What is Stratis (STRAX)?

Stratis is a Blockchain-as-a-Service platform that is powerful, flexible, and simple to use. It provides users with end-to-end solutions for their blockchain enterprise needs, such as launching private sidechains, running full nodes, and an initial coin offering platform. Stratis also enables developers to quickly create, test, and deploy their own blockchain applications.

In June 2016, Stratis was officially released and appeared in the marketplace as a highly sought-after solution for enterprise blockchain technology. The Stratis founders understood the obstacles surrounding blockchain technology for enterprise use and sought to provide a framework that could solve real-world problems.

While Bitcoin was the first cryptocurrency that introduced blockchain technology, it only solved one of many problems. The Bitcoin Blockchain was primarily used as a decentralized ledger or database, storing all its transactions in an immutable fashion. However, when building an enterprise application, companies have additional needs outside of simple storage capabilities. With this in mind, Stratis has developed a flexible framework that can be used to build blockchains with different consensus algorithms, smart contracts, and privacy features. This flexibility makes Stratis the ideal blockchain-as-a-service platform for businesses.

The platform operates as a standalone blockchain, powered by its native coin, STRAX, which is used by businesses to pay for their custom blockchain development needs. In November 2020, Stratis switched to a standalone chain that uses STRAX instead of its previous STRAT token.

Who are the Founders of Stratis (STRAX)?

Stratis was founded under a company that offers blockchain solutions for small and large enterprises. The company was founded by Chris Trew in 2016, who is the project’s CEO.

Chris Trew is an expert in the C# programming language and the.Net framework, which he learned on his own while working with various enterprise information technologies. Before working on Stratis, Trew has spent ten years navigating IT roles in a variety of industries, including legal, aviation, financial institutions, and more.

The Stratis team has grown to include more than 40 people with diverse skillsets and backgrounds as they seek to make their vision a reality. The London-based company was originally known as Blockchain Solutions Ltd. but changed its name to Stratis Group Ltd. in May 2017 when Stratis launched its ICO which had an unprecedented $5.1 million raised in less than a week. The funds were used to help the company expand its operations.

What is Stratis (STRAX) used for?

Stratis is an all-in-one Blockchain Development Platform that allows businesses, individuals, and organizations to create their own custom blockchains without any programming experience. Leveraging the latest advancements of C# and .Net frameworks as well as easily deployable templates, Stratis aims to make it easier for everyone to get involved in blockchain technology.

Although it’s in Beta, Stratis provides a complete set of tools for developers to deploy their own Blockchains with custom token issuance and smart contracts. The Stratis Cryptocurrency, STRAX, is used to pay fees and fuel transactions on your decentralized application.

Another great use case is using STRAX to pay for services from BaaS companies like Microsoft Azure who accept STRAX as a payment method.

 

What is the unique point of Stratis (STRAX)?

Stratis aims to make it easier for everyone to get involved in blockchain technology. It simplifies this process by providing infrastructure, testing and auditing environments, and a roadmap for implementing features – from simple smart contracts to entire purpose-built sidechains.

The private chains created with Stratis are considered to be ‘permissioned’ blockchains. In other words, only those you authorize can access this private blockchain. This allows for permissioned blockchains to be used at a more enterprise level, where only the relevant users have access to the data of a certain project. This can also reduce bloat and congestion on the main Stratis chain if many companies choose to utilize their own private side chains.

Stratis uses the Proof of Stake (PoS) consensus protocol, which incentivizes nodes to participate in validating transactions by rewarding them through coin-staking.

The PoS concept allows users to mine a coin, receive transaction fees and block rewards, and at times even become full nodes. With a fully decentralized network, there is no single point of failure or single entity controlling Stratis currency, which allows Stratis to become a payment service or financial platform through sidechains.

Nodes on a blockchain network provide the infrastructure and processing power to maintain the integrity of the blockchain. The Stratis Platform acts as a full node, providing all of its own nodes, as well as sidechain nodes.

The Stratis sidechains will have their own consensus protocols, which allow for smart contracts, decentralized applications (Dapps), and other Blockchain-as-a-Service capabilities to be deployed onto the network.

How many Stratis (STRAX) coins are in circulation?

Stratis’ initial token was released in July 2016, with a total of 98 million STRAT tokens created at the time of launch, with 84 million initially distributed to those who participated in their ICO (initial coin offering). The remainder of the supply was set aside for the team, partners, bounties, and campaigns.

However, when the platform transitioned to its own blockchain in October 2020, a new native coin called ‘STRAX’ was issued, which was exchanged at a one-to-one ratio with the STRAT token. During the transition, an additional 25 million STRAX coins were minted and distributed across the network over five years.

The Stratis coin operates in a Proof-of-Stake algorithm, so no mining is required to use the system. The Stratis team has been transparent about the supply of coins and coins in circulation by placing them on the blockchain itself.

How is the Stratis Network Secured?

The Stratis Network is secured by a Proof-of-Stake system. In PoS, instead of mining for coins, users “stake” or lock up some of their coins for a certain period to secure the network and earn interest on the locked coins. The more coins a staker has, the greater the chance they will be selected to create the next block in the blockchain.

As part of the October 2020 transition, Stratis introduced additional security features to the network, the most important of which is the ability to stake through a cold wallet, a term commonly referred to as “Cold Staking” in the crypto space. They also stated that they would activate Segregated Witness, or SegWit, which will significantly improve security in the network.

How do I buy Stratis (STRAX)?

Stratis has been available on a few major exchanges, but can be purchased on Binance, Upbit, and Bithumb. They can also be traded against fiat currencies or cryptocurrencies such as Bitcoin, Ether, and stablecoins on those exchanges. To purchase STRAX, simply follow these steps:

  • Sign up for a trading account or sign in to your existing one.
  • Deposit fiat money into your trading account.
  • Purchase your STRAX coin by trading it against another token pair such as STRAX/USDT.

Which Cryptocurrency Wallet Supports Stratis (STRAX)?

The PTPWallet platform supports many cryptocurrencies simultaneously such as Stratis (STRAX). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their STRAX wallet because offers a simple and interactive interface making it easy for people to navigate its system.

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