StrongBlock Integrates Chainlink Oracles Live on Mainnet to Help Power its DeFi Mining Rewards Distribution
We are excited to announce that StrongBlock has successfully integrated Chainlink’s LINK/ETH and ETH/USD Price Reference Data live on mainnet to determine daily and periodic STRONG mining reward distributions. Thanks to Chainlink’s high quality data and decentralized network infrastructure, we can provide even greater assurances that all mining rewards will be accurately and transparently calculated and distributed to StrongBlock miners without any single point of failure.
StrongBlock was founded in 2018 by a team of blockchain tech executives to further blockchain adoption through products such as its Blockchain-as-a-Service protocol, released in February, 2020. The team conceived and has been working on the DeFi protocol since early in 2020.
The StrongBlock DeFi protocol is the first to reward participants for working to improve the quality of public blockchain performance. The rewards are earned by mining digital assets (initially ETH and LINK) in the protocol. Mining is rewarded with the STRONG Governance Token — an ERC-20 token that runs on the Ethereum Network in a set of smart contracts audited by Hacken, a Chainlink partner.
Holding STRONG confers voting rights, which can be delegated to its holders to propose, vote, and alter various aspects of the Strongblock DeFi protocol. Mining STRONG is required to participate in StrongBlock’s DeFi protocol governance.
Mining and participation in the StrongBlock DeFi protocol is simultaneously beneficial to individuals and to the community.
STRONG daily mining rewards are calculated based on the total USD value in a given Community pool of all tokens being mined, which is determined by the corresponding Chainlink oracle at the end of a 24-hour UTC period. Total values are then divided proportionally based on individual mining deposits. Rewards are shared with miners and blockchain nodes in a given Community.
StrongBlock selected Chainlink’s Price Reference Data over other oracle solutions because of their highly accurate, available, and secure data. Chainlink’s decentralized network ensures highly available and manipulation resistant data delivery using a decentralized network of independent, security reviewed node operators, all of which are operated by leading blockchain DevOps and blockchain infrastructure teams. Chainlink ensures accurate data by using multiple independent high quality off-chain data aggregators, which account for trading volume across all centralized and decentralized exchanges.
Chainlink’s time tested price feeds are trusted by leading DeFi projects such as Aave, Bancor, and Synthetix, and currently secure over $3B in USD value. StrongBlock plans to add additional Chainlink Price Reference Data feeds as new supported tokens are voted in by the community for mining.
“Timely and accurate price calculations are crucial for the success of the StrongBlock DeFi protocol. We evaluated all the alternatives, and Chainlink blew the competitors away based on its superior guarantees around trust, decentralization, data quality, and ease of use,” said David Moss, Founder and CEO of StrongBlock.
The StrongBlock DeFi protocol is available now at https://strongblock.com. No login is required to begin mining, receiving rewards, and participating in governance of the protocol. A wallet such as MetaMask is required.
StrongBlock, founded in 2018 and led by blockchain industry pioneers, creates blockchain platforms and protocols. The STRONG “DeFi With a Purpose” protocol is the first to reward participants for working to improve the quality of public blockchain performance. STRONG tokens grant administrative authority to holders to propose, vote, and implement changes to the StrongBlock DeFi protocol. Learn more by visiting the StrongBlock website, Twitter, or Telegram.
If you’re a developer and want to quickly get your application connected to Chainlink Price Reference Data, visit the developer documentation and join the technical discussion in Discord. If you want to schedule a call to discuss the integration more in-depth, reach out here.
Chainlink is a general-purpose framework for building and running decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs. Use Chainlink to connect to data providers, web APIs, enterprise systems, cloud providers, IoT devices, payment systems, other blockchains, and much more.