Strongblock X Spectre GRP AMA transcript— 16/10/2020

Lucky: StrongBlock team, great to have you all here.

To start off can you give us a quick intro about yourselves, the project and your backgrounds?

David:Thanks so much for inviting us to this AMA! A special thanks to @LuckyL1MG ! It’s an honor. My name is David Moss, and I’m the Founder of StrongBlock.

I started my tech career at Oracle Corp. I was also a CTO at several tech companies.

I have been involved in blockchain and crypto for about 5 years. I was employee #2 and head of development at Block.one LLC, creating EOSIO.

I left right before the EOSIO software was delivered so I could lead the launch of the EOS mainnet. It was really cool to be on a zoom call with hundreds of EOS node providers, but really sad to think that only a small percentage of them would be getting paid. 😢

I left right before the EOSIO software was delivered so I could lead the launch of the EOS mainnet. It was really cool to be on a zoom call with hundreds of EOS node providers, but really sad to think that only a small percentage of them would be getting paid. 😢

We founded StrongBlock with Brian Abramson and Thomas Cox (both had worked with us previously, and also at Block.one LLC) right after that to focus on blockchain-as-a-service. Our BaaS platform created thousands of blockchains. We built a marketplace where nodes could provide support to blockchains and get compensated. We turned that Into our “DeFi With A Purpose” protocol and created the STRONG token for it.

Corey Lederer: I’m Corey Lederer, head of product at StrongBlock. I was employee # 4 and head of projects at Block.one LLC with David, and worked with him prior to that. Prior to that, I was responsible for global brand marketing technology operations at Nike, running the largest digital asset management applications for Nike.

Lucky: Awesome intro thanks guys.

So the question many people are wondering about — what happened with the launch of V1?

David: The truth is, we got a little arrogant about how many people would use our platform on day 1.

The rewards for mining with ETH or Link (not in an LP, just single tokens ETH and LINK) were higher than they were for STRONG for the first few days.

So, besides people just “selling the news’ we saw people dump their STRONG for ETH since that pool had better rewards. Even though within 36 hours of launch, StrongPool rewards were higher than ETH/LINK rewards.

However, we recognized the need for a bigger change, and so started designing V2 the day we launched V1. That’s the speed you need to have in DeFi.

Lucky: Massively appreciate the transparency. Mistakes being rectified quickly is what truly matters

David: Yes. It was a humbling experience. We wanted to make sure we take care of the people using our protocol.

Lucky: So, what are the main features and changes V2 will implement to help bring value and stability to $STRONG?

David: V2 will be what V1 should have been. We have changed the main mining pool to LP tokens, which will help bring stability by incentivizing liquidity.

There will also be UI updates. For example, there will be separate claim buttons for rewards from different pools. (This is something people have been asking about.)

There will of course be a pool for pre-launch holders. We’ll also be able to scale rewards on metrics like TVL.

Where V1 was rigid, V2 is incredibly fluid. It allows for changes at the speed of DeFi. Along with all the technical changes, there will also be significant changes to the token distribution model.

We’re also implementing an ETH-based fee system, a good portion of which will go into a special ETH Fees pool.

What we’re really excited about is that, after a holding period in the StrongPool starting soon after V2 launch, you’ll be able to burn your STRONG to redeem your share of that ETH Fees pool.

Lucky:🔥 burn them all! 😂

Adouble212: BURN BABY BURN!!

David: haha — well, enough to make a difference!

Lucky: Awesome. Love it. Seems like you’ve acted swiftly to benefit the STRONG holders.

Going forward.. what’s next for $STRONG after V2?

David: At launch, V2 will be a simple, but very flexible foundation that we can build on. That’s a big innovation in governance.

As soon as V2 is launched we’ll get to work on burn mechanics, additional pools, and our next addition to the blockchain side of things — nodes as a service. We’re thinking ahead to the possibility of supporting other token pools, but that’s not a discussion for right now…😉

Adouble212: Ohhh a teaser. Why Nodes?

David: Full Ethereum Nodes ARE the blockchain, but they aren’t compensated at all and it takes considerable resources to run them.

So what do nodes do? One of the main things they do is store and transmit ALL market data. No nodes = erratic and incorrect market data = your trades aren’t using the correct pricing.

It’s happened many times on exchanges when node providers have gone down. Our approach expands the network of reliable nodes — starting with Ethereum.

Imagine you run a store, and the prices of the items are always changing. That’s what happens at Amazon.com right now. You need to have the most up to date price info at all times, otherwise who would shop at your store?

Until blockchain applications function like this — with the speed and consistency of websites like Amazon.com — blockchain will not see mainstream adoption.

Nodes are a critical part of this process, so as I said at the start of the AMA, we decided quite a while back that somebody should incentivize them and attract more nodes to the network.

For DeFi, everyone is using the ETH network. It’s like Disneyland: expensive, long lines, but everybody goes there because it’s where it’s at (well, pre-COVID).

So, we’re bullish on ETH. We’re helping prep it for L2 implementation. Nodes make the network faster, more reliable, and more accurate. Let’s all make sure they stick around.

Adouble212: You mentioned Layer 2. What do you see as next for ETH and blockchain in general?

David:Layer 2 implementation is really exciting. Same with ETH 2.0. They’re both trying to solve the issues of speed, lower gas fees, and scalability.

