Stratis Coin: What Is It and Should You Buy?

/Stratis Coin: What Is It and Should You Buy?

Stratis Coin: What Is It and Should You Buy? 2018-02-22T16:10:05+00:00

What is Stratis?

Stratis is a UK startup that provides the blockchain-as-a-service platform whose aim is to help financial organizations to develop applications that would bring solutions to business problems. 

And yes, you can invest in this cryptocurrency.

How does it work then?

Stratis allows interested corporations and companies to tap into the distributed ledger technology to develop custom-made blockchain apps. The nStratis platform is integrated with the C# technology and Microsoft.net to make it easy to develop new blockchain-based solutions.

Who is behind Stratis?

The team behind the Stratis cryptocurrency has a global presence comprising of an experienced team of experts and professionals from different fields. They include:

  • Chris Trew  CEO and founder. He is an experienced IT expert with an over 10 years experience as an architect and consultant. He is also a technologist.
  • Jeremy Bokobza – Stratis blockchain developer experienced in the .net technologies. He is a C# developer and also an architect.
  • PieterjianVanhoof – has experience in blockchain development and expert in .net programming.
  • Nicolas Dorier – developer of the Bitcoin core, C# language.
  • Dan Gershony- an experienced blockchain developer with over 10 years’ expertise in Ms.stack and C

 Stratis blockchain difference

A sidechain is a private blockchain launched by a third party and secured on an existing blockchain. You may also want to know what the Stratis blockchain has to offer.

Well, the Stratis blockchain allows organizations to develop these sidechains that can then be accessed through APIs and also lite clients.

How is this useful?

Corporations and other private organizations can exploit this opportunity to develop customized blockchain applications that won’t be too costly for them.

This partly explains why Microsoft has Stratis as part of the Azure cloud program that is aimed at availing full functionality for companies that would want to develop blockchain applications.

So, how is the Stratis platform different from others? Well, the difference is in functionality. While essentially providing BaaS services, nStratis allows the interested companies to integrate the existing functions and features inherent in similar blockchains like the popular Ethereum or the less common Waves. Stratis is really that versatile.

How can Stratis be useful in the real world?

Stratis could have several uses in the real world in coming days. Some of the highly publicized benefits are as follows:

  • In medical research –  the Stratis blockchain aims at providing an immutable medical database of all the records available. This use is likely to see the medical fraternity solve some of their long-standing disputes arising from inefficient record keeping. There would be an information link between the researcher, the reviewer and the publisher hence clarity of issues.
  • Fintech applications– the benefits here are numerous. The technology by Stratis aims at helping financial institutions and management through providing safeguards in identity theft, escrow services, customer and identity management.
  • Tracking and anti-counterfeit tool– this use case is one to watch because counterfeiting goods have become a real menace to manufacturers. The Stratis blockchain service will help track and identify goods to verify whether they are genuine or counterfeit.
  • Internet of Things – the IoT will greatly benefit industry verticals like in the fields of supply chains, transport, online retailing and inventory keeping. All these will be built on the nStratis platform. For instance, a nStratis-enabled smart lock will be able to recognize given commands to let you gain entry in a secured residence.

 Differences between Stratis and Ethereum

Even though both provide developers with the platform to build new and customized decentralized applications, and use the smart contracts technology, there are a few differences that stand out.

 Stratis uses C# coding language while Ethereum uses Solidity. It is therefore easy to develop applications on Stratis than it is on Ethereum because developers do not need to learn and master a new programming language.

  • STRATIS allows for sidechains while Ethereum has all the contracts developed on its main blockchain.
  • The Stratis blockchain utilizes proof-of-stake consensus while Ethereum is trying to switch from a proof-of-work mechanism to proof-of-stake.
  • Stratis aims to find solutions to issues that have risen due to problems associated with the Ethereum blockchain.

What are the Pros and cons of the Stratis technology?

Pros

  • It allows companies to build sidechains that can be customized
  • The PoS consensus system reduces power consumption
  • Improved security on the blockchain
  • The public can build their apps on Stratis

Cons

  • There is a possibility of their network stalling
  • Concerns about the security of the sidechains.

