Stratis, I am not able to come up with a fancy introduction for this particular cryptocurrency. Nevermind, let us just begin with our exploration of this cryptocurrency because I’m sure you will learn a lot in here.
So lets Strat. Shall we?
What is Stratis
Stratis is a dynamic and adjustable blockchain Development Platform that was developed by Chris Strew ( CEO of Stratis ) for aiding enterprises and other organizations in forging, testing and deploying applications by employing blockchain technology. On this platform, people can create blockchain apps by using pure C# language alongside the .NET framework built by Microsoft. Apart from that applications developed on the network can also utilize the full strength of the Stratis APIs and structure.
Stratis also intends to simplify the way people create apps on the blockchain along with trying to speed up the development lifecycle regarding blockchain improvement ventures(projects). Another fascinating thing about Stratis is that its turnkey solution assists developers and businesses to build, test and deploy blockchain-based applications quickly and efficiently without them having to incur the expenses and security concerns that would otherwise bob-up from an in-house implementation.
What is staking of Stratis tokens
First of all what is Staking? It is quite similar to accumulating interest or dividends on your holdings. Approximately you could be receiving about 0.5-1%/annum proceeds (returns) upon the amount you have staked. For example: For X amount of holdings you get this much staking rewards. Staking assists in keeping the Stratis network secure.
So by now, it may be pretty clear to you that if you stake your Stratis tokens, you will muster ( create ) new STRAT tokens on a yearly basis as a reward for deciding to stake your tokens on a POS blockchain.
Alright now if you are interested in knowing how much tokens you could be receiving approximately on a monthly basis for your Stratis tokens this Stratis staking calculator could help you in finding out roughly how many tokens you might earn in a month or so.
How does it work
Stratis should not be considered as a coin. The reason for this that it is a Blockchain-as-a-Service (BaaS) platform that aids in the creation of blockchain-based apps. These are a couple of features of Stratis.
Baas is a combination of cloud computing and blockchain technology. This means that it tries to leverage on the benefits that both blockchain technology and cloud computing have to offer for deploying blockchains so that it can provide its clients the best of both worlds. Therefore, you do not have to sustain a full client node for accessing and/or working on your particular distributed ledger i.e. blockchain. Therefore organizations do not have to incur unnecessary expenses of maintaining these nodes which they would have if they decided to do all of the stuff mentioned above by themselves.
As is the case with Ark, Stratis tends to pay attention to ease-of-use by employing something known as a one-click process for deploying blockchains. You can use a customizable sidechain pretty quickly with many out of the box features found in the central parent chain.
So basically you have an entire blockchain at the click of a button. A for amazing. Eh?
Moving on, you can use this one-click feature for deploying sidechains on other blockchains like Bitcoin, Ethereum, Lisk, and BitShares besides Stratis. This ought to help developers and other business owners to tap specific features that aren’t available on Stratis itself.
Every blockchain that you deploy on Stratis is known as a “private sidechain.” These facilitate the users with customizability while still leveraging the safe infrastructure of its parent-chain.
Additionally, it is also possible to make adjustments to your specific blockchain without affecting other chains on the network.
Fiat gateway integration:
Team Stratis is trying to develop the platform in a way that would enable businesses to be able to transfer traditional types of currencies within the blockchain. In layman’s terms, the platform will use a digital token equal to the conventional money being transferred.
With this, organizations can stay compliant while still leveraging the new technology.
For more information click here.
Stratis makes use of a Proof-of-Stake algorithm for achieving its network consensus. In this type of algorithm a cryptocurrency blockchain network attempts to reach a distribution agreement. In PoS cryptocurrencies (like Stratis) the blocks are usually said to be “staked” or “forged” instead of being mined.
Stratis has been created on a Bitcoin Full node platform that employs C# language, Microsoft .NET framework, and the NBitcoin library.
The team decided to roll with the use of C# instead of C++(primary language of Bitcoin Core) because it is easier to maintain and more prevalent in business applications. Moving on.
Stratis consists of three features that control individual parts of the blockchain node.
Stratis Bitcoin Full Node: This interacts with the interface, infrastructure, and node policy layer. This particular node is entirely responsible for anything concerning the APIs, user interface, and rules for amassing and authenticating transactions on the platform.
LibConsensus: This originates or instead has been inspired by Bitcoin Core and forms a portion of the code regarding the Consensus Layer for establishing what’s accepted as a valid block in general cryptocurrency terms.
NBitcoin: It plugs the remaining gaps within the Consensus Layer and also deals with the messages between nodes in the Network Layer.
Difference between Stratis and Ethereum
Both of these blockchains are inclusive of the feature known as smart-contracts. However, there seems to be a cardinal problem on Ethereum. Ethereum smart contracts have to be coded in Solidity which is its native language, whereas, on Stratis, the contracts are coded in C# language which is the universal language of the developers family.
Coding smart contracts on Ethereum involves learning solidity which means that the developers onboard have to undergo a learning curve before they can spring into action.
However, on the flip side, with Stratis if you have a little experience in c# then you can immediately strat dabbing into coding your smart contracts, thus almost reducing your learning curve to zero.
Also, besides supporting smart contracts on its blockchain, it supports other innovations on its sidechains as well. Now, this is entirely different to Ethereum where every contract runs on the Ethereum blockchain.
Nevertheless, both projects have received their fair share of appreciation from the market along with the support of companies like Microsoft.
Compatibility with Bitcoin
Since Stratis’s Private chains operate using the same code as the parent blockchain, the interface for private chains is 100% compatible with the mainstream Stratis chain. Stratis also supplies the same RPC API as Bitcoin Core during its inception. Now what this means is that any applications or platforms that employ Bitcoin’s RPC or command line can be swiftly transferred to Stratis.
What is the supply system
After its ICO a combined total of ninety-eight million STRAT tokens were distributed and this is deemed to be its fixed supply.
This is a birds-eye view of the final breakup:
A Total of 84 Million Strats ( i.e., Stratis Tokens ) were distributed amongst the people who invested in its ICO. Out of this 8 Million Strats were allocated to team Stratis and 2 Million Strats were allocated to advisors and partners. After this 4 Million Strats were spent or instead distributed for the purpose of “bounties & advertising campaigns.” This accounts for a grand total of 98 Million Stratis tokens.
Moreover, this is a POS currency, i.e., fresh Strats are going to be minted by those who will be staking Stratis tokens. (The rate of inflation is 0.5%-1% per annum)
Chris TrewCEO, FOUNDER
He is a consultant, architect, and technologist with over 10 years experience in Enterprise IT. His background includes extensive experience in the financial sector, working for some of the top financial institutions as well as in the Legal, Aviation and Local government sectors.
Policarpo Guerrero: He is an expert in corporate operations for technology companies in multicultural environments, with senior level executive expertise in European and American markets.
Here are a couple of links that ought to keep you updated about Stratis:
Where to store safely
A few popular Stratis wallets are as follows:
- Hardware Wallets (Most Secure for Storing)– Ledger Nano S, Trezor.
- Official Wallets-StratisX Wallet, Stratis Electrum Wallet
- Mobile Wallets – Coinomi (Android), Jaxx (iOS, Android)
- Desktop Wallets – Jaxx (Windows, Mac, Linux)