Stratis is the first company to offer a full-service, end-to-end solution for blockchain development. It has an impressive team of developers and advisors with deep experience in the blockchain space.
Stratis is a cryptocurrency that has been around since 2016. It is a fork of the Bitcoin blockchain and it uses Proof-of-Stake consensus algorithm. What makes Stratis unique from other cryptocurrencies, is its focus on privacy and security. Read more in detail here: what is one bitcoin worth.
By Caldwell, Justin, published on March 29, 2019
Stratis (STRAT), one of the earliest blockchain development platforms, started as a solution that allowed developers to quickly create their own blockchains. Stratis’ initial aim was to become the best Blockchain-as-a-Service provider. This service would be customized to the needs of any company that wanted to utilize it.
Stratis, on the other hand, has altered the direction and scope of its project since the platform’s debut. They now aim to build a larger blockchain platform to compete with other development networks like as Ethereum and NEO.
Can Stratis compete and flourish in this market while also providing a credible alternative? In this Stratis review, we’ll go further into the project, the technology that powers it, the people behind it, and many other aspects of the currency.
So, what do we have to lose? Let’s get this party started.
What exactly is Stratis?
Stratis claims to be a blockchain development platform. It is targeted at corporate companies who wish to build apps on their own private blockchain. Organizations may make their blockchains quicker by using Stratis’ API framework. The use of Stratis also aids in the development process being made simpler and easier.
Even though the company’s main customers are financial institutions, any company that wishes to utilize Stratis may profit from integrating it into its initiatives. When it comes to implementation, Stratis, unlike many other blockchain solutions, wants to be hands-on.
Aside from assisting customers in the development of their own platform, Stratis also offers consultancy services to those who need extra assistance while building a blockchain. When it comes to developing and hosting decentralized apps, Stratis also collaborates with its users (dApps). This enables their customers to fully comprehend precisely what they need in terms of smart contracts.
What is the name of the character Stratis?
Although Stratis’ team headquarters are in the United Kingdom, many of its workers are located all over the world. Many members of this skilled group have extensive experience developing software for business organizations that use C# and.NET. Given that these are the languages in which the project is written, this is a positive indication.
Chris Trew, the company’s founder and CEO, brings a decade of corporate IT expertise to the table. Trew was also a volunteer developer for the Blit project. Trew and his colleague Nicolas Dorier tried to integrate NBitcoin into Stratis during its early phases. While working on Bitcoin Core, Dorier not only developed Blockchain Programming in C#, but he also built NBitcoin.
Since the project’s initial coin offering (ICO) in 2016, the Stratis leadership team has remained actively engaged in the project. The business opened up its ICO platform to additional customers in May of 2018. In July 2018, Stratis launched Identity for iOS, and in Q4 of 2018, the company became a Microsoft certified partner.
Startis’ Full Node, Side Chains, and C# Smart Contracts are all in the alpha stage, as we’ll see in the following section. All of these projects will be released in the 2019 calendar year, according to the team.
What Is Stratis and How Does It Work?
It isn’t a coin, as Stratis will be the first to tell you. It describes itself as a Blockchain-as-a-Service (BaaS) solution that aids in the creation of blockchain-based apps. Businesses who use Stratis’ side chains, lightweight clients, and well-designed APIs get all of the blockchain’s advantages. At the same time, they are relieved of the responsibility of providing support for the whole network on its blockchain.
Stratis maintains blockchains that are active on the network in the cloud as part of its Blockchain-as-a-Service offering. This implies that their customers do not need to run a full client node in order to work with or access their private blockchain. As a result, consumers may free up resources that would have spent an excessive amount of time doing so otherwise.
A private sidechain is any blockchain that a business chooses to build on the Stratis platform. These sidechains allow clients to modify their blockchain while maintaining the security and privacy provided by the parent chain. Furthermore, individuals may make changes to their blockchain without affecting other chains on the same network.
If you’ve read our Ark review, you’re already acquainted with how Stratis accomplishes its one-click blockchain setup. The one-click deployer allows users to configure their sidechain with several of Stratis’ out-of-the-box capabilities. This implies that a whole blockchain may be accessed with only one click.
Stratis’ one-click solution, on the other hand, extends beyond simply utilizing their blockchain. Users may also create a sidechain that can be used on other major networks like as Lisk, Ethereum, or Bitcoin. Clients may utilize this feature to get access to capabilities that aren’t accessible in-house.
Stratis Identity is a blockchain feature that enables users to keep their identities on the network. Users may use this software to validate investments based on company ownership, establish their identity, and confirm a date online. Clients decide how much personal information they wish to disclose.
