StrongBlock has deployed ‘nodes as a service’ (NaaS) which allows anyone, with no technical know-how, to set up a full Ethereum node in literally seconds. In December, StrongBlock created 3500 Ethereum nodes – which means they are on track to double the available Ethereum nodes in just the first quarter of 2021.
Currently, with no incentives to maintain nodes, various issues arise that impinge on the blockchain where these nodes form an integral part of its infrastructure.
The node software can be out-of-date, maintenance of blockchain history can be incomplete, and the node can intermittently go offline.
There are no financial rewards which would incentivise the node to address these problems. That is until now.
StrongBlock rewards nodes with STRONG tokens every day in return for the correct operation of the node, and is presently rewarding a considerable chunk of all the active nodes on the Ethereum blockchain.
As of the present time, StrongBlock is only rewarding Ethereum 1.0 nodes, but eligibility will apply to Ethereum 2.0 and other blockchains in the future.
Nodes as a service
When the StrongBlock protocol was originally launched, a fair number of existing nodes registered to use the service. StrongBlock called this “Bring your own Nodes” (ByoN). However, creating your own node can be a complex business and this fomented “Node envy” from those who didn’t have the technical expertise to create a node for themselves.
Therefore, StrongBlock introduced their NaaS, which enabled those with no expertise to create their own node by just supplying a name and a description of the node. In addition 10 STRONG is needed as a payment to StrongBlock for hosting and maintaining the node on their behalf.
The 10 STRONG are distributed in the following manner:
- 10% will be burned
- 10% will go to rewards in STRONG-ETH and LINK-STRONG Pools
- 20% will go to StrongPool for rewards
- 60% STRONG will go to node rewards
The purpose of nodes on a blockchain is to transmit, relay, and store decentralised data. Nodes are needed to protect the integrity of a blockchain, so StrongBlock rewards all ByoN and NaaS nodes daily.
The rewards can be supplemented by ‘signalling’ (a non-binding vote) or ‘receiving signals’ and also by mining in one of the pools.
Mining rewards mostly come from node contributions but also from the STRONG rewards in the StrongBlock community wallet. The rewards can be claimed as soon as an Ethereum block is finalised, therefore leading to considerably lower gas fees.
Running a blockchain node used to be something reserved for geeks and programmers who understood how they worked. It seemed that this was beyond the average Joe who knew that this was often an extremely rewarding business, but who lacked the savviness to set up their own node.
StrongBlock has launched the first and only protocol service that addresses this issue, and now all can participate in running nodes and be rewarded for doing so.
All holders of STRONG will be able to participate in the governance of the token, and the plan is that this will lead to a fully-decentralised community DeFi protocol.
As Strongblock adds support for nodes on Ethereum 2.0 and other blockchains, more nodes will become available to the public, leading to a steady, self-sustaining growth of the protocol.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.