What is Stratis?
The Stratis coin, or STRAX, is the official currency of the Stratis Platform. The latter is a suite of Blockchain-as-a-Service (BaaS) solutions.
STRAX has several use cases. Firstly, it’s an integral part of securing the Stratis blockchain and its smart contracts. Secondly, STRAX serves as a medium of exchange within the Stratis ecosystem which is used to pay for products and services.
When the Stratis crypto project was launched, it was powered by the STRAT token that had a total supply of 98,000,000 Stratis coins.
In 2016, Stratis held an Initial Coin Offering (ICO) event during which the project sold 84,000,000 STRAT tokens and managed to raise around 600,000 US Dollars in the form of Bitcoins. The remaining 14,000,000 STRAT was allocated as follows:
- 8,000,000 - Core Team;
- 2,000,000 - Advisors and Partners;
- 4,000,000 - Bounty Program and Other Campaigns.
Upon the transition to the new blockchain, Stratis introduced the STRAX token. There is a total supply of 125,000,000 STRAX. In addition, the project announced the minting of additional 25,000,000 Stratis tokens. These tokens are minted through a Proof-of-Stake (PoS) consensus algorithm. They have been allocated as follows:
- 8,125,000 - Foundation;
- 6,375,000 - Network Incentivization;
- 5,500,000 - Enterprise Incentivization;
- 5,000,000 - Stratis DAO.
STRAX comes with an integrated annual inflation rate of 10%. Therefore, it's crucial to do proper research before making any purchase decisions.
The graph above will help you have a more in-depth look at the STRAX price history and the current Stratis price.
What are the Main Features of Stratis?
Stratis is an ecosystem of BaaS solutions. Its founding team based the platform on Bitcoin’s code. However, Stratis was written using the C# programming language, unlike Bitcoin which uses C++.
In addition, Stratis is the first project that uses Microsoft’s .NET Framework.
It provides all of the necessary tools needed to create and launch a wide range of applications powered by blockchain technologies. Moreover, Stratis Sidechains enable enterprises to build their own blockchains that run alongside the Stratis blockchain. These new blockchains are capable of holding their own tokens which are pegged to the STRAX coin.
It’s an open-source project. This means that anyone can access the codebase.
As discussed in the What is Stratis section, the Stratis token, STRAX, is one of the core components responsible for securing the network. Stratis operates using a Proof-of-Stake (PoS) consensus mechanism. This means that network participants have to stake STRAX in order to facilitate the process of creating new blocks and verifying transactions.
Stratis incorporates a unique function into the PoS mechanism where participants who stake a high number of Stratis tokens have a higher chance of mining a block. This enhances the security of the network.
Miners receive a block reward of 18 STRAX tokens.
Another element that secures the entire Stratis ecosystem is Stratis Sidechain Masternodes. Anyone who meets the hardware and collateral requirements can become a Masternode. They receive crypto rewards for their service.
In the What is Stratis section, we’ve established that Stratis was initially powered by the STRAT token. The project developed a new blockchain and launched it in late 2020 under the name STRAX.
The STRAX blockchain received a myriad of new features and enhancements including higher block rewards, block time decreased to 45 seconds, lower cross-chain transfer time, SegWit activation, and the introduction of cold-staking and Masternode Dynamic Membership, among many other improvements.
Who Developed Stratis?
The Stratis crypto project was launched in August of 2016 by Stratis Group Ltd. It’s a London-based blockchain company founded by Chris Trew. However, he wasn’t the sole contributor to the Stratis Platform. Chris Trew along with Guy Brandon and Nicolas Dorier published the Stratis whitepaper.
One of the primary reasons why Trew decided to introduce the Stratis Platform was to offer a blockchain-based solution to large enterprises. At the time of founding the project, this issue wasn’t being tackled by any major blockchain project.
Chris Trew is an experienced professional in the IT industry. He dabbled in a wide range of sectors including the public and legal sectors, finance, and aviation. Trew began his journey into the world of crypto by volunteering at Blitz and the Viral Exchange.
Don't forget to check out the Stratis price and other details on the tracker above.
