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Stratis (STRAT) Coin Review & Guide
Considered as one of the first blockchain development platforms, Stratis (STRAT) began as a solution which gave developers a way to easily establish their own blockchains. Initially, Stratis’ goal was to become the ideal Blockchain-as-a-Service. This service would be specifically tailored for any organization that chose to use it.
However, since the platform launched, Stratis changed the direction and scope of its project. Now, they want to develop a bigger blockchain platform that would rival other development networks like Ethereum or NEO.
The question is, can Stratis compete and thrive in this space while offering a viable alternative? In our review of Stratis, we’ll dive deeper into the project, the technology that drives it, its team, and many other facets of the coin itself.
So what are we waiting for? Let’s get started.
What is Stratis?
Stratis identifies itself as a blockchain development solution. It caters specifically to enterprise businesses who want to develop applications on their own, private blockchain. By using the API framework provided by Stratis, organizations can make their blockchains faster. Using Stratis also helps to make the development process simpler and easier.
Even though the firm is targeting financial organizations as their primary users, any business that wants to use Stratis can benefit by incorporating Stratis into its projects. Unlike many other blockchain products, Stratis prefers to take a hands-on approach when it comes to implementation.
Outside of helping clients build their private platform, Stratis also provides consulting services who need additional guidance when developing a blockchain. Stratis also works with its users when it comes to building and hosting their decentralized applications (dApps). This helps their clients to have a full understanding of exactly what they need when it comes to smart contracts.
Who is Stratis?
Stratis has its team headquarters in the United Kingdom, however, many employees are in other places throughout the globe. Many members of this highly talented team have a great understanding of software development for enterprise companies who employ C# and .NET. This is a great sign considering that these are the languages in which the project is written.
Founder Chris Trew is also the CEO, bringing a decade of enterprise IT experience to the team. Trew was also a Blit project volunteer developer. During the early stages of Stratis, Trew and his partner Nicolas Dorier attempted to incorporate NBitcoin into the project. Dorier not only penned Blockchain Programming in C# but also wrote NBitcoin while working on Bitcoin Core.
The Stratis leadership team has remained actively involved in the project since its ICO in 2016. In May of 2018, the company released its ICO platform for other users. Additionally, Stratis released Identity for iOS in July 2018 while recently becoming a Microsoft certified partner in Q4.
Already in the alpha phase are Startis’ Full Node, Side Chains, and C# Smart Contracts, all of which we’ll discuss in the next section. These are all projects which the team plans to take to market sometime during the 2019 calendar year.
How Does Stratis Work?
Stratis will be the first to tell you that it isn’t a coin. It defines itself as a Blockchain-as-a-Service (BaaS) solution which helps to manage development of applications based on the blockchain. Businesses that implement Stratis side chains, lite clients, and its well-designed APIs get all the benefits of having a blockchain. At the same time, they don’t have to worry about providing support for the entire network on its blockchain.
As a Blockchain-as-a-Service solution, Stratis keeps blockchains which are active on the network in the cloud. This means their clients don’t have to manage a complete client node to work with or access their private blockchain. Therefore, customers can free up resources who might have otherwise spent an inordinate amount of time doing so.
Every blockchain that a company decides to deploy on the Stratis platform is considered a private sidechain. These sidechains provide the ability for the client to customize their blockchain while still using the security and privacy that the parent chain provides. Additionally, users can adjust and change their blockchain without impacting other chains which reside on the same network.
If you’ve read our Ark review, then you are familiar with the method through which Stratis implements its one-click blockchain deployment. Users of the one-click deployer can customize their sidechain with a lot of the out of the box features which Stratis offers. This means that an entire blockchain is only one-click away.
However, the one-click option with Stratis goes further than just using their blockchain. Users can also launch a sidechain for use on other major networks like Lisk, Ethereum, or Bitcoin. With this feature, clients can access abilities that may not be available in-house.
Stratis Identity is a capability of its blockchain which allows users to store identities on the network. With this app, users can verify investments based on business ownership, prove the identity of its users, or confirm a date online. Clients control the precise amount of personal data they want to share.
Stratis has also developed an ICO platform. While this is a little beyond the scope of its enterprise development solution, its users will have the ability to host their own ICO. All ICOs are hosted on the Stratis blockchain.
