StrongBlock, the recently launched DeFi protocol, has announced the integration of Chainlink oracles, as its native token’s price tumbled 70% yesterday (September 30).
It has been reported that the platform, founded by former members of the original EOS core team, was launched on September 29. StrongBlock said that low quality and insecure blockchain nodes can be unreliable and provide erratic market data, especially if they get out of synch.
So excited to work with @chainlink to provide precise calculations for mining rewards on the #StrongBlock DeFi protocol. Start mining today to make blockchains stronger. https://t.co/JnFXFOR8HI Stay $STRONG ! https://t.co/mmuHF5lniJ — strongblock.io (@Strongblock_io) September 29, 2020
However, the protocol’s core concept is to shift the emphasis away from rewarding validators, to rewarding node security, as a way to improve public blockchain performance.
Roger Ver, the Bitcoin Cash evangelist, gave the project a shout out in a tweet.
Nodes are the voluntary backbone of decentralized blockchains. $STRONG by @Strongblock_io is the first to pay them for the work they already do. Go to https://t.co/xxozJI6ur6 to stake your #Ethereum — Roger Ver (@rogerkver) September 29, 2020
The report said that mining rewards are in the form of Ethereum and Chainlink tokens and StrongBlock announced that it had integrated Chainlink’s price oracles for LINK/ETH and ETH/USD to determine the prices of its own token called STRONG.
With a total supply of 10 million STRONG, around 4.89 million have been allocated to the shareholders, founders, and team, as a third of this allocation was unlocked along with the DeFi protocol launch and it appears some are being dumped.
DeFi platform @strongblock_io has integrated #Chainlink’s ETH/USD & LINK/ETH Price Reference Data feeds live on mainnet to calculate its staking rewards. This ensures that all rewards issued to StrongBlock users are accurately & transparently distributed. https://t.co/ZXZYZwq0x2 — Chainlink – Official Channel (@chainlink) September 29, 2020
Likewise, StrongBlock launched its Blockchain-as-a-Service platform in February 2020 and selected the Ethereum network due to the network effects of the blockchain hosting the majority of DeFi platforms. The move has raised eyebrows, however, as it was founded by members of the original EOS core team and Block.one company executives.
David Moss, the CEO and co-founder of StrongBlock, acknowledged that Ethereum is the heart of DeFi at the moment and that EOS does not have as much support at present.
The protocol is looking for existing and new Ethereum full nodes to be listed in order to start earning mining rewards.
Thus, a guide was published on September 24 to advice on the requirements of getting a node listed on the protocol.
Source: Cointelegraph