic Income (NUBI). Rewards are provided proportionally to those taking the most risk. As the protocol matures, potential reward deficits can be addressed by the community in many ways.
Community measures to ensure ongoing node rewards may include: increasing community contributions per node; lowering NUBI; creating different NUBI classes via NFT ownership; charging a renewal fee; burning STRONG for NFT’s; and other measures.
Rewards are in STRONG. NFT tokens — earned under certain conditions to be determined — lock in rewards boosts.
Node Rewards
There are currently two methods to submit nodes for rewards eligibility. Rewards, fees and availability are subject to change over time. To get started, go to StrongBlock Nodes.
Nodes as a Service (NaaS)
- Level of Effort: A few clicks and a few seconds
- NUBI Target .2 STRONG/day (Day = 7000 blocks)
- Claiming: Every block
- Community Contribution: 10 STRONG
- Monthly Fees: $14.95
- Renewal Fees: TBD
- Bronze NFT Eligibility: Register a node through December 31, 2020
- Read more about NaaS
Bring your own Node (ByoN)
- Level of Effort: Hours to days
- NUBI Target: .2 STRONG/day (Day = 7000 blocks)
- Claiming: Every block
- Community Contribution: 10 STRONG
- Monthly Fees: None in StrongBlock. (From $50 to $150 externally.)
- Renewal Fees: TBD
- Bronze NFT Eligibility: Register a node through December 31, 2020
- Read more about ByoN
Distribution of Community Contribution
- 10% burned
- 10% to STRONG-ETH and LINK-STRONG Pools for rewards
- 20% into the Strong Pool
- 60% into node rewards pool
- Distribution subject to change over time
Pool Rewards
Pool rewards are provided to those supporting the protocol. You can participate by going to StrongBlock Mining.
Strong Pool: Mining of STRONG for STRONG rewards
UNI-V2 LP STRONG-ETH Pool: Mine with LP tokens for STRONG rewards
UNI-V2 LP LINK-STRONG Pool: Mine with LP tokens for STRONG rewards
Node Signaling Rewards
For each STRONG you have mined in the Strong Pool, you are allowed to Signal one node. Signaling indicates which nodes you wish to support. Both you and the node you are Signaling receive a small amount of STRONG for your participation. Your signal stays in place until you recall it.
Fees
The StrongBlock protocol generates revenue to be used for operations via Ethereum transaction fees. These small transaction fees are added throughout the protocol for activities such as mining, unmining, claiming, and registration.
Governance
A gradual path to decentralization has been determined to be the safest for all blockchain protocols. Holding STRONG will continue to allow governance referenda to be proposed, debated, and voted upon by the community, steadily moving towards decentralization over time. Governance proposals are in the form of Ethereum Smart Contract updates, and can be submitted on the website.
On the Roadmap
While some initiatives cannot be disclosed due to potential competitive risks, here are some upcoming initiatives.
- Expansion of NaaS and ByoN to support Ethereum 2.0, Bitcoin, and other protocols
- A Node Balancer providing services similar to Infura that will Increase rewards by monetizing nodes
- Multiple nodes per wallet
- NFT gamification and marketplace
Conclusion
Since launching its protocol, StrongBlock has dramatically reduced the total supply of STRONG, reduced daily inflation, achieved deflation, and added a fee-based Nodes as a Service (NaaS) offering, shifting the project into a model designed for long-term self-sustaining growth. This sets the stage for continued expansion of the protocol.
STRONG enables decentralized governance of its community DeFi protocol. STRONG is not a fundraising device or investment opportunity.
Learn more by visiting the StrongBlock website, Twitter, or Telegram.