Stratis has also established a partnership with Onfido, which provides Know-Your-Customer (KYC) checks for every ICO. Additionally, Onfido integrates easily with Changelly, which gives users the ability to support more than 50 different cryptocurrencies as contributions to their ICO.
Like many other coins, Stratis uses the Proof-of-Stake algorithm as its consensus method. The STRAT token is the network’s native token. Since Stratis relies on a PoS consensus algorithm, users don’t have to purchase expensive hardware to mine the token. The coin was developed as a low inflation option, so holders can stake their coins to earn rewards, so long as they have enough STRAT to manage a node.
If you want to operate a masternode, you’ll need 250,000 STRAT. While this amount isn’t within reach for everyone, Stratis has been kicking around the idea of adding lower-tier nodes which would require fewer coins.
The STRAT token’s primary purpose is to serve as gas for the blockchain. This provides Stratis with a way to pay for transactions that occur on the network. Of course, you can always buy STRAT for investment purposes. Many popular crypto exchanges list STRAT, including HitBTC, Bittrex, and Binance.
Stratis resides on a Bitcoin Full node system, which uses Microsoft .NET, the NBitcoin library, and C#. The Stratis staff chose to go with C# over C++ – which is the language of Bitcoin Core – since it’s simpler to manage. Additionally, more business applications tend to lean toward using C#.
The Stratis blockchain node is made up of three separate components which control each distinct layer:
- NBitcoin: Addresses any gaps leftover in the Consensus Layer, while also managing messages between the Network Layer nodes.
- Stratis Bitcoin Full Node: This node interacts with the Node Policy Layer, the Interface Layer, and the Infrastructure Layer. The Stratis Bitcoin Full Node manages the user interface, APIs, and the rules for verifying and storing transactions.
- LibConsensus: This component comes directly from Bitcoin Core. This portion of the code is part of the Consensus Layer and is used to determine whether or not a block is valid.
The BaaS market is quickly becoming a saturated space. However, there is currently plenty of space available for several players. Here are a few of the projects Stratis is competing against:
Ark is a direct competitor and is a fork of Crypti. This network supports and manages many languages other than C# and also uses sidechains as part of its project.
One key differentiator between these two projects and Stratis is the type of consensus algorithm they use. Stratis employes Proof-of-Stake, whereas both Ark and Lisk use a Delegated Proof-of-Stake algorithm.
Those interested in purchasing STRAT have many different exchanges from which to choose. The most well-known among the options would probably be Binance and Bittrex. Both platforms offer STRAT as a trading pair with Ethereum and Bitcoin. However, trading with Bitcoin typically has a higher volume of the two.
Users and investors will have to purchase either Bitcoin or Ethereum before being able to trade on exchanges that support STRAT. Exchanges like Coinbase or Gemini offer the option to purchase these cryptocurrencies. Then you can move your coins over to your preferred exchange and trade for your STRAT.
How To Store Stratis Coin?
It’s important that you keep your cryptocurrency safe when you’re not using it. There are many wallets available, however, we’re going to talk about three primary ones you can use to store your STRAT.
The recommended option for storing your STRAT is the Stratis Core Wallet. This is the only wallet available which will give you the chance to stake your coins and then receive your dividends from the network. Stratis makes use of a PoS algorithm for consensus purposes which helps to maintain the validity of the network. As a result, users receive additional STRAT tokens when staking their STRAT through their Stratis Core Wallet.
Ledger has a few hardware wallets you can use to store your STRAT. You can keep your crypto in both the Ledger Blue and the Ledger Nano S. The drawback here is that Ledger’s hardware wallets don’t support Stratis Core, so you can’t stake your coins if you decide to go with a physical wallet.
If, however, your primary concern is that your funds are kept secure, then you should consider going with a Ledger wallet. When you use a Ledger wallet, your funds are offline, which means hackers can’t access your crypto.
Staking a wallet so that it will sync to the blockchain can be time-consuming, especially if your internet connection is poor. If all you want to do is send and receive crypto, then you might take a look at the Breeze wallet.
Available on Linux, Mac, and Windows operating systems, this lightweight wallet provides security and privacy for your funds. With the Breeze Privacy Protocol you have the option to make all your transactions anonymous.
