What is Stratis? | Beginner’s Guide
What is Stratis?
Stratis is a blockchain development platform for enterprise businesses to easily create applications on specific, private blockchains. The Stratis API framework enables organizations to speed up their blockchain creation and simplify the development process involved with it.
Although the company is primarily targeting financial institutions, any business interested in incorporating blockchain can benefit from the project. They’ve even recently partnered with a seafood company, Earth Twine.
Stratis takes a more hands-on approach to implementation than other blockchain projects. Beyond building the platform, the team offers consulting services to businesses who may need guidance in working with their technology. They also work with clients in building out and hosting decentralized applications so they can fully understand their smart contract needs.
In this Stratis guide, we’re going to cover:
- How does Stratis work?
- Stratis architecture
- Stratis team & competitors
- Where to buy STRAT
- Where to store STRAT
- Additional Stratis resources
How does Stratis work?
Stratis isn’t a coin. It’s a Blockchain-as-a-Service (BaaS) platform that facilitates the development of blockchain-based applications. Using the Stratis lite clients, side chains, and robust APIs, you don’t have to support an entire blockchain network.
As a BaaS platform, Stratis hosts the blockchains running on the network through the cloud. There’s no need to maintain a full client node to access or work with your specific blockchain. This frees up resources for organizations who otherwise would have spent a significant amount of time and resources doing so.
Similar to Ark, Stratis focuses on ease-of-use through the implementation of a one-click blockchain deployer. You can quickly deploy a customizable sidechain with many out of the box features found in the main parent chain. An entire network is just one click away.
The one-click deployer expands further than the Stratis blockchain, though. You can also deploy a sidechain to other major platforms like Bitcoin, Ethereum, Lisk, and BitShares tapping into features that aren’t offered natively in-house.
Each blockchain that you deploy using Stratis is a private sidechain. Sidechains allow for customizability while still taking advantage of the secure infrastructure of the parent chain.
Additionally, you can make changes to your specific blockchain without affecting the other chains on the network.
Fiat gateway integration
The team is building the platform in such a way that businesses can transfer traditional currencies on the blockchain as well. Put simply, the platform will use a digital token equal to the traditional currency being transferred.
With this, organizations are able to remain compliant while still taking advantage of the new technology.
Branching slightly outside of enterprise development, the team has also been working on an ICO platform. With the ICO platform, you can host your own ICO on the Stratis blockchain network.
Although the platform isn’t out yet, there’s a Test ICO for you to try it out, and the official platform should be released soon.
Stratis is built on a Bitcoin Full node platform using C#, Microsoft .NET, and the NBitcoin library. The team chose to use C# rather than C++, the primary language of Bitcoin Core, because it’s easier to maintain and more prevalent in business applications.
Stratis is comprised of three components that control separate layers of the blockchain node:
- Stratis Bitcoin Full Node
Stratis Bitcoin Full Node interacts with the Interface Layer, Infrastructure Layer, and Node Policy Layer. The node is effectively in charge of the APIs, user interface, and rules for storing and verifying transactions.
LibConsensus is directly from Bitcoin Core and provides part of the code for the Consensus Layer to establish what’s considered a valid block.
NBitcoin fills in any remaining gaps of the Consensus Layer and also deals with the messages between nodes in the Network Layer.
Stratis Team & Competitors
The team is headquartered in the United Kingdom but has members spread across the world. Several people on their management team are well-versed in enterprise software development using .NET and C# – a positive sign considering those are the project’s two primary languages.
Chris Trew, the founder and CEO, has over 10 years of experience in enterprise IT and was a volunteer developer for the Blitz project.
Early on, Trew partnered with Nicolas Dorier to incorporate NBitcoin. Dorier not only wrote NBitcoin but has also worked directly on Bitcoin Core and wrote the book, “Blockchain Programming in C#”.
Stratis is competing against other BaaS projects in an increasingly saturated but gigantic space.
Because of this, both projects could find niches in separate markets.
Like Lisk, Rise and Ark fork from Crypti and are also competing with Stratis. These two platforms support multiple languages beyond just C# but still take advantage of sidechains.
Stratis uses a Proof-of-Stake algorithm to reach network consensus whereas the previously mentioned competitors use a Delegated Proof-of-Stake voting algorithm.
Some people may also view Ethereum as a competitor because of the project’s dApp capabilities. However, the team’s focus on creating software specifically for enterprise clients lessens this comparison.
The company held an ICO in June and July 2016 in which they raised 915 Bitcoin.
The price of the Stratis token, STRAT, remained relatively flat at ~$0.05-$0.10 (~0.00007-0.00008 BTC) from the ICO until May of this year. At that time, the price skyrocketed to over $10.00 (~0.0038 BTC) before quickly dropping down to $2.50 (~0.001 BTC) in July.
The price had another spike in July and has since fallen through November, especially in BTC value. The price has risen to over $9.00 this December. This looks to be caused by the success of Bitcoin, though, since its BTC value has remained relatively unchanged.
The value of STRAT is likely to increase as more businesses use the Stratis platform and more organizations build dApps (decentralized apps) on top of it.
Where to buy STRAT
You can buy STRAT on several different platforms – the most notable being Bittrex and Binance. Both of these exchanges support STRAT as a trading pair with Bitcoin and Ethereum; however, Bitcoin trading usually has more volume.
If you’re a UK resident, you can purchase STRAT with fiat directly through Bittylicious.
For a complete list of exchanges that offer STRAT, head over to CoinMarketCap.
Where to store STRAT
You have three great options (and one promising beta) to use when storing your STRAT:
- Staking wallet
- Stratis electrum
- Ledger hardware wallet
- Breeze wallet (in beta)
The staking wallet is the recommended choice to keep your STRAT. It’s the only wallet that allows you to stake your coins to receive “dividends” from the platform. Stratis uses a PoS consensus algorithm to maintain network validity which means that you receive additional STRAT just for holding STRAT in your wallet.
Syncing the blockchain to the staking wallet can be a time-consuming process especially if you have a poor internet connection. If you’re just looking to send and receive funds, you should look into the electrum wallet.
This is a lightweight wallet provided by Stratis and available on Windows, Mac, and Unix systems.
Ledger hardware wallet
The Ledger Nano S and Ledger Blue both support Stratis. Unfortunately, the Ledger wallets use the electrum client, so you’re unable to stake your coins if you choose this option.
You should consider a Ledger wallet if your primary concern is the security of your funds. Your coins are offline when