Stratis Coin: Complete Guide 2018

/Stratis Coin: Complete Guide 2018

Stratis promises a cheap and easier platform to build dApps. Is it Effective?

Stratis Coin: Complete Guide 2018 2018-06-14T14:39:45+00:00
Stratis Coin: Complete Guide 2018

Quick inner navigation:

  1. What is Stratis?
  2. The Stratis market
  3. How to buy Stratis?
  4. Stratis wallet

What is Stratis coin?

Stratis is a startup from the UK that has created a development platform and provides a service to help financial organizations in the process of developing applications that would bring solutions to business problems. Stratis started out as an ICO in summer 2016 and after managing to raise the initially planned target sum, now it fully works to provide its services and allows people to trade its tokens that have a purpose of working as a fuel on the Stratis platform.

How does it work?

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 consists of experienced professionals who come from all over the world with various professional backgrounds Some of the team members are:

  • Chris Trew –CEO and founder. He is an experienced IT specialist who has also worked as an architect and consultant. He is also a technologist and has been in this field for over 10 years.
  • 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 is an expert in .net programming.
  • Nicolas Dorier –developer of the Bitcoin core, C# language.
  • Dan Gershony-an experienced blockchain developer with more than 10 years of experience in Ms.stack and more.

What is sidechain?

The cloud Statis platform enables its users – businesses, organizations to test their applications that are based on blockchain and deploy those. In this process, neither the network nor the clients need to be maintained. This is done thanks to the sidechains. A sidechain is a private blockchain launched by a third party and secured on an existing blockchain. Stratis blockchain allows organizations to develop sidechains that can be accessed through APIs and lite clients. To make things more clear – APIs are sets of functions, which enable the creation of applications that access various features of the data, application etc. The lite client is a protocol that allows people with low capacities maintain a highly secure assurance.

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 aiming to avail 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 (Blockchain as a service), nStratis allows the interested companies to integrate the existing functions and features inherent in similar blockchains like the popular Ethereum or the less common WavesStratis is really that versatile.

How can Stratis be useful in the real world?

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

  • In medical research– The institutions that are oriented to a medical direction are often facing criticism regarding the transparency issues as well as the database of records. In order to solve this issue, Stratis came up with solutions such as immutable recording of the existence that can be done for the protocol itself, high level of detection for possible amendments, implementation of accessible and verifiable data placed in a single database and accessible for everyone. There would be an information link between the researcher, the reviewer and the publisher hence clarity of issues.
  • Fintech applications–Various Financial Institutions need a reliable method for identifying their customers. However, it is not very easy to do so. Stratis has a solution for this issue as well, as it offers institutions access to the identity records that are authoritative but yet transparent. Along with this Stratis also offers operational savings that are through a unified and trustworthy database that has customer records. The larger level of transparency and regulatory compliance. Finally, it is going to create and manage a special network special for the associated trusts available for any user.
  • Tracking and anti-counterfeit tool– The Stratis blockchain service will help manufacturers and merchandise track and identify goods to verify whether they are genuine or counterfeit. Thanks to this solution the records that are on the blockchain will be accessible within a few seconds. Stratis promises to ensure that the information is decentralized and the tamper-proof permanently. The ease of the process will be insured with the IDs that can be tracked and assigned to the blockchain technology.
  • 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 users can build their own apps on Startis.

Cons

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

The Stratis market    

Stratis’ cryptocurrency began trading on the 12th of August 2016. The ticker symbol of the Stratis 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.

The distribution of the Startis coins is rather interesting. The total supply of Stratis tokens is 98 million, out of which, 85.7% aka 84 million tokens were allocated to the investors of the ICO. The 8 million of the tokens were given to the team members of Stratis, 2 million were allocated to the partners and advisors of Stratis and 4 million was allocated for the marketing campaigns. Stratis can be traded on several exchanges and can be bought using other cryptocurrencies.

How has Stratis performed over the years?

Stratis has made several steps forward 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 was launched
  • Between May 4, 2017, and June 5, 2017: Stratis had a value growth of 865% – from $1.09/STRAT to $10.52/STRAT.
  • August 2017: downward trend till mid-August.
  • September 2017: the price became and varied from $3 to $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 fast.

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 fast.

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 with 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 been expanding since then. It makes use of a global network of data centers that are managed by Microsoft in order 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 very easily.

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?

What revolutionary technology is Stratis working on?

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

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 the process does not vary much from one exhcnage platform to another exchange platform. This brief explanation on how to buy Stratis at some of the popular exchanges will help you understand the overall process.

To buy STRAT you need to have:

  • 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 trades Stratis for other cryptocurrencies.

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, you need to do the following:

  • Deposit crypto funds into your account
  • Locate your wallet
  • Send crypto to Poloniex
  • Navigate to the exchange page
  • Set the buying amount
  • Buy Stratis

Pros

  • Fast transaction
  • Wide range of cryptoA wideexchange
  • Worldwide support
  • Margin trading allowed

Cons

  • Does not support fiat currencies
  • Does not have an online wallet
  • 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.
  • Opening an account is not mandatory.
  • No custodial risks.
  • Fast.

Cons

  • Does not support fiat currencies.
  • Negative reviews.

 To buy STRAT on Bittrex >>

Bittrex is an exchange platform from the US that is one of the top three websites worldwide. It started in 2014 and nowadays, it is available for trading 24 hours a day. It is a reliable site.

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

  • Sign up with email address
  • Verify account and login
  • Deposit your coins
  • Find pair (e.g. 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 in general? 

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 device or a software (depends on the type of the wallet you get) where you keep your cryptocurrency after purchasing then at an exchange.

A wallet contains your public and private keys and through it, 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 a 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

The Stratis electrum is a desktop 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 feature offering 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 take the following parameters into account. 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-? What are the ratings given by the users of the particular wallet you want to use? Does it have favorable ratings or otherwise?
  • Reliability- Try to find out how reliable is the wallet in terms of keeping the funds, transfers, is it easy to hack or not, etc. In order to find out similar information you should check out reviews of different users and see what they have to say about it.
  • Fees (also called gas) –Double check and try to find out whether the wallet charges extra costs for different transactions.
  • Ease of use-a good wallet should be easy handle and use for all kinds of users. Wallets with complicated structure could lead to 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 potential 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 read our other articles for more on the crypto universe.

Leave A Comment2 Comments on "Stratis Coin: Complete Guide 2018"

  1. ptdisc
    ptdisc May 10, 2018 at 3:40 am

    You forgot Jordan Andrews! See his amazing presentation at the london blockchain expo.

    1
  2. rocksolid
    rocksolid May 13, 2018 at 6:15 pm

    Jordan Andrews. Amazing presentation. Agreed.

    AAA

    0