There was a very anticipated StrongBlock AMA on Discord on April 3rd. What was it about? What did David Moss say? In this short post, we will try to share some of the most important information that was shared with the community during the AMA.
If you would rather just take a look at the entire AMA yourself (that is, listen to it), then you can do so by starting the YouTube video below.
Listen to the full StrongBlock AMA
Many subjects were touched, and here we will summarize some of the most important subjects in the AMA. If you do not want to listen to the full AMA (58 minutes), then you can read a wrap-up version of all the questions and answers below.
It is important that this is our summary from the AMA, meaning that it is not the exact words of David Moss, but rather our summary of what we have heard.
Do you regret the token burn of almost 9,500,000 Strong tokens?
It might be that it would have happened otherwise today. Instead of burning them, just freeze them for a certain period.
Will all 10,000,000 STRNGR tokens be released at the same time?
No, the circulating supply will actually be quite similar to the current supply of STRONG. The remaining tokens will be used for new inventions,new projects, and will help develop the protocol in the future. This is a very vital process of turning into StrongChain.
Which token will be used to create new nodes?
STRNGR will be used to create new nodes as a part of upgrading the protocol to the new version.
How will we acquire STRONG after the migration?
You will earn it through rewards, just like you earn STRONG right now. It will still be there, maybe some additional ways as well, but it will be much harder than now. STRONG will still be available through rewards, but it will turn much more scarce. There might be some Play-2-Earn projects coming up as well.
Will the new STRNGR token be pegged to the old STRONG token? Do you expect it to be worth more or less than STRONG?
We will not be involved in pegging the value of the token. Rather, we will see the market set the value for the tokens, just like we saw the market set the STRONG price based on the ETH/STRONG pool on Uniswap (which is changing all the time). We will be creating several pools for the new token, working with both DEXes and CEXes. And with the upgrade, STRONG will be much more scarce!
But, we will provide substantial liquidity for the STRONG/STRNGR, for STRNGR/ETH pair for example.
What would be the benefit of creating new nodes now before the upgrade as the rewards will later come in STRNGR (of which we do not know the value)?
The upgrade is architected in a way that will reward people with STRNGR. We will not flood the supply of STRNGR at the market, so it is more like flipping a switch. This is a brilliant way to be among the first to enjoy STRNGR rewards.
With the new protocol we might also be able to help people better who lose access to their wallets, as nodes migrate to the new chain.
Do you feel like if too much STRNGR is dilluted at once, it will destroy the value of the token?
It is going to be an extreme limitation on circulating supply for STRNGR. We have not handed out those tokens through IPOs or others, meaning that there will not be tons of tokens out there waiting to dump on investors at once. All 10,000,000 tokens are still in one wallet, and on Monday and Tuesday we will start to share them out to different wallets for different projects and goals. But, there are nobody out there who will be able to dump lots of tokens as they haven’t been handed out to anyone yet and we will keep the circulating supply very low.
It is important to understand that a large supply doesn’t mean that it will dump the token price, and it is also important to understand that you need a circulating supply in order for a project to work.
We will not introduce the full supply of STRNGR at once. The total supply will primarily be set aside for the StrongChain.
We expect there to be a large TVL on StrongChain as validators also lock up tokens on the chain.
How will the Strong team use the STRNGR tokens set aside for marketing (mentioned in the lightpaper)?
We might use such tokens that will be locked up for a period of time as payments to partners, but nothing is planned yet, and this remains uncertain. The goal is to make StrongChain strong and make it attractive and available. I was working with Edmonds.com (car sale page), we had all sorts of partnerships, and we worked in a smart way (instead of spending it all at stupid things). We have the same goal with StrongChain and the marketing funds.
What is entangled nodes? What about the gas fee issues?
We have had several things ready to go for a time, but we have had to wait for the upgrade to happen for us to keep growing. Entangled nodes is ready to go, we just need to release in the proper order.
The gas fee issue… we will be able to pay for all your nodes/claim nodes and only pay one gas fee.
Entangled nodes will allow you to move things around and not just one node at a time, pay gas fees, pay claiming fees, add them to a marketplace.
We are working on these… they are already done, they are just waiting to be released! It will make things less expensive, easier to participate, and will make you able to do things you have been longing to do, but unable to.
Will StrongBlock come with a wallet that might make it a competitor to Metamask? Competitor to INFURA?
Yes… when the new chain and protocol will be released, everything will be possible. STRONG to STRNGR and the StrongChain will open all sorts of new opportunities, and revenue will be able to come in many different ways. We can thus support other chains, wallets, partnerships, and more.
Will StrongBlock release service contracts requiring more than 10 STRONG/STRNGR in the future?
Yes, there will be different opportunities and it will be easier to participate in the future.
What is the decay rate for Polygon nodes, and will this be the model for Ethereum 2 nodes?
We will be publishing this soon, but I cannot share it yet. The new contracts will open for different decay rates, different rewards, different prices… making it all the more flexible. If you do A, this is the decay rate, if you do B, this is the decay rate. With Polygon, that is already possible, and we have tested on the testnet, but more will happen once our new chain is launched.
How will the node marketplace be set up? Will it be similar to OpenSea?
Every protocol out there have had some security issues (not only OpenSea). Our market will be similar to the OpenSea marketplace, the idea is that you will be able to take something you have now that only benefits you and now make it available to others.
Security is vital, and there are security issues. Unless what you try to sell is verified on a contract (StrongBlock), you will not be able to list it.
Is the gas fees on StrongChain going to be paid in STRONG or STRNGR?
We are leaning towards STRNGR, but it could be ETH or wETH as well. We are getting the bridge ready, it is game theory, and we will see how things will work and be able to make appropriate changes with time, in order to make the chain as great as possible.
Will StrongChain have its own block explorer?
We are exploring a lot of options, and we are leaving everything on the table. Just like CZ Binance just copied Etheruem to Binance (BSC), and then developed it, we will just get started and leave it to game theory and develop on the go. But, a block explorer definitely makes a lot of sense, and also pages for statistics. We even built a DEX during the autumn of 2020, but we then stopped it and didn’t release it. But, when we get to StrongChain, a lot of options and things will come along.
What kind of dAPPS will StrongChain turn available?
Users will be able to create dAPPS for the new chain probably already during the testnet, and also give grants for dAPPS that we do not plan on building ourselves, but that others can build and that we believe would bring value to the blockchain.
What about StrongBlocks future are you most excited about?
This isn’t the Oscars, but real life (and real life consequences). We look at StrongBlock as our kid, and we want to make things right for the community, and how will this effect the sustainability of the project. StrongBlock is currently 16 months (which is considered old for a DeFi protocol).
DisneyLand is an ecosystem where you can do lots of stuff and it makes it interesting, making it worth returning over and over again.
StrongChain wants to turn into a place where people love to be, coming with new functions and apps all the time, turns into a wonderful place for the community, with all the upcoming functions and so much more.
With StrongChain takes us to lower gas fees, migration transfer, node migrations, DEX, community first situation, community first ecosystem, enabling us all into delegator/validator rewards, and so much more.
A Medium article will be released tomorrow (April 4th), and the upgrade will start on April 5th.
That was a little summary of the StrongBlock AMA on April 3rd in 2022. How did you like it? Are you bullish or bearish about the future of StrongBlock? We would love to hear your thoughts and comments below! Do not forget to follow us on Twitter for interesting news, articles, polls, and content.