Stratis Coin Partnerships
Stratis has several strategic partnerships in place with key companies that help drive the project forward. Here are a few of their partners:
Stratis has partnered with Gluon, a business based out of Silicon Valley. Gluon joins the Stratis platform as one of its flagship ICOs. Stratis aims to provide flexible and simple blockchain development for financial companies throughout the world. By partnering with Gluon, Stratis can now say that it is doing exactly that.
With Gluon, Stratis has established a relationship with a like-minded company that pushes the boundaries within the automotive, retail, and distribution industries. Gluon offers a technology that creates secure connections between vehicles which gives users the ability to track, diagnose, and monitor issues using AI, the blockchain, and IoT devices.
By partnering with UK Meds, Stratis has aligned itself with one of the fastest expanding online pharmacies in the United Kingdom. UK Meds handles nearly 4,000 patient prescriptions online each day.
The business uses Stratis’ blockchain to develop improved patient safety measures throughout its online pharmacy platform. This helps to reduce times when patients have to create orders for their prescriptions and cuts down on problems with customer mix-ups.
Using Stratis helps UK Meds ensure that a patient prescription request is kept on an immutable, shared, distributed ledger throughout its group of online pharmacies. The project ensures that patients can only get the amount of medication prescribed to them.
Doctors who deal with customers online can work with pharmacies that prepare medications. Using Stratis, they can cross-reference a patient based on unique identifiers which are given to each user.
If a user asks for medication that has already been requested, UK Meds can quickly and easily determine availability along with the correct amount of dosage. By using Stratis’ blockchain technology, UK Meds ensures that all patients get the prescriptions they need.
More recently, Stratis announced its partnership with pharmaceutical firm MediConnect. Where UK Meds focuses solely on online distribution, MediConnect wants to prevent patients from receiving medication from several pharmacies. This helps to reduce addictions and allows wholesalers and manufacturers to better trace their drugs.
MediConnect uses Stratis’ blockchain technology to create a variety of products that address issues that pharmacies often encounter. This helps to resolve problems like drug abuse, payment loyalty schemes and offers a solid and reliable gateway solution.
Things to Consider
Of course, not everything is sunshine and roses for Stratis. Here are a few things to consider as you decide whether or not you want to invest in the project:
We’ve mentioned that the underlying development languages used by Stratis are .NET and C#. As other blockchain projects and platforms begin to join the market, user adoption will play a large role in succeeding. The languages Stratis uses are not as widely used as the ones used by competing networks and solutions. Keep an eye out for how Stratis decides to move forward with their underlying framework.
One of the core features for Stratis is its ability to provide private blockchains for its clients. However, for many, the point behind blockchain technology is decentralization, not relying on third-party support, and transparency. Offering a private blockchain network can potentially negate these features, which essentially makes the platform a closed intranet or database.
Stratis is a solid project and has the backing of a reliable and dedicated team. However, it’s important to remember that a lot of the platform is still in progress and has yet to become available for use by its clients.
Those interested in purchasing STRAT may discover that many of the existing tokens are owned by a small group of wallets in comparison to other cryptocurrencies. This might give potential investors pause as they consider whether or not to invest in Stratis.
Stratis owns the distinction of being the first-ever successful ICO, which is an impressive accomplishment, even by today’s standards. However, it might be time for the project to take things to the next level if it doesn’t want to be remembered for that one, albeit incredible, achievement.
While Stratis does have a solid project and good partnerships in place, it still has yet to realize the adoption levels it needs to be successful. If the team can somehow leverage its strengths within the industry, there is still plenty of time and room for growth within the blockchain market. Stratis has no shortage of helpful and viable use-cases available to it.
Kicking off an ICO platform may not be the wisest move, especially given the way government authorities and regulators have been watching these offering with much more speculation. Fortunately for Stratis, the project has multiple partnerships and developing options on which it can focus at this time.
While a blockchain platform developed in C# might not look or sound as cool or sexy from a technical perspective, it’s a great option for the types of applications which are more often than not the most profitable. As a matter of fact, using C# in its development makes Stratis more appealing to traditional companies in the tech sector. This is primarily due to the fact that they won’t have to scrap their legacy solutions and start over. Instead, they can integrate their systems with Stratis’ blockchain platform.
Stratis shows a lot of real potential, however, we’re going to wait and see whether or not this project can truly deliver on what it’s promising.
Want to know even more about Stratis coin? Why not jump into the project’s white paper!