Stratis market    

Stratis’ cryptocurrency began trading on 12th August 2016. The ticker symbol used is STRAT. In terms of market valuation, Stratis is at the moment ranked among the top fifteen cryptocurrencies.

It has a market capitalization of over $500 million.

Furthermore, the StratisPoS verification method earns the users an interest every time they use their funds to stake and verify transactions.

One of the factors about Stratis that’s interesting is how the existing coins are distributed. There are over 8000 wallets with the top 1000 holders having about 90% of the cryptocurrency. But it is likely to change as the coin starts to gain public interest and more people begin to buy the currency.

Stratis can be traded on several exchanges and can be bought using both fiat money and other cryptocurrencies.

How has Stratis performed over the years?

Stratis has made several forward steps since it was launched a little over a year ago. It appears to be a solid project with a good chance of succeeding as a cryptocurrency and as Blockchain-as-a-service platform.

It is worth to note that like any other cryptocurrency, Stratis is exposed to market volatility.

These are the significant events in Stratis’ development:

  • August 2016: Stratis is launched
  • Between May 4, 2017, and June 5, 2017: value growth of 865% from $1.09/STRAT to $10.52/STRAT
  • August 2017: downward trend till mid-August
  • September 2017: price stabilized at between $3 and $6/STRAT

Stratis has the potential to grow, but the issue of price volatility may lead to periods of ups and downs. The cryptocurrency market is not static and things change very first.

Partnerships with major companies.

The Stratis platform is still developing and has not been fully exploited. However, there are already partnerships that are a good indication that the blockchain is one to watch in the future.

  • Microsoft Azure project- Stratis is partnering Microsoft on its BaaS platform.
  • Partnership with Tumblebit for the Breeze Wallet- Stratis has partnered Tumblebit to incorporate its technology for the purpose of increasing privacy in transactions.
  • Earthtwine partnership- the intention is to develop the first seafood blockchain in the world. The project seeks to help find solutions to the problem of illegal fishing and misrepresented data about seafood.

What is Microsoft Azure Stratis?

Microsoft Azure is a cloud-computing service that is created and developed by Microsoft. It was initially released in 2010 and has since been expanding. It makes use of a global network of data centers that are managed by Microsoft so as to build, test, deploy, and to manage applications and services.

The Microsoft Azure Stratis is an integration of the Stratis platform into the Microsoft Azure BaaS (Blockchain as a service) program. The company has combined the two, so as to give companies the flexibility of deploying the blockchain nodes for supporting their decentralized applications.

Through the Stratis Microsoft integration, the Stratis platform could be used along with the Azure and Microsoft’s development ecosystem for developing and deploying applications based on blockchain technology. This will be done using the Microsoft.Net framework and C# rather than a whole new coding language.

Hence, this project will give corporations and developers a higher accessibility to Stratis, allowing them to deploy and test their block-chain apps with ease.

What is BaaS?

BaaS stands for ‘Blockchain as a service’, and it is a highly promising program that Microsoft Azure just recently launched. The prime agenda of this program is to make blockchain technology easily accessible to companies and developers, allowing them to develop decentralized applications easily.

The BaaS program currently comprises of the following distributed ledgers:

  1. Ethereum
  2. Hyperledger Fabric
  3. R3 Corda, Quorum
  4. Chain Core
  5. BlockApps

The BaaS program was launched in 2015, which made Microsoft one of the first service providers to host Blockchain as a service on its Azure platform. The Microsoft Azure BaaS program service supports a range of blockchain protocols such as the complex contract based algorithms like Ethereum and simple transaction output based algorithms like Hyperledger. In the same time, support for more algorithms is being developed as claimed by Microsoft.

What revolutionary technology is Stratis working on?

It is the Stratis Identity. The project is underway to develop a proof-of-concept app that will give developers a platform to build revolutionary identity management applications. It will help companies better manage provenance issues.

How to buy Stratis

First of all, it may not be possible for you to buy Stratis using fiat currency. However, it is not difficult to get Stratis in exchange for other cryptocurrencies such as Ether, Litecoin, and Bitcoin.

