All the Perspective of StrongBlock

Those who work in the cryptocurrency industry are not surprised by the fact that the digital financial landscape is still evolving virtually every second. The idea of the node as a service (NaaS) on the blockchain has gained popularity thanks to a recent project by the name of StrongBlock. NaaS offers developer infrastructure and tools for establishing and managing blockchain nodes; it serves as an alternative to hosting whole blockchain nodes on your own.

Decentralized blockchain data is relayed, transmitted, and stored by connected blockchain nodes. And what exactly is a blockchain node? A node often referred to as a Full Node, is a computer that keeps the complete history of transactions on the blockchain. However, who was responsible for developing the StrongBlock ecosystem?

David Moss, the CEO of StrongBlock, and Brian Abramson, the CTO, both have extensive experience in corporate software and blockchain. Chief product officer Corey Lederer, who is also a member of the StrongBlock founding group, has a wealth of experience in leading technological endeavors.

“We are excited to welcome Fantom (FTM) and Polygon (MATIC) as the newest protocols for which we will be launching nodes. We’re making preparations now. We’re also talking with Polygon about our NFT earning initiative and DeFi farms.”
~ David Moss, CEO StrongBlock pic.twitter.com/RNbPb8GsP8

— Lex Luther (@Krypto_Lex) September 2, 2021

The blockchain, according to StrongBlock, is the technology of the future, but unless you’re familiar with it, it can be dangerous to enter. StrongBlocks’ goal is to simplify blockchain participation and support for everyone as a result. An in-depth discussion of the NaaS idea, StrongBlock’s distinctive features, earning potential, and purchasing information are covered in this article.

StrongBlock Definition

StrongBlock is a blockchain technology that seeks to fundamentally alter how blockchain networks function. Its simplification is due to the straightforward NaaS tool, which enables users who aren’t familiar with blockchain to rapidly establish a blockchain-compliant node while getting paid for running it.

Running Ethereum nodes needed deep knowledge of blockchain, coding skills, and a server that could run the node continuously before StrongBlock’s NaaS. In conclusion, prior to StrongBlock, exploring nodes needed a lot of work or a sophisticated level of expertise to make it simple.

Additionally, nodes received any of the financial awards that were given to miners for solving challenging mathematical challenges. The performance of nodes cannot be evaluated.

StrongBlock automated every procedure to address the aforementioned problems, enabling everyone to take part in the blockchain revolution. Using the StrongBlock platform, users may set up a node in a matter of seconds. Additionally, they can add a node to receive daily STRONG token awards. StrongBlock uses the governance token STRONG to allow token holders to participate in shaping the protocol’s future.

How do Strong nodes work?

A node that supports the Ethereum network is known as a strong node. It gives “Node Universal Basic Income” (NUBI) to node operators in exchange for the Ethereum blocks they produce in order to maintain the network. The number of nodes, token price, node revenue, and ownership of nonfungible tokens (NFTs) are all variables that affect rewards; they are not guaranteed. Strong nodes are run as a service, so they don’t need hardware, which enables anyone—even non-technical people—to quickly construct a blockchain-compliant node and earn money from running it.

The way StrongBlock functions

The StrongBlock protocol is made to continuously provide NUBI. Currently, NUBI awards are paid in STRONG; going forward, the corporation will pay them as NFTs. Those who have obtained STRONG in this way will then control the procedure. As the protocol develops, there are numerous ways the community can address potential incentive deficiencies.

Ongoing contributions per node, burning STRONG for NFTs, renewal fees, lowering NUBI, and the creation of various NUBI classes are used to calculate incentives. There are other two ways to employ nodes in the StrongBlock protocol. Bringing your own Node (BYoN) allows for more customization and flexibility, but StrongBlock NaaS is quicker and simpler to set up.

The fundamental NUBI incentives are identical for both strategies, but potential future additions could give BYoN nodes more chances than NaaS nodes. Additionally, whereas it varies in the case of BYoN, the monthly charge for NaaS is $14.95 (paid in ETH).

What do STRONG tokens mean?

The STRONG token, which is currently known as STRNGR, is an ERC-20 token based on Ethereum that functions on the Ethereum network. The token serves as the governance for StrongBlock’s decentralized system and is represented by the coin.

In order to create proper tokenomics for the system, the team burnt around 95% of the 10 million STRONG tokens they generated. With every new node deployed, the system keeps burning additional STRONG tokens to maintain a deflationary token supply.

How to start a StrongBlock blockchain node

Make sure you have a digital wallet before using StrongBlock to build a blockchain node. The NaaS platform from StrongBlock does not enable multisig wallets but is compatible with MetaMask.

You’ll need to purchase some ETH in order to pay the transaction’s gas fees. Purchase 10 STRNGR tokens by connecting your wallet to your favorite cryptocurrency exchange. On the MetaMask website, you can download MetaMask as a browser extension. Customers have a choice of the browsers Chrome, Brave, or Firefox.

Connect your wallet with 10 STRNGR to the app.strongblock.com website to view the gas prices. Checking gas costs, which change depending on the crypto-economy, is possible with the help of the Etherscan Gas Tracker.

10 STRONG tokens are required for node setup or launch, in addition to gas charges. Then, each node receives 0.091 STRONG tokens as payment, which may be used as a passive income source. 

After your node is established, you can pay node fees, view your accrued prizes, and make rewards claims. When you create your node, the first month’s charge is already included. The node charge must then be manually paid every 30 days after that. The node fee payment mechanism, however, has a 90-day prepaid limit. To expedite the process, look for approved, pending, or canceled transactions if you can’t see the newly established node.

What effects does StrongBlock have on taxes?

Ethereum node services will be treated as an expense rather than an asset in the crypto and tax worlds due to the characteristics of StrongBlock and the inability to sell the asset.

As a result, when you purchase StrongBlock, the initial expenditure will be regarded as a business expense, and all income derived from it will be regarded as taxable. Your current income level and the country in which you reside will determine the taxable rate. 

Also, read – How does StrongBlock (STRONG) operate, and what is it?

Is StrongBlock a wise financial decision?

StrongBlock looks like a promising concept for blockchain enthusiasts who want to establish Ethereum nodes and generate passive money. However, before investing money in any enterprise, you should always do your research owing to the exorbitant gas costs and the volatile cryptocurrency market.

Having said that, you may participate actively in the project and be rewarded with STRONG tokens if you believe that your financial goals, the organization’s vision, and the return on investment are compatible. However, remember the level of risk you are willing to accept.

The platform plans to enable additional protocols soon, such as the consensus layer upgrade for Ethereum (formerly known as ETH 2.0). Additionally, it intends to roll out features like NFT gamification and a marketplace, which can entice blockchain aficionados to join the StrongBlock-led blockchain revolution.