What is Stratis?
Stratis is an open source, peer to peer blockchain service with a native currency known as Strat (STRAT) and it aims to simplify the development, testing and deployment of applications. Stratis wishes to become the one-stop-shop for all corporations and financial institutions for blockchain related solutions; more specifically acting as a blockchain-as-a-service (BaaS).
History of Stratis
Stratis was launched by Chris Trew, Nicolas Dorier, Dan Gershony, Jeremy Bokobza and Pieterjan Vanhoof in July 2016 via an ICO (Initial Coin Offer), which earned them a total of 915 bitcoins. Strats were sold during the ICO period for $0.023 a piece, with a total 84 million Strats being sold during the ICO. Since then, another 14 million Strats were issued, taking the total number of coins to 98 million. This is the total fixed supply of STRAT.
Within the first year of its launch, the value of Stratis increased by 500 fold. In June 2017, it surpassed a market capitalization of $1 billion, and though falling considerably since then, still enjoys a wide degree of popularity.
How Stratis Works
Stratis, at its core, derives a lot from the blockchain technology of bitcoin, and some of its features from Ethereum. Stratis utilizes the active blockchain of bitcoin to form private chains for its own transactions.
Stratis uses send and receive commands to transfer its coin, just like any other cryptocurrency. But instead of sending the tokens over the public blockchain, with the Stratis network, the user proceeds to create a private sidechain central to the transaction. STRAT are then processed via this private blockchain which utilizes the bitcoin blockchain in the background, keeping this data separate from the main Stratis chain.
Stratis also makes use of several key components of Ethereum, including Smart Contracts. It also uses its own version of the Segregated Witness (SegWit) protocol, along with a Proof of Stake (PoS) security mechanism, to validate network transactions.
Stratis is a unique concept and it comes with several advantages
- Dapps Support: Not only does Stratis offer DApps support, it also offers application development in C# language, which is a pretty common language for crypto developers. Moreover, these applications can run on the Dot Net framework, which is widely popular. Thus, Stratis applications can be run with ease and almost universally.
- Frequent Updates: Stratis offers frequent updates which plugs all known loopholes, introduces newer features much before other cryptocurrencies and keeps the bugs to a minimum.
- Amazing Market Potential: Stratis has the potential to change how transactions take place and that makes this currency very valuable in the future as well.
- Faster Than Ethereum: While both Ethereum and Stratis employs Smart Contracts, the Stratis makes use of sidechains which serves to prevent clogs in the main chain. This leads to faster transaction processing. The core blockchain remains lean and clean because Stratis data is kept on another sidechain.
- Extraordinary Community Support: Stratis has one of the most engaged communities, which is eager to help everybody. While technology is what makes a cryptocurrency superior, human support is what makes it exceptional.
- FinTech Support: Stratis offers futuristic FinTech support including handling of important issues like Escrows, Identity Management, Identity Theft, clearance and KYC compliance and settlement management. Everything can be done via blockchain in the Stratis network.
- Provenance: From product tracking to verification of valuables, the Stratis blockchain can be used to store and carry identification and verification data, paving way for a smart trading future.
- Internet of Things: Stratis utilizes Smart Contracts in the IoT network so one can access nodes/entities in the network without any human intervention. An example of this would be booking a hotel room and entering it without any human touch required.