Thread by @baconesq

Overview of @WithoutTheRope weekly AMA in the $STRONG Telegram ⬇️⬇️⬇️

Intro by @WithoutTheRope: Also, to start, we just received the ETH 2.0 pool Smart Contract audits yesterday. One was their second report on remediation, the other was their first report. We are taking the time to make any remediation's called out in the audits. (1/3)

That will be a few days. It’s a drop in the bucket. We need to make sure these contracts are ready to go.

It seems like everything is going a bit slower than normal - supply chain, audits, etc. Lots of people wanting the same thing at the same time. It is what it is. (2/3)

We just need to be patient for a few more days, because we are super excited to get $ETH 2.0, Polygon, and Service 2 launched. $MATIC (3/3)

$STRONG Q : What is the company’s plan for current ETH 1.0 nodes and $STRONG ERC-20 tokens when Strongchain comes out in 2022?

$STRONG A: @WithoutTheRope I regularly get questions about our plans for a new chain. StrongChain seems like a good name (we’ll address it in this session). (1/x)

$STRONG A: @WithoutTheRope Why would we want to bring another chain into the world? We certainly don’t want to compete with $MATIC, $FTM, $ETH. We want to instead be a gateway to those and other EVM-compatible chains. Yet we also want to support the STRONG community (2/x)

$STRONG A: @WithoutTheRope One of the big issues we see is that it is nearly impossible to participate as a Validator/Miner on most chains. It’s either too expensive, requires insider connections, or both. (3/x)

$STRONG A: @WithoutTheRope We want to change that with fractional Validator participation. A term I’ve mentioned before is Decentralized Democracy. A new chain would allow us to bring that to the community. (4/x)

$STRONG A: @WithoutTheRope If/when we migrate to a new chain, everything comes along. Ethereum 1.0 nodes included. Keep in mind that our node infrastructure is running on the Ethereum mainnet. It still will. We will also have native validators and full nodes. (5/5)

$STRONG Q: When is the S2 contract, will it replace the current contract? Or is it an additional contract and both are running simultaneously? Or rewards will go down that will that start with the new contract? Do i need a nft to create new eth 1 nodes when the contract change?

$STRONG A: @WithoutTheRope The Service2 contract will run parallel with the current S1 contract. Eth 1.0 nodes will continue being created in S1 contract at first. $MATIC and others will go onto S2. A migration option will be provided to migrate Eth 1.0 nodes from S1 to S2 (1/x)

$STRONG A: @WithoutTheRope Service 2 has a flexible mathematical curve algorithm allowing for different types of contributions and rewards. In some cases, rewards will remain basically the same. In others, you will still recoup at the same rate, and then (2/x)

$STRONG A: @WithoutTheRope they will start to decrease over time. Information on this will be provided for each protocol. The goal here is to provide a similar reward system, while making the protocol more sustainable. It’s one of many approaches we’re taking. In some cases (3/x)

$STRONG A: @WithoutTheRope we may even just do a pilot for a short time to see if a particular approach works.

You will not need an NFT to create new Ethereum 1.0 nodes on either Service 1 or Service 2. For Polygon, the first nodes created will require an NFT. (4/5)

$STRONG A: @WithoutTheRope Everyone who holds an NFT will eligible. After that, anyone can create a $MATIC node. (5/5)

$STRONG Q: Can you clarify what a Decaying rewards model means for node holders? how soon after creating a node will reward begin to "decay"

$STRONG A: @WithoutTheRope This follows on with what I was talking about earlier. A “decaying” rewards model (a useful mathematical term, but perhaps we need a better term - suggestions are welcome) means that you will get a return on your contribution in the same (1/2)

$STRONG A: @WithoutTheRope timeframe you currently do. Once that is reached, then the rate at which you get rewards slowly begins to decrease.

There will be more information on this in a Medium post when we get ready to go live with Service 2 in December. (2/2)

$STRONG Q: What do you think is the biggest risk to Strongblock project moving forward and what are the preventive measures for that risk?

$STRONG A: @WithoutTheRope There are always risks in any project.

One risk is longevity: Will a project stay relevant over time?

StrongBlock - as a Nodes-as-a-Service project - is going to be one year old on December 3, 2021. (1/x)

$STRONG A: @WithoutTheRope That’s quite a milestone and, if it were a child, it would just be starting to take its first steps. For a DeFI project, it’s more like dog years. But staying relevant is always a risk. (2/x)

$STRONG A: @WithoutTheRope We counter that risk by continuously looking for new ways to keep the community growing and engaged.

