With the Bitcoin full node program, SuchFlex is looking to reward its user base, which numbers in the thousands, for helping the Bitcoin network become more resilient and robust. While the reward mechanism isn’t activated yet, SuchFlex users who are running a particular kind of node will be incentivised in the near future:
“By running a Bitcoin Full-Node, you allow Bitcoin to continue to grow. In the coming weeks, Suchflex will add the ability to “tip” or donate to further incentivize volunteers to run Full-Nodes.”
Bitcoin miners are rewarded handsomely for securing the network, however, Bitcoin’s blockchain was not designed with a built-in reward mechanism for full node operators. It was assumed that volunteers, techies and enthusiasts would be doing this, and they have, but additional full nodes are needed.
According to data gathered by Bitnodes, on March 14, 2016, there were about 8095 nodes on the Bitcoin network, today, there are only about 5435 nodes!! While Bitcoin’s hashrate has been growing at a steady pace this year, the amount of nodes on the network has not!
The other issue is the concentration of nodes in certain geographical areas. Bitnodes metrics show that over the last 24h; 27.95 percent of nodes are located in the US; 17.17 percent are in Germany; 8.3 percent are situated in France, with the Netherlands, Canada and UK housing 14.55 percent of all nodes. Interestingly, China, where some of the biggest Bitcoin mining pools are domiciled due to low power costs, seems to only have 183 nodes (3.37% of all nodes)!
SuchFlex’s full node incentive program, if successful, has the potential to not only boost the amount of nodes, but may also solve the geographical distribution problem.
The SuchFlex app also allows users to profit from their hardware by mining various digital currencies (Storj, Digibyte) with their GPUs, hard drives and processors. The app had a very user-friendly GUI and takes out much of the technical complexity associated with the configuration of crypto-currency mining software.
Users can even point their resources to Boinc science projects and the SuchFlex app will mine Gridcoin in the background - a digital currency minted via Boinc scientific computations - and distribute the rewards at the end of the week in dollars, Bitcoin or PayPal.
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