Like I said earlier, we’re pretty bullish on ETH as an avenue for mass adoption, but it needs some help in the areas mentioned. We’re keeping a close eye on layer 2 and are patiently waiting for ETH 2.0. (When Vitalik, when?)

Adouble212: Rumors say soon!!!

Lucky: Isnt that the question we all ask? When ETH V2.0 lol

David: Vitalik wen

David: I think if we can pair greater stability of the network via more high quality nodes with layer 2 implementation we can make ETH stronger. But we’re going to make sure that other blockchains get stronger as well.

Lucky: Sounds good David 🔥

Adouble212: Love the confidence!

David: 🙏 This is about DeFi AND blockchain.

Adouble212: Looking to better the industry as a whole — thats what we should all strive to do.

Lucky: OK. The big question. Everyone wants to know, when will V2 be released? Do we get a SPECTREGRP exclusive?

David: We haven’t told anyone yet! We’ll tell you all here first!

Exclusive: V2 Will be released one week from today, on Friday, October 23, 2020. 🚀🚀🚀

Lucky: Thanks for the exclusive David!

All. V2 will be live in 7 days!

David: It’s amazing how fast you have to move in DeFi! But V2 features are what people have been asking for.

Lucky: OK this has been an excellent AMA thus far, really enjoyed it. Thanks for the team and David for participating.

We shall now proceed to open the floor for some questions from the group and STRONG community members here. Are you ready for some tough questions? lol

David: Fire away.

Jiggiliybuff: Hi David, will V2 also encompass the metrics to allow for more educated signals? Also, will there be future incentive changes for token holders to want to signal the “best nodes”?

David: Yes and yes. We have the metrics in place. We’ll be exposing them with V2.

Brother Yandhi: After V2, When should we expect the PR/Marketing rollout?

David: It will start about the same time.

Chris Hansen: Will we be able to see what address signalled to a specific node?

David: That’s something that will be added post-V2.

John Galt: Are you looking to implement a minimum payment for all approved nodes to incentivize people to create many nodes?

David: Yes.

Blockshub.org Team: So… after ETH node, what we can except to be next node on Strong protocol to be incentivised : Polka, Near, Ava, Link ?

David: What would you like to see?

Blockshub.org team: Polka would be next boom

Tarsis: Good evening. Thanks for the chance. How will $Strong beat other DeFi projects?

David: Combining DeFi with strengthening the network. Instead of just token mechanisms, we add a service to make the blockchain stronger.

Brother Yandhi: with inflation decreasing. Will the amount of STRONG(1OOK currently) to create a proposal decrease? I think people would want to see the Polkadot and Cosmos community to join the protocol

David: There will be some adjustments. And it will also move MUCH faster, at least for the first few months. 6 days is way too long for a new protocol.

Piomak: Hi David, a quick question about OG Hodlers. Let’s say I had 100 STRONG before launch when you took a snapshot. Week ago I bought another 100. Can I stake 200 for higher rewards?

David: There will be a cap. We’ll discuss that in the strongblock chat before launch.

Nick: David ever thought about about a model like Ankr where the nodes are also be rented to create a additional network return and stake for strong holders ?

David: Um, geez, have you been reading our internal documents…😉

Solid Yaz: Hi David, Thanks for being here.

What will APY reward for STRONG rewards be in V2 Conpared to V1 using say 10 STRONG (as an example)?

David: It will be flexbile, based on a number of factors. We want to provide the highest rewards to those doing the most for the protocol, like providing liquidity. More info at launch.

Solid Yaz: And I probably missed that; Are Strong tokens swappable for V2 or there will not be a need for that?

David: Same token. Same App. Simple migration.

PeanutBuddha: Thanks for taking the time to be here David — you’re active in the SB chat as well — do you even sleep?

David: Love the name PeanutBuddha . Yes, I have been known to sleep when the need arises.

Kyle: Any details or breadcrumbs you can share or is this launch day news?

David: We’ll be sharing more info prior to and day of launch.

Solid Yaz: Considering the upcoming tokenomics changes, Could it negatively impact Strong V1 holders / stakers?

David: Our goal is for it to positively impact all holders.

Kyle: Are you able to disclose how the Eth in the Strong-burn pool will be collected?

David: Via Fees.

Brother Kenneth: LP required for erc stakers when there is currently 20million in TVL sounds like it will bring much needed liquidity and demand to the growth of strong and its service for the eth network🤠

David: Yes!

Brother Kyle: In terms of other blockchains in the future, rather than picking randomly which to support, could it be made a governance-like vote for holders? Would give incentive for non-holders to buy-in to impact the votes on the next-supported blockchain as well.

David: Yes, it will be. Very insightful of you.

Brother kyle: Great! I’m partial to BCH, but a node is a node is a node and they all need the service this would provide

David: BCH or Wrapped BCH or Wrapped BTC or…

Solid Yaz: Thank you @DavidMoss for your time ad information shared. Thanks @LuckyL1MG and all Spectre guys that made this AMA happen. Best of luck for the Strong Block community and I personally looking forward for V2. 🔥

David: Thank you! It was an honor. I appreciate all the great questions, and the support of the community.

Lucky: Perfect guys. Thank you STRONG team. Very informative AMA. I’ll be keeping an eye and a long term HODLER!

David: Thank you Spectre for the opportunity!

David: Thanks everyone! Now — back to work!