Another risk is competition. When we started, there were other NaaS projects, none offering rewards. Now some are following our lead. (3/x)

$STRONG A: @WithoutTheRope That’s flattering. Will the space become crowded? Maybe. There are certainly many, many chains that need validator and node support. The way we handle this risk is again by giving the STRONG community - the #NodeArmy - new ways to engage and (4/x)

$STRONG A: @WithoutTheRope participate that are several steps ahead of the competition. We’re doing that as well.

Black Swan risks: One of our advisors says that every project should find what its Black Swan - an unpredicted, world-changing event - is. (5/x)

$STRONG A: @WithoutTheRope That’s hard to conceive. Few people predicted COVID. It changed everything. Our Black Swan could simply be that blockchains themselves get regulated, making it impossible for anyone to participate without having a regulatory war chest to comply. (6/7)

$STRONG A: @WithoutTheRope We don’t think that will ever happen, but our response would be to figure out a way to bring the community along to something even more compelling. (7/7)

$STRONG Q: How about a community competition to choose StrongChain's new token name? Perhaps with a Strong reward going to the winner's chosen charity?

$STRONG A: @WithoutTheRope Isn’t StrongChain already an awesome name? But, sure, we are open to suggestions. The biggest issue is getting trademark protection or not using someone else’s trademarked name. StrongBlock is a USPTO registered tradename. (1/2)

$STRONG A: @WithoutTheRope There are others who are using components of that name illegally to confuse people. So, we need to keep that in mind. (2/2)

$STRONG Q: With Service 2 launching shortly, are you able to please expand on the details for Polygon: cost per node, rewards per node, and maintenance fees?

$STRONG A: @WithoutTheRope Right now, it looks like our cost for creating and running Polygon Full Nodes will be similar to running Ethereum 1.0 nodes. So the initial and maintenance fees will likely stay the same.

However, with the Service 2 contract, we have the option (1/x)

$STRONG A: @WithoutTheRope of making the contribution and rewards proportional. So, for example, there could be a 1 STRONG contribution - instead of the current 10 - and then 1/10th of the rewards. We’re not certain if that’s the right way to go or not. (2/3)

$STRONG A: @WithoutTheRope We may try that with other nodes. But we’re interested in the STRONG community’s feedback. (3/3)

$STRONG Q: Sustainability, revenue & liquidity security are all hot topics as you know. Would you please give us greater insight into SBs plans for Protocol-Owned Liquidity? An Olympus-style treasury that's generating revenue for the project while locking up liquidity

$STRONG A: @WithoutTheRope We will be deploying ETH collected from NFT sales in ways similar to Olympus.

The first of these pools will be backed by 32 $ETH nodes, each of which require that 32 ETH be staked, for a total of 1024 ETH. (1/x)

$STRONG A: @WithoutTheRope You’re exactly right that this is the key to protocol sustainability.

We’re looking at other pools backed by validators we run, or simply ETH or other tokens that we stake. The model is that 90% of the yields will go to the community in the form (2/3)

$STRONG A: @WithoutTheRope of rewards. Then we get back to risk - with frothy markets, we have to make sure that the underlying validators or pools are low-risk but high return. That’s where we can also leverage StrongChain. (3/3)

$STRONG Q: Please tell us about the StrongBlock Service Contract appearing on Avalanche! The interacting addresses all seem to be talking quite a bit with Wonderland TIME...

$STRONG A: @WithoutTheRope I’m not certain what you’re talking about here. We have created an ERC-1155 bridge that we’re testing for Polygon, Fantom and a few others. That requires contracts on both sides. If it’s something other than that, please send me the smart contract info.

$STRONG Q: When Transfer Wallet Feature goes live will there a way for people with hacked wallets to save their nodes?

$STRONG A: @WithoutTheRope Transfers will be possible with the introduction of Service 2. You will be able to transfer nodes from Service 1 to Service 2. The caveat here is that, whoever you gave control of your wallet to will be able to do the same. (1/2)

$STRONG A: @WithoutTheRope So we have some ideas about front-running the thieves that we are testing. (2/2)

$STRONG Q: Any update from the Swiss economic advisor regarding reward sustainability & longevity?

$STRONG A: @WithoutTheRope The anonymous Swiss advisor has great influence on our decisions, including the creation of the $ETH 2.0 pool and the big burn. Many more ideas we’re discussing and researching. It’s an ongoing dialogue. (1/2)

$STRONG A: @WithoutTheRope We have a number of amazing advisors whom we rely on to give us a swift kick as well if we are not paying attention to the community - when we get too heads-down on building because that’s who we are. That really helps. (2/2)

$STRONG Q: Is the decay only for the new nodes or also for the 1.0 ETH-Nodes ?

