Strong Squared NFT Nodes
Last updated
Last updated
Strong Squared NFT nodes are ERC-721 wrapped Strongblock nodes which allows them to be openly transferred and traded. This opens up a secondary market for Strongnodes and incentives node creation.
Anyone can mint a Strong Squared NFT from the app as long as you have the 10 $STRONG and 0.00575 ETH required to create a regular Strongblock node. There is no additional mint fee, besides standard gas fees.
Node management (claiming rewards and paying maintenance fees) is also done within the dashboard. NFTs may be freely transferred or traded and $STRONG rewards will be claimed to the owner of the NFT.
Each NFT contains exactly 1 Strongblock node. A user may create as many nodes as he or she wishes. After the first 100 NFTs are minted, a new collection will be created to allow NFT/nodes 101-200 to be created. This aligns with Strongblock's default limit of 100 nodes per wallet.
Strong Squared NFT Node Benefits
Minting a Strong Squared NFT node is exactly the same as owning a Strongblock node with some additional benefits:
NFT nodes can be traded, meaning you can resell your node on Opensea
Node Squared team will subsidize node maintenance fees ($15 per month + gas). This means you never have to worry about your nodes expiring
Node Squared team will claim rewards for all NFT holders with over 1,000 $N2 in their wallet on a bi-weekly basis. Your $STRONG rewards will automatically be sent to your wallet without you having to pay for gas.
Revenue Model
Royalties generated on the secondary market (Opensea) from Strong Squared NFT trades will go into the Node Squared treasury. 50% of the fees will be used to acquire more nodes and the rest will be reserved for marketing, development and future liquidity mining incentives.
Security
The NFT contracts were audited by the smart contract security firm, Hash0x, and the findings are reported here:
All of the security tests passed, and the only comment from the auditing engineers was the 10,000 NFT token limit. Currently, Strongnode only allows for a max of 100 nodes per address, so there can’t be more than 100 NFTs in a collection so this is a non issue.
The Strongblock rewards contract is an upgradeable contract, meaning the Strongblock team can update their smart contract at a later date. In order to account for potential changes to their rewards contract, we deployed an upgradable NFT contract as well.
As a step towards further decentralization, the owner of the proxy contract has been set to a multisig, which will include the core team as well as key community N2 members. This eliminates the risk of a single party upgrading the NFT contracts without approval from the community.