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GRAND CAYMAN, Cayman Islands – (BUSINESS WIRE) – StrongBlock, a protocol designed to reward and strengthen the world’s expanding blockchain infrastructure, today announced a new token economy and strategy to strengthen incentives for Ethereum node providers. To start, StrongBlock will reduce its token supply by 96%, bringing the total supply from 10 million to 400,000 STRONG tokens by December 1, 2020. Below, StrongBlock plans to help Ethereum’s node network on a blitz scale and expand services at other tier 1 node providers such as Bitcoin and Ethereum 2.0.
Launched in September 2020, StrongBlock’s protocol aims to change the way blockchain networks reward the people who protect them. StrongBlock has a governance token, STRONG, which it uses to reward node operators running on Ethereum and other supported blockchain protocols.
“The next major bull market for cryptocurrencies is here, but the blockchain world probably isn’t ready for it. The current Ethereum infrastructure still suffers from an integrity issue that the market faces before mainstream adoption, “said David Moss, founder and CEO of StrongBlock.” There are fewer active Ethereum nodes today than in 2017 and many of them nodes are outdated, unreliable and poorly managed. Other level 1 blockchains have similar problems. StrongBlock helps Ethereum and other blockchain providers scale operations quickly by offering rewards to those who best support the blockchain infrastructure. ”
What are Blockchain Nodes?
Blockchain nodes transmit, forward and store decentralized blockchain data. Although nodes are crucial to the integrity of their blockchains, not all nodes are rewarded within their own blockchain networks. For more information, see “Node Guidelines for StrongBlock Protocol”.
According to Ethernodes.org, there are currently more than 9,500 active Ethereum nodes around the world. In 2017, there were 25,000 active Ethereum nodes, about 62% more than today.
Recently, Ethereum has seen a wave of networking activity linked to a renewed interest in blockchain technology and decentralized finance. Experts and analysts have signaled an impending wave of new Ethereum developers and traders, which could cripple Ethereum’s fragile and shrinking network of nodes.
“Even with the promise of Ethereum 2.0, there is a need to fill a gap in dedicated infrastructure to support an influx of enterprise-grade blockchain applications,” said William Duplessie of Pangea Blockchain Fund. “StrongBlock is helping galvanize support for blockchain infrastructure in view of increased market interest, and will likely play a pivotal role in securing Ethereum’s future as a dynamic, secure and decentralized computational platform.”
What problem does the new token economy solve?
Strongblock’s revised symbolic economic model reduces inflation and transforms the project into a long-term sustainable growth model. The new reward structure places an emphasis on rewarding node operators and liquidity miners.
Along with its new token model, StrongBlock also noted that it will expand its reward offering to other blockchains in the near future, naming Bitcoin and Ethereum 2.0 as likely candidates.
“StrongBlock offers a reward model that could be leveraged by virtually any blockchain,” Moss said. “Our service will expand to networks with the highest demand for infrastructure support, with StrongBlock as the standard for blockchain node rewards.”
If you are already using a full Ethereum node, sign up now for rewards at https://app.strongblock.com/apply by following a few simple steps. A minimum of 10 STRONGs is required to register a node and participate in the rewards.
Do you want to work with StrongBlock? For partnership requests, send an email to: [email protected]
About StrongBlock
StrongBlock, founded in 2018 and led by blockchain industry pioneers, builds blockchain platforms and protocols. The STRONG protocol is the first to reward participants for working to improve the performance quality of the public blockchain. STRONG tokens grant holders administrative authority to propose, vote and implement changes to the StrongBlock DeFi protocol. Learn more by visiting the StrongBlock website, Twitteror Telegram.
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