$STRONG A: @WithoutTheRope The decay model will only be available in Service 2. If you migrate there, it will be as if you just created your node, no matter when you actually created it.

$STRONG Q: Hello Mr. Moss, a good question was asked about biggest risks for StrongBlock in the long term, and good answers were provided. Do you believe sustainability of the project is also a major risk factor or is it something you're not really concerned about?

$STRONG A: @WithoutTheRope Good point. Sustainability is always a major factor. We devote most of our time with our advisors and in strategy sessions to looking for ways to increase sustainability. So, yes, it’s always a risk. That’s why we’re focused so much on reducing or (1/2)

$STRONG A: @WithoutTheRope eliminating that risk. We believe that sustainability will be achieved by carefully deploying resources to generate rewards. (2/2)

$STRONG Q: Hi David, is there any plans to look at how Strongblock can cater to the Metaverse projects or space, given it's the new hype?

$STRONG A: @WithoutTheRope Yes. We have two metaverse companies we’re talking with about providing validators, nodes and possibly even a chain. That would all be available for participation by the STRONG community.

$STRONG Q: What seems to be the bottle neck in bringing on new projects to the Strongblock portfolio?

$STRONG A: @WithoutTheRope Bottleneck is that many projects, despite heavily marketing their projects as providing grants to the developer community, have not followed through. That is now the emerging playbook.

$STRONG Q: Why did it take the SB team almost a year to realize chains will not pay rewards for nodes, seems pretty basic consider it was potentially the main revenue stream.

$STRONG A: @WithoutTheRope From the very start, we were aware that nodes are not rewarded by protocols. It’s in our earliest statements about why we wanted to provide those rewards. Our hope was that the marketing hype by many chains of providing rewards was real. (1/2)

$STRONG A: @WithoutTheRope It turns out that it’s quite difficult to achieve, and mostly hype. So, we’re doing it ourselves. That’s a good thing. (2/2)

$STRONG Q: Reward pool is on a downward trajectory right now if we compare week on week. Has the rewards cut been planned to be executed in the near future to counter this trend?

$STRONG A: @WithoutTheRope I don’t understand what you mean by “downward trajectory”. Of course we’re concerned about sustainability. Every protocol is. The S2 Smart Contract addresses the concern of providing sustainable rewards models. It’s a few weeks away from being launched.

$STRONG Q: Apart from supporting Strongblock, (which I intend to do) is there any benefit in buying nodes on the different networks? I kind of regretted buying my $DVPN node, for various reasons and just wished I’d bought another ETH node.

$STRONG A: @WithoutTheRope There is a huge benefit to creating nodes on different chains. The more chains you support, the more you make blockchains stronger. There isn’t any difference in support $DVPN vs $Eth 1.0 vs $MATIC vs $FTM vs…

$STRONG Q: when will we know the 3rd partnership?

$STRONG A: @WithoutTheRope We have 3 we’re talking with. Sometimes the talks go slow. We don’t need their permission to launch nodes and validators. We’d just like it if they supported their own network. (1/2)

$STRONG A: @WithoutTheRope So there may be some protocols that we simply support, whether or not they provide support to us. Queen of Dragons approach. (2/2)

$STRONG Q: It appears the SB code is poorly written which is causing the high eth gas prices, SB is continually one of the highest gas guzzlers. Can you provide an actual timeframe of when SB will be on another chain?

$STRONG A: @WithoutTheRope Um, it’s not gas guzzling on a per-transaction basis you’re seeing in the Etherscan chart. t’s the massive use of the contract. Two different things. It’s extremely popular. It adds up. (1/2)

$STRONG A: @WithoutTheRope There are many factors to moving to another chain. Which is why we are considering creating our own. (2/2)

$STRONG Q: U mentioned I believe there would be new nfts being added can u elaborate more on those?

$STRONG A: @WithoutTheRope In 2022, we will be adding earnable NFT’s in a gamified ecosystem. Some will have long-term effects in the protocol, others may have a short expiry.

$STRONG Q: hi can u please explain the SHELF LIFE to us all....

$STRONG A: @WithoutTheRope Shelf life of NFT’s? It means that new NFT’s may have an expiration date - use for 30 days, then they are burned. That’s for earnable NFT’s.

$STRONG Q: Good morning Mr Moss we had talked about @binance in a previous AMA any news news regarding a protocol with them or listing?

$STRONG A: @WithoutTheRope Due to legal restrictions, I can neither confirm nor deny any discussions like this.

That's it from this weeks AMA with @WithoutTheRope - Thank You! BSCeeing you 😉

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