The Stratis platform and its coin: What’s it all about
Stratis with the codename ‘STRAT’, is a cryptocurrency that was launched in 2016 by Chris Trew. Its vision statement is “We make blockchain easy for you” and to date, it has over 98 million STRAT in supply.
Although developed in a similar way as Bitcoin Core, Stratis has grown in such a limited time to be a potential investment coin for cryptocurrency investors and enthusiasts.
One interesting difference between Stratis and Bitcoin, despite their obvious similarities, is the language it was written in. While bitcoin was written in C++ language, Stratis, on the other hand, was written in c#.
Just like other cryptocurrencies, to fund the project, Stratis started out as an ICO (Initial Coin Offering) which started June 21 and ended July 26, 2016. During this period, the team raised over nine hundred bitcoin.
Stratis was developed to help companies and several businesses make use of blockchain for their needs. It is also designed to allow the creation of private blockchains on the network which organizations can use as designed for their personal needs. These blockchains are called sidechains and they are secured on the main blockchain.
Fashioned after Bitcoin core, Stratis exists on a much-secured database. However, there is a unique adjustment to Stratis blockchain in that it has the protocol that accepts the creation of private blockchains on the original blockchain. This is done to give room for improvement and purpose flexibility amongst users.
On the bitcoin blockchain, apps are developed on a public blockchain. However, since it’s a private blockchain, apps can be developed privately. This can be used by financial corporations in that it helps it save the cost of building a blockchain of their own. It also helps to save the cost of maintenance as everything is made readily available on the blockchain.
Stratis is related to the Stratum platform of which its link is used to develop and drive the sidechains.
Stratis coin (Strat)
With all the numerous advantages of the Stratis network, the blockchain needs a cryptocurrency that would work on it for easy communication within the network. Thus, Chris Trew created a token that would run on the platform called STRAT.
This currency operates a Proof of Stake (PoS), a type of algorithm that allows a cryptocurrency blockchain network to achieve consensus distribution process. It is also characterized by low inflation and low emission.
After its ICO in July 2016, Stratis hit exchanges and started with an opening price of ($0.023) to an all-time high (ATH) of over $20. This is a remarkable geometric increase in the space of a year and two months.
At the end of the ICO program in 2016, here’s how the Stratis tokens were distributed:
- Eighty-four million to the investors.
- Four million to Bounties and Marketing Campaigns
- Two million to project advisors and partners
- Eight million to the project team
When it comes to mining, a Stratis token is issued to every miner at a rate of 1 token per block with a new block being mined every minute.
Users of the STRATIS network can be involved in staking with their STRATIS tokens. Staking can be likened to the earning of dividends in the stock market and in this case, the users get returns of 0.5 – 1 percent of their staking annually. The STRATIS cryptocurrency exists on several reputable markets such as Bittrex, Poloniex, Binance, Upbit, and Cryptopia, to name a few.
With cryptocurrency still being a fairly new industry, there’s plenty of scammers trying to take advantage of people new to the cryptocurrency world. Stratis wants to combat that by educating the public on cryptocurrency. The Stratis development team took it upon themselves to start up an academy that teaches the basics of cryptocurrency, how to use the Stratis platform and to prepare developers for blockchain projects from different industries.
This academy is coordinated by its top staffs with insightful resources. According to its website, https://stratisplatform.com/, the academy is set to start in the second quarter of 2018.
Stratis vs other altcoins
In a market of over 1,500 cryptocurrencies, Stratis is a top rated token competing with other coins for market acceptance. Stratis has peculiarities that make it stand tall against other altcoins — cryptocurrencies with the exception of bitcoin.
For instance, it allows the building of private blockchain on its blockchain for commercial use.
Additionally, Stratis has real-world advantages. It would be useful in fintech (financial technology) to solve issues like identity theft and identity management.
It could be used for tracking of products and verification of goods. And can be useful in medical practice for the keeping of records, research papers, and publications.
The most similar cryptocurrency to Stratis is Ethereum, a cryptocurrency whose network support smart contracts, something which Stratis does as well. The only difference is the language in which both are written in. Ethereum is written in its original language while Stratis is written in C# language which developers can understand.
There aren’t many wallet options available for Stratis since it’s a new cryptocurrency however there are a few.
Ledger Nano S
This a cold storage wallet with which you can keep your Stratis tokens safe. It is also used as a wallet option for Dash, Zcash, Litecoin to name a few. As a well-recognized hardware wallet on the market, Ledger offers maximum-security of your coins and private keys. It connects to computer devices via Bluetooth and USB.
This wallet is a desktop app which can be used frequently for transactions. It is, however, important to note that this particular wallet does not support staking of coins.This wallet can be used alongside the Ledger wallet to provide an additional security layer for your coins.
This wallet will serve both Bitcoin and Stratis and it would provide exchange between both cryptocurrencies.This wallet is powered by TumbleBit in conjunction with the Stratis Team. As an improvement on wallet options, breeze wallet would be the first wallet that would provide a crypto wallet and a unique coin shuffling and swapping technology between Bitcoin and Stratis.
Stratis cryptocurrency in the long run
Having existed in the cryptocurrency market for close to two years now, Stratis has been a good consumer choice with its numerous features and development. With several events lined up for 2018, such as the release of their iOS app and launch of a new website, Stratis is a coin to watch out for in 2018.