Platform for Initial Coin Offerings
Stratis has also created an initial coin offering (ICO) platform. Users will be able to host their own ICO, which is a bit beyond the scope of its business development solution. The Stratis blockchain is used to host all ICOs.
Stratis has also partnered with Onfido, a company that does Know-Your-Customer (KYC) checks for all ICOs. Furthermore, Onfido is readily integrated with Changelly, allowing customers to accept more than 50 different cryptocurrencies as donations to their ICO.
Stratis, like many other currencies, utilizes the Proof-of-Stake mechanism for consensus. The native token of the network is the STRAT token. Users do not need to buy costly gear to mine Stratis since it uses a PoS consensus method. Holders of the currency may stake their coins to receive rewards as long as they have enough STRAT to run a node, which was designed as a low-inflation alternative.
To run a masternode, you’ll need a total of 250,000 STRAT. While this sum is beyond of reach for most people, Stratis has been considering installing lower-tier nodes that would need less coins.
The main function of the STRAT token is to provide blockchain gas. This allows Stratis to pay for transactions that take place on the network. Of course, you may always purchase STRAT as an investment. STRAT is listed on a number of major cryptocurrency exchanges, including HitBTC, Bittrex, and Binance.
Stratis is built on a Bitcoin Full node system that utilizes Microsoft.NET, the NBitcoin framework, and C# to run. The Stratis team selected C# over C++, which is the language used by Bitcoin Core, because it is easier to administer. Furthermore, C# is increasingly being used in commercial applications.
Each unique layer is controlled by three independent components that make up the Stratis blockchain node:
- NBitcoin: Fills in any remaining holes in the Consensus Layer, as well as handling communications between Network Layer nodes.
- The Node Policy Layer, the Interface Layer, and the Infrastructure Layer all interact with the Stratis Bitcoin Full Node. The Stratis Bitcoin Full Node is in charge of the user interface, APIs, and transaction verification and storage regulations.
- LibConsensus: LibConsensus is a Bitcoin Core component. This code is part of the Consensus Layer and is used to assess if a block is legitimate or not.
The market for BaaS is rapidly getting crowded. However, there is presently enough room for a number of players. Stratis is competing against the following projects:
Ark is a fork of Crypti and is a direct rival. This network supports and maintains a variety of languages in addition to C#, and it incorporates sidechains into its project.
The kind of consensus method used by these two projects and Stratis is a significant distinction. Both Ark and Lisk utilize a Delegated Proof-of-Stake method, while Stratis uses Proof-of-Stake.
Those interested in buying STRAT may pick from a variety of exchanges. Binance and Bittrex are arguably the most well-known of the alternatives. STRAT is available as a trading pair with Ethereum and Bitcoin on both platforms. However, Bitcoin trading has a larger volume than the other two.
Before trading on exchanges that accept STRAT, users and investors will need to buy either Bitcoin or Ethereum. These coins may be purchased on exchanges like Coinbase or Gemini. After that, you may swap your coins for STRAT on your chosen exchange.
What Is The Best Way To Store Stratis Coin?
When you’re not using your bitcoin, it’s critical that you keep it secure. There are a variety of wallets available, but we’ll focus on three of the most popular ones for storing STRAT.
The Stratis Core Wallet is the best choice for keeping your STRAT. This is the only wallet on the market that allows you to stake your coins and then earn dividends from the network. For consensus, Stratis employs a PoS algorithm, which aids in maintaining the network’s validity. As a consequence, when users stake their STRAT via their Stratis Core Wallet, they get more STRAT tokens.
You may keep your STRAT in one of Ledger’s hardware wallets. Both the Ledger Blue and the Ledger Nano S can store your cryptocurrency. The disadvantage is that Ledger’s hardware wallets do not support Stratis Core, thus you won’t be able to stake your coins if you use one.
If the security of your money is your main concern, though, a Ledger wallet should be considered. Your money remain offline when you utilize a Ledger wallet, which means hackers cannot access your cryptocurrency.
It may take a long time to stake a wallet so that it can sync to the blockchain, particularly if your internet connection is slow. If all you want to do is send and receive crypto, the Breeze wallet is a good option.
This lightweight wallet, which runs on Linux, Mac, and Windows, ensures the security and privacy of your money. You may make all of your transactions anonymous using the Breeze Privacy Protocol.
Partnerships with Stratis Coin
Stratis has formed strategic alliances with a number of important businesses to assist move the project ahead. Here are some of their associates:
Stratis has collaborated with Gluon, a Silicon Valley-based company. Gluon is one of the Stratis platform’s flagship ICOs. Stratis intends to offer financial businesses all around the globe with flexible and easy blockchain development. Stratis can now claim that it is accomplishing just that by collaborating with Gluon.
