What is Stratis?
Stratis (STRAT) is a Blockchain as a Service platform with a corresponding Proof of Stake cryptocurrency. This ‘Blockchain-as-a-service’ functions as a solution for companies that want to make use of closed and public blockchains. By offering the ability to create side-chains, companies benefit from ongoing enhancements to the Stratis blockchain while maintaining their own customized blockchain.
Table of Contents
- The History of Stratis
- The Technical Specifications of Stratis
- The Price of Stratis
- Unique Aspects of Stratis
- Why Use Stratis?
- Resources of Stratis
The History of Stratis
The Stratis platform was created by the founder and CEO of the network, Chris Trew. Besides being the creator of Stratis, Chris is also an architect, consultant, and technologist with over 10 years of experience in the IT sector. The rest of the Stratis team consists of developers including Dan Gershony, Nicolas Dorier and Jeremy Bokobza.
The Initial Stratis ICO
Starting in 2016, there was an ICO for Stratis that aimed to fund the development and marketing of the Stratis platform. ICO or Initial Coin Offering is a type of fundraiser for cryptocurrency projects. This particular project was able to raise an equivalent of 915 BTC, which was worth around 607K Euros at the time.
The Vision of Stratis
The vision behind Stratis is to create a network that closes the gap between the blockchain and the corporate world. Stratis is a complete rewrite of the bitcoin source code in C# and .NET. This simplifies the process of developing, testing and deploying C# applications on top of a .NET framework on the Stratis blockchain. The platform is also on Microsoft Azure BaaS program in which Stratis has integrated Azure into its platform. Azure is a Microsoft’s cloud computing platform used for testing and developing apps and services.
The Release of the STRAT Coin
Stratis itself is not a coin but the platform itself and its token is called STRAT. The trading of STRAT was first available in August of 2016. Once released, it has become one of the few currencies to be adopted and implemented very quickly by numerous recognized cryptocurrency exchanges and multicurrency wallets.
Storing and Tumbling
Once their position in the market was established, they started looking to the future. The Stratis Breeze Wallet is a unique wallet which uses Tumblebit Technology. This technology enables the blockchain and the network to be private and trustless. Not restricted to just Stratis, people will also be able to use the Breeze Wallet to tumble their bitcoins. Tumbling a cryptocurrency is a process which makes the coin unrecognizable from its previous address which it has followed to reach the wallet. Besides tumbling, users can also seamlessly transfer coin between Stratis and the bitcoin blockchain.
Specifications of Stratis
|Date of Release||July 2016|
|Consensus mechanism||Proof of Stake|
|Average Block Time||1 Minute|
|Mining / Staking reward||1.4% yearly|
|Average blocksize||444 bytes|
|Next Block Halving||n/a|
The Price of Stratis
Unique Aspects of Stratis
The philosophy behind Stratis is to focus on how blockchains can streamline business processes. At the same time, the founder of Stratis, Chris Trew, realized the importance of reducing the complexity of blockchain adoption and implementation. In short, his vision was to make blockchain simple and offer it to businesses who are not familiar with the technology.
Stratis Provides Consultancies
They also provide consultancies to companies new to blockchain technology. This makes Stratis a more accessible and go-to platform, as the average company doesn’t have any blockchain developers. It paves the way for different uses of the Stratis blockchain and opens up new possibilities for the platform and its team. Ethereum offers a similar solution to develop apps on the blockchain but it requires the developers to learn a whole new programming language called Solidity.
Why Use Stratis?
Stratis has been designed with simplicity in mind. It offers a simple and affordable end to end solution for development, testing and deployment of C# blockchain applications through the .NET framework.
The Key Features
One of the platform’s key features is the ability for companies to create private side chains that can take the best features of the central chain, while still being able to design their own chain. Each chain is built off the central Stratis chain but keeps complete independence and will not interfere with the main chain.
Proof of Stake Algorithm
By changing their consensus protocol to a Proof of Stake algorithm, they have significantly strengthened their position in the market. The reason behind this is that Proof of Stake is more energy efficient, which reduces the overall costs and makes the verifying process of transactions quicker. Also the team’s dedication to fully support the users through their blockchain consultancy and Stratis academy should give users the help they need to start their own projects.
The Stratis Smart Contracts
Another important part of Stratis are the smart contracts. Smart contracts help you exchange money, property, shares, or anything of value in a transparent, conflict-free way. The great thing about smart contracts is that you can achieve all of this while still avoiding the services of a third party and thus reducing costs.
Smart Contract Example
With Stratis smart contracts, participants can set their own parameters. The smart contract will initiate the set conditions, once these parameters have been triggered. For example, if two parties would make a bet for 10 STRAT, it can be programmed into a smart contact. Once one of the parties met the parameters of the bet, the smart contract will give the winner of that bet 10 STRAT, without any hassle or waiting.