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What is StrongBlock? Easy Ethereum Node Setup | Coin Gabbar Blogs

22 Oct 2022 By : Prajwal Rathore
Southeast Asia’s Lar

Key Takeaways

  • StrongBlock enables users to easily establish a node that complies with the blockchain while paying them for operating it.

  • Running Ethereum nodes needed deep knowledge of blockchain, coding skills, and a server that could operate the node continuously.

  • StrongBlock simplifies the procedure by enabling users to launch their own nodes using their servers by depositing Ethereum or other cryptocurrencies using decentralized wallets like MetaMask.

The well-known growth of crypto-currencies has significantly affected the digital financial ecosystem. However, unless you are well-versed in this technical breakthrough, it can be a very difficult place to enter. The majority of people using cryptocurrencies nowadays are younger and those with superior technological abilities. To solve this issue, StrongBlock, a recent participant on the blockchain, is gaining popularity.

StrongBlock's goal is to simplify blockchain participation and support for everyone. Strongblock develops platforms and protocols intending to improve the way that nodes who uphold and safeguard blockchain networks get paid.

While this brief introduction covers a small portion of this whole concept, in this article we will go in-depth on the Strongblock idea.

What is StrongBlock?

StrongBlock is a blockchain platform that intends to fundamentally change how blockchain networks work. It uses the NaaS (Nodes-as-a-Service) tool, which enables non-blockchain people to easily establish a node that complies with the blockchain while paying them for operating it. It is the first DeFi protocol to compensate blockchain nodes for their performance.

Blockchain nodes that take part in the consensus are similar to shareholders in a company. Running Ethereum nodes needed deep knowledge of blockchain, coding skills, and a server that could operate the node continuously. In short, exploring nodes needed a lot of work or deep knowledge. With a significant number of Ethereum nodes now under its management, the StrongBlock ecosystem is one of the most prominent Ethereum node providers.

StrongBlock automated every procedure to overcome the existing problems, enabling everyone to take part in the blockchain revolution. The StrongBlock platform allows users to create a node in a matter of seconds. Additionally, they can install a node to get daily STRNGR token awards. StrongBlock uses the token STRNGR to incentivize token holders to participate in shaping the protocol's future.

How does StrongBlock work?

StrongBlock simplifies the process by enabling users to launch their own nodes using their servers by depositing Ethereum or other cryptocurrencies using decentralized wallets like MetaMask.

StrongBlock nodes are blockchain nodes that take part in the Ethereum, Polygon, and other consensus networks, but only a limited number of people can join as node providers due to the high entry barrier in terms of technology.

Before starting a node, users must connect to the appropriate RPC (Remote Procedure Call) and place cryptocurrency in their wallets. As soon as the tokens are added to the StrongBlock NaaS system, they immediately begin to receive rewards in line with their stake in the system.

Rewards depend on a variety of factors, including the number of nodes, token price, node income, and ownership of Non-Fungible Tokens (NFTs). However, as these factors are simply variables, the rewards are not always guaranteed.

Other than NaaS, bringing your own node (BYoN) is another way to employ nodes in the StrongBlock protocol. The incentives are identical for both strategies. But, potential future enhancements might provide BYoN nodes more chances than NaaS nodes.

The StrongBlock protocol basically offers node operators a "Node Universal Basic Income" (NUBI) in exchange for the Ethereum blocks they create to keep the network running. Currently, NUBI rewards are given in STRNGR; going forward, the corporation will pay them as NFTs. 

The STRONG token, is currently known as STRNGR. It 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 currency. This token is very volatile and is linked to the performance of the Ethereum price.

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

How to launch a node using StrongBlock?

Follow the procedures below to build StrongBlock blockchain nodes:

Set up a wallet and get Ethereum: To start a blockchain node using StrongBlock, you must first have a digital wallet. The NaaS platform from StrongBlock is compatible with MetaMask but does not enable MultiSig wallets.

You'll need to purchase some ETH to pay for the transaction's gas expenses. Connect your wallet to your favourite cryptocurrency exchange and buy 10 STRNGR tokens. MetaMask can be downloaded from the MetaMask website as a browser extension. 

Connect Wallet and Check Gas:  Connect your wallet holding 10 STRNGR to the app.strongblock.com website to see the gas costs. The Etherscan Gas Tracker may be used to check on gas costs, which differ depending on the crypto-economy. 

It takes 10 STRNGR tokens + gas fees to set up or launch a node. Each node is then rewarded with STRNGR tokens, which may be used as a passive revenue source. 

Start your node and approve STRNGR:  Now that your wallet is linked and you have the required currency, navigate to app.strongblock.com and select "Create your Node." You can also describe your node by giving it a name and a description of your choice.

If this is your wallet's first interaction with the token contract, you will need to approve the spending of STRNGR. When the Approve transaction is finished, the Submit button will appear; click on it to finish the Create Your Node procedure.

After your node is launched, you will be able to pay node fees, view your accrued awards, and collect prizes. When you build your node, the first month's node charge is included.

A monthly maintenance cost of roughly $14.95 in ETH will be levied to keep a node functional.

If you cannot see the newly established node, look for pending, or canceled transactions to expedite the process.

Conclusion

The StrongBlock team came up with a novel strategy to reduce the complexity of the node-operation process. Users can join the current StrongBlock network with a modest payment and get the benefits of a complete node operator instead of shelling out thousands of dollars to set up a node system.

It can be a positive investment because of the uniqueness, scarcity, and price appreciation of the token. The performance of the token is closely correlated with that of Ethereum or the crypto market as a whole, which is the only risk element.

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