What is StrongBlock (STRONG) and how does it work?
What is StrongBlock (STRONG) and how does it work
Strongblock builds platforms and protocols in hopes of changing the way blockchain networks compensate the nodes that maintain and maintain them.
The digital financial landscape continues to evolve almost every second, which is no surprise to people in the crypto industry. Among such technological developments, a new project called StrongBlock has popularized the concept of node as a service (NaaS) on blockchain. NaaS is an alternative to running all blockchain nodes yourself; Provides developer infrastructure and tools for setting up and managing blockchain nodes.
Connected blockchain nodes transmit, transmit and store decentralized blockchain data. But what is a blockchain node? A node, also known as a Full Node, is a device that stores the entire transaction history of the blockchain. But who is behind the creation of the StrongBlock ecosystem?
The StrongBlock team includes CEO David Moss and chief technology officer Brian Abramson, who are enterprise software and blockchain veterans. Chief product officer Corey Lederer is also among the team of StrongBlock founders and has extensive experience managing technology products.
StrongBlock sees blockchain as the way of the future, but if you're not aware of this technological breakthrough it can be a risky place to enter. Ultimately, StrongBlocks' goal is to make it easy for anyone to support and participate in blockchains.
This article will dive deep into the concept of NaaS and explore what makes StrongBlock unique, how to make money with StrongBlock, and how to purchase the STRONG token.
StrongBlock is a blockchain platform that hopes to change the way blockchain networks work. The reason for its simplification is the simple NaaS tool that allows users who are not blockchain-savvy to build a blockchain-compatible node quickly while compensating for running them.
Before StrongBlock's NaaS, running Ethereum nodes required a thorough understanding of the blockchain and coding ability, as well as a server that could run the node around the clock. In summary, before StrongBlock, diving into nodes required a lot of effort or a high level of knowledge to simplify.
In addition, while rewards were reserved for miners who solved complex mathematical problems, such monetary rewards were not distributed to nodes. There is no way to evaluate the performance of nodes.
To address the above issues, StrongBlock has automated all processes, allowing anyone to join the blockchain revolution. Users can create a node in seconds using the StrongBlock platform. They can also add their nodes to get daily POWERFUL coin rewards. STRONG is StrongBlock's governance token, which developers use to enable token holders to contribute to determining the future of the protocol.
What are strong nodes?
A strong node is a node that supports the Ethereum network. It rewards node operators with a “Node Universal Basic Income” (NUBI) based on the number of Ethereum blocks they contribute to maintaining the network. However, the number of nodes, token price, node revenue, and non-fungible token (NFT) ownership are factors that affect rewards; varies and is not guaranteed.
Powerful nodes are run as a service; Therefore, they require no hardware, allowing even non-technical people to get paid to create and run a blockchain-compatible node in seconds.
How does StrongBlock work?
The StrongBlock protocol is designed to consistently grant NUBI. NUBI rewards are currently paid out in STRONG, and in the future the company will pay them out as NFTs. The protocol is then administered by those who obtain STRONG in this way. Potential reward shortcomings can be corrected by the community in a variety of ways as the protocol grows.
Rewards are measured based on ongoing contributions per node, STRONG burn for NFTs, renewal fees, NUBI drops, and creating different NUBI classes. Additionally, there are two methods to use nodes in the StrongBlock protocol. Bringing Your Own Node (BYoN) offers additional flexibility and the ability to further customize your node, while StrongBlock NaaS is faster and easier to set up.
Both approaches offer the same basic NUBI incentives, but future additions may give BYoN nodes more opportunities than NaaS nodes. Also, for NaaS the monthly fee is $14.95, whereas in case of BYoN it varies.
What is STRONG token?
STRONG token (now called STRNGR) is an Ethereum-based ERC-20 token running on the Ethereum network. The coin is a governance token that will eventually lead to StrongBlock's decentralized system.
While the team produced 10 million STRONG tokens, they burned through roughly 95% to develop accurate tokenomics for the system. The system continues to burn extra STRONG tokens with each new node distributed to ensure a deflationary token supply.
How to start a blockchain node using StrongBlock?
To launch a blockchain node using StrongBlock, make sure you have a digital wallet. StrongBlock's NaaS platform does not support MetaMask and multiple curtains.
You need to receive some ETH to cover the gas fees of the transaction. Link your wallet to your preferred crypto exchange and purchase 10 STRNGR tokens. MetaMask can be downloaded as a browser extension from the MetaMask website. Customers can choose Chrome, Brave or Firefox browsers.
Get your wallet containing 10 STRNGR from app.strongblock.com website. Etherscan Gas Tracker can check gas fees, which vary depending on the crypto economy used.
Setting up or starting a node requires 10 POWERFUL tokens plus gas fees. Each node is then rewarded with 0.091 STRONG tokens, which can be used as a source of passive income.
You can pay node fees, view your accrued rewards, and claim rewards once your node is created. The first monthly node fee is added when you create your node. After that, you have to pay the node fee manually every 30 days. However, the node fee payment structure has a 90-day prepaid restriction.
If you don't see the created node, check for confirmed, pending, or canceled transactions to speed up the process.
What are the tax consequences of StrongBlock?
Due to the nature of StrongBlock and the impossibility of selling the asset, Ethereum node services cannot be classified as an asset in the crypto and tax worlds; instead, they are classified as expenses.
As a result, when you purchase StrongBlock, the initial purchase is considered a business expense and anything you earn from it is considered taxable income or gain. The taxable rate will depend on your country of residence and may be determined by your current income level. You may consider reading Cointegraph's cryptocurrency filing guide to understand your taxable liabilities Taxes in the US, UK, and Germany.
Is StrongBlock a good investment?
If you are a blockchain lover, you may find StrongBlock a promising project to launch Ethereum nodes and generate passive income. However, given sky-high gas fees and crypto market volatility, you should always do your due diligence before putting money into any project.
However, if you think your financial goals, the organization's vision, and the return on investment are aligned, then you can become an active participant in the project and be rewarded with POWERFUL tokens. However, keep in mind the risk you are willing to take.
The platform aims to support other protocols Ethereum's consensus layer upgrade (formerly ETH 2.0) is imminent. It also plans to introduce features such as NFT gamification and a marketplace that could encourage blockchain enthusiasts to join the blockchain revolution led by StrongBlock.
