The digital financial environment continues to evolve almost every second, which is no surprise to people in the crypto sector. Amidst such technological advances, a new project called StrongBlock has popularized the concept of a node as a service (NaaS) on the blockchain. NaaS is an alternative to running entire blockchain nodes automatically; It provides developer infrastructure and tools for setting up and managing blockchain nodes.
Connected blockchain nodes relay, 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 a blockchain. But, who is behind the creation of the StrongBlock ecosystem?
The StrongBlocks team includes CEO David Moss and Chief Technology Officer Brian Abramson, a veteran of enterprise software and blockchain. Chief Product Officer Corey Lederer is also on the StrongBlock founders’ team and has extensive experience managing technology products.
related: The Dangers of Hosting Your Own Ethereum 2.0 Node, Explained
StrongBlock sees blockchain as the way of the future, but unless you are well aware of this technological breakthrough, it can be a risky place to enter. As a result, StrongBlocks aims to make it easy for anyone to support and participate in the blockchain.
This article will dive deep into the NaaS concept and find out what makes StrongBlocks unique, how to make money through StrongBlocks, and how to buy StrongBlocks.
StrongBlock is a blockchain platform that aims to revolutionize the way blockchain networks operate. The reason for this simplification is the simple Naa tool, which allows users who are not well-versed in blockchain to build a blockchain-compliant node while compensating for running it.
Prior to StrongBlock’s NaaS, running Ethereum nodes required a comprehensive understanding of the blockchain as well as the ability to code and have servers capable of running the node throughout the day. In short, it takes either a lot of effort or a high level of knowledge to make it simple to dive into the nodes before StrongBlocks.
Furthermore, prizes were reserved for miners who solved complex mathematical problems, while no such monetary reward was distributed to nodes. There is no way to assess the performance of nodes.
To address the above issues, StrongBlock automated all the processes, allowing everyone to participate in the blockchain revolution. Users can create a node in seconds using the StrongBlock platform. They can also add their own node to receive daily strong token rewards. Strong is StrongBlock’s governance token, which developers use to enable token holders to contribute to determine 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 that contribute to the maintenance of the network. However, the number of nodes, token value, node revenue and non-fungible token (NFT) ownership are all factors that affect rewards; They are variable and not guaranteed.
related: Non-fungible tokens: how to start using NFTs
Robust nodes are run as a service; Therefore, they do not require hardware and allow anyone, even non-technical people, to build a blockchain-compliant node in seconds and pay to run it.
How does StrongBlock work?
The StrongBlock protocol is designed to deliver consistent performance to NUBI. NUBI rewards are currently paid in STRONG, and in future, the company will pay them in the form of NFTs. The protocol is then governed by those who have obtained Strong in this way. As the protocol grows, the lack of potential reward by the community can be corrected in a variety of ways.
Rewards are measured based on the contribution issued per node, burning strong for NFT, renewal fee, reducing NUBI and creation of various NUBI classes. Furthermore, there are two methods for using nodes within the StrongBlock protocol. Bringing Your Own Node (BYoN) provides additional flexibility and the ability to further personalize your node, while StrongBlock Naa is faster and easier to set up.
Both approaches provide the same base NUBI incentive, but may provide more opportunities for future addition BYoN nodes than Naa nodes. Furthermore, the monthly fee for NaaS is $14.95 (paid in ETH), whereas it varies in the case of BYoN.
What is a strong token?
The Strong Token (now called STRNGR) is an Ethereum-based ERC-20 token that runs on the Ethereum network. The coin is a governance token that will eventually lead to StrongBlock’s decentralized system.
While the team created 10 million strong tokens, they burned around 95% to develop the right tokens for the system. The system continues to burn additional strong tokens with each new node deployed to maintain the deflationary token supply.
How to Launch a Blockchain Node Using StrongBlocks
To launch a blockchain node using StrongBlock, make sure you have a digital wallet. StrongBlock’s Naa platform is compatible with MetaMask and does not support multisig wallets.
To cover the gas charges of the transaction, you will need to buy some ETH. Connect your wallet to your favorite crypto exchange and buy 10 STRNGR tokens. Metamask can be downloaded as a browser extension from the Metamask website. Customers can choose from Chrome, Brave or Firefox browsers.
Check gas charges by connecting your 10 STRNGR wallet to app.strongblock.com website. The Etherscan Gas Tracker can be used to check gas charges, which vary depending on the crypto-economy.
Installing or launching a node includes 10 strong tokens and a gas fee. Each node is then rewarded with 0.091 STRONG tokens, which can serve as a source of passive income. To create a blockchain node using StrongBlock, follow the steps below:
You will be able to pay node fees, view your earned rewards and claim rewards once your node is created. The first monthly node fee is included when you create your node. After that, you have to pay the node charge manually every 30 days. However, the node fee payment structure has a prepaid restriction of 90 days.
If you are not able to see the node created, then check for accepted, pending or canceled transactions to speed up the process.
What are the tax implications of StrongBlocks?
Due to the nature of StrongBlock and the impossibility of selling assets, Ethereum node services cannot be classified as an asset in the world of crypto and tax; Instead, they will be classified as an expense.
As a result, when you buy StrongBlocks, the first purchase will be considered a business expense, and anything you earn from it will be considered taxable income or earnings. The taxable rate will depend on your country of residence and may be determined by your current income level. To understand your taxable obligations, you might consider reading the Cointelegraph Guide to Cryptocurrency Tax Filing in the US, UK, and Germany.
Is StrongBlock a good investment?
If you are a blockchain lover, you might find StrongBlock a promising project with which to launch Ethereum nodes and earn passive income. However, given the high gas fees and volatility of the crypto market, you should always do due diligence before investing money in any project.
That said, if you feel that your financial objectives, vision of the organization and return on investment are aligned, you can become an active participant in the project and be rewarded with strong tokens. Still, don’t forget the risk appetite you are willing to take.
The platform intends to support other protocols such as Ethereum’s consensus layer upgrade (previously ETH 2.0) soon. It also plans to introduce features such as NFT gamification and a marketplace, which could encourage blockchain enthusiasts to participate in the blockchain revolution led by StrongBlock.