Stratis has formed a partnership with Gluon, a forward-thinking business that pushes the limits in the automotive, retail, and distribution sectors. Gluon’s technology establishes secure connections between cars, allowing users to track, diagnose, and monitor problems with the use of AI, blockchain, and IoT devices.
Stratis has linked itself with one of the fastest growing online pharmacies in the United Kingdom by collaborating with UK Meds. Every day, UK Meds processes almost 4,000 patient prescriptions online.
Stratis’ blockchain is being used by the company to create better patient safety measures throughout its online pharmacy platform. This reduces the time it takes for patients to make prescription orders and reduces the risk of customer mix-ups.
Stratis enables UK Meds to keep track of patient prescription requests throughout its network of online pharmacies on an immutable, shared, distributed ledger. The initiative guarantees that patients only get the medicine that has been prescribed for them.
Doctors who interact with patients via the internet may collaborate with pharmacists to produce medicines. They may utilize Stratis to cross-reference a patient using unique IDs assigned to each user.
If a user requests a medicine that has previously been requested, UK Meds can swiftly and simply verify its availability as well as the proper dose quantity. UK Meds guarantees that all patients get the medicines they need by using Stratis’ blockchain technology.
Stratis has established a collaboration with MediConnect, a pharmaceutical company. MediConnect aims to prevent patients from getting medicine from several pharmacies, while UK Meds concentrates exclusively on online distribution. This aids in the reduction of addictions and enables distributors and producers to track their products more effectively.
MediConnect creates a range of solutions using Stratis’ blockchain technology to solve problems that pharmacies often face. This aids in the resolution of issues such as drug addiction and payment loyalty programs, as well as providing a strong and trustworthy gateway solution.
Consider the following:
Of course, Stratis’ life isn’t all sunshine and flowers. Here are some factors to think about while deciding whether or not to invest in the project:
Limitations of the Code
The fundamental development languages utilized by Stratis are.NET and C#, as previously stated. As more blockchain projects and platforms enter the market, user acceptance will be critical to their success. The languages utilized by Stratis are less common than those used by rival networks and solutions. Keep a watch on how Stratis handles their core foundation going ahead.
Stratis’ capacity to offer private blockchains for its customers is one of its key advantages. The purpose of blockchain technology, however, is decentralization, not depending on third-party assistance, and transparency, according to many. Offering a private blockchain network may nullify these benefits, thereby turning the platform into a closed intranet or database.
Work in Progress
Stratis is a strong project with a committed and dependable crew behind it. However, it’s essential to keep in mind that most of the platform is still in development and isn’t yet ready for customers to utilize.
In contrast to other cryptocurrencies, anyone interested in buying STRAT may find that much of the current tokens are held by a tiny number of wallets. This may cause prospective investors to reconsider their decision to invest in Stratis.
Even by today’s standards, Stratis has the distinction of being the first-ever successful initial coin offering. However, if the project does not want to be known for that one, although great, accomplishment, it may be time to move things to the next level.
Stratis has a strong project and excellent relationships in place, but it has yet to achieve the levels of acceptance required to be successful. There is still plenty of time and opportunity for development in the blockchain sector if the team can utilize its capabilities inside the industry. Stratis offers a plethora of useful and feasible use-cases at its disposal.
Starting an ICO platform may not be the best idea, particularly considering how closely government authorities and regulators have been monitoring these offerings. Stratis is fortunate in that the project has a variety of alliances and development possibilities on which it may concentrate at this time.
While a blockchain platform built in C# may not seem or sound as hip or seductive from a technical standpoint, it is an excellent choice for the applications that are most frequently the most lucrative. In fact, the use of C# in the creation of Stratis makes it more attractive to conventional IT firms. This is owing to the fact that they will not have to trash their existing solutions and start from scratch. Instead, they may use Stratis’ blockchain platform to connect their systems.
Stratis has a lot of genuine potential, but we’ll have to wait and see whether it can deliver on its promises.[ratings]
DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
Justin has an MBA from Baker University and is interested in learning more about the real-world uses of blockchain and cryptocurrencies. He is a bitcoin investor with a long history of writing experience. Justin has his own Medium site, https://medium.com/crypto-pilgrim, where you may follow him.
Frequently Asked Questions
Is Stratis a good coin?
Stratis is a good coin.
Is Stratis a good investment 2021?
Stratis is a cryptocurrency that was created in 2016. It has been on the market for three years, and it has seen some ups and downs during that time. At the moment, Stratis is worth $6.95 USD per coin.
What does Stratis Crypto do?
Stratis is a decentralized platform that allows users to create their own blockchain applications.
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