The process of buying Stratis is simple and almost similar across most of the exchanges. In this article, I’ll give you a brief explanation on how to buy Stratis at some of the popular exchanges.

Nevertheless, to buy STRAT you need to have:

  • Access to other cryptocurrencies like bitcoin or ether.
  • A Stratis wallet where you can receive and keep your coins

To buy Stratis, you will need to visit an Exchange site that offers Stratis for the other cryptocurrency.

You can buy Stratis at the following sites:

  • Changelly
  • Poloniex
  • Shapeshift
  • Bittrex

Buy Stratis at Changelly >>

Changelly allows you to buy and sell cryptocurrency using other cryptos. Stratis buy on Changelly is not a difficult process.

The site has the following features:

  • Fees: 0.5% charged on top of network charges
  • Supported worldwide
  • A wide range of payment methods including USD, EUR and over 35 different types of cryptocurrencies.

To buy STRAT on Changelly, follow these steps:

  • Visit Changelly
  • Go to buy/sell
  • Choose either Bitcoin or the altcoin you wish to trade
  • Choose the coin to exchange
  • Enter and confirm wallet address
  • Key in the payment
  • STRAT will be sent to your wallet.

Pros

  • Several payment methods
  • Available worldwide
  • Fast transactions

Cons

  • Additional charges levied

To buy STRAT on Poloniex

Poloniex offers you a range of exchange using cryptocurrency. It is a trusted site with support all over the world.

To purchase, do the following:

  • Deposit crypto funds into your account
  • Locate your wallet
  • Send crypto to the chosen file
  • Navigate to the exchange page
  • Set the buying price and place your order
  • Buy Stratis

Pros

  • Fast transaction
  • Wide range of crypto to exchange
  • Worldwide support
  • Margin trading allowed

Cons

  • Does not support fiat
  • No storage
  • Very slow website

To buy Stratis on Shapeshift >>

Shapeshift offers you a safer and faster way to trade your crypto for another crypto. You do not need an account to buy on this site.

To get STRAT;

  • Deposit BTC into your account
  • Get your wallet
  • Enter amount to trade
  • Navigate to the exchange page
  • choose the exchange coin
  • Buy STRAT

Pros

  • Supports several cryptocurrencies
  • No need for an account
  • No custodial risks
  • Fast

Cons

  • No fiat
  • Negative reviews

 To buy STRAT on Bittrex

Bittrex is a US trade exchange that ranks in the top three worldwide. It started in 2004 and at the moment allows for 24-hour trading. It is a reliable site.

In order to buy STRAT on Bittrex, do the following:

  • Sign up with email address
  • Verify account and login
  • Deposit your coins
  • Find pair(STRAT/BTC)
  • Place order
  • Enter price and confirm
  • Withdraw

 Pros

  • Transparent fees
  • Good support team
  • Easy verification process
  • Several cryptocurrencies to choose from

      Cons

  • The site does not support fiat currency trading

Stratis mining

What is mining generally? >>

Mining is the process of securing and verifying transactions in a blockchain. It involves the use computers referred to as nodes to validate transactions by solving complex mathematical problems.

The node that secures the transaction gets rewarded a cryptocurrency, let’s say like bitcoin or ether. This process is achieved through what is called a proof-of-work consensus mechanism.

Every complete transaction is called a block and is added to the blockchain.

However, Stratis does not involve mining because it uses proof-of-stake consensus method.

How is proof-of-stake different from proof-of-work?

The method is different from the PoW in that PoS utilizes a system called distributed consensus. Instead of solving the difficult algorithmic problems, users in a proof-of-stake blockchain use their coins to place a ‘stake’ in order to verify transactions.

In return, the stake earns the user a return in the form of Stratis that is much like an interest on their investment. So, users will keep staking and adding to the blockchain while they receive crypto coins in return.

How do you stake using Stratis?

You need to have the Stratis wallet and be connected to the internet. The other thing is to have your wallet funded with Stratis coins.

During the entire span of staking, your wallet needs to be connected to the internet and remain open. Once your stake completes the transaction, your wallet is credited with the reward.

Here is how to stake in 8 simple steps.

  • Step1: download the Stratis wallet client from the official Stratis site.
  • Step2: Run the wallet till it completes syncing and downloads the blockchain’s transaction history.
  • Step3: secure your wallet through encryption to protect your coins. Go to settings >encrypt.
  • Step4: change your password to a strong password.
  • Step5: back up your wallet by following the steps below:
  • Click file>back up>download dat.file and save it
  • Step6: buy Stratis and send them to your wallet client.
  • Step7: unlock your wallet to start staking: settings>unlock>password
  • Step8: proceed to the stake by following the prompts.

The question you may want to ask is whether staking is profitable. It is profitable since every time your stake helps verify a transaction, you get rewarded STRAT which is basically interest on your initial stake.

Stratis wallet

What is a wallet?

A wallet is simply a ‘store’ where you keep your cryptocurrency after purchasing then at an exchange.

A wallet contains your public and private keys and it is from here that you can receive, send or store your coins.

There are different types of wallets; hot and cold.

These then can be categorized into mobile wallets, desktop wallets, paper wallets, web wallets and hardware wallets.

When you buy Stratis, you need to store it in your Stratis wallet. Although Stratis does not have an array of wallets to choose from, here is a list of few great ones available on the market.

How can you use a Stratis wallet to store your cryptocurrency?

Let’s first look at the options we have in the market and see how each can be used.

Ledger Nano S >>

The Ledger Nano S is one of the main storage wallets for Stratis. It is a hardware type of wallet that is user-friendly and safe. It’s a very reliable wallet whose main feature is the security level it offers your Stratis coins.

Once you purchase your Stratis, transfer them to the offline Ledger Nano S cold storage wallet.

Pros

  • Secure
  • Easy to use
  • Supports a variety of other coins

Cons

  • Expensive
  • Cannot be utilized for staking

Stratis Electrum Wallet

This wallet developed by Stratis has similar design and specs as the Bitcoin Electrum wallet. The wallet is available on a number of operating systems like Windows, Mac, and Linux.

The Stratis electrum is a desktop wallet. It is very lightweight.

Pros

  • Secure
  • Offers easy setup options
  • Simple to operate

Cons

  • Can be hacked
  • Cannot be used when staking

Breeze wallet

The breeze wallet is designed to support a seamless integration between Stratis and Bitcoin transactions.

It is a highly secured wallet with a privacy feature for anonymous transactions. It is a reliable wallet that includes technology features from the tech company Tumblebit.

Pros

  • Secure
  • Easy to use.
  • Privacy-enabled
  • Allows for trading BTC

Cons

  • Does not support staking

Stratis wallet

The Stratis wallet is a desktop wallet by Stratis. It is known as Stratis official wallet It is a light wallet that is convenient because it doesn’t require the full blockchain history to be used. It is fully functional and allows staking.

Pros

  • You can stake Stratis with it
  • Easy to use

Cons

  • Can be hacked
  • Not so safe.

Parameters to check before using a wallet

Before you go on to buy or use a given wallet, it is good to put the following parameters into mind. They are supposed to help you pick a wallet that will not only store your cryptocurrency but also secure them.

  • Safety- safety implies whether the wallet is safe for you to keep your STRAT and other crypto coins there. Check for security features like encryption and back up.
  • Rating- how does the wallet rate among users? Does it have favorable ratings or otherwise?
  • Reliability- a reliable wallet is one that will offer you what it should. Again, find out what other users have to say about the particular wallet.
  • Fees (also called gas) – how much do you spend to transact on the wallet?
  • Ease of use- a good wallet should be one which you can handle and use easily. Complicated wallets could lead to you losing the coins if you fumble with complex functionality.

Summing Things Up

Stratis has the potential to succeed as a cryptocurrency and as a blockchain platform. Although the cryptocurrency hasn’t broken into the top 5 yet, it has the making of doing so. Therefore, it is a good investment opportunity.

Thank you for reading, We will keep tracing its development to bring you all the latest news. Kindly bookmark this page or visit our other articles for more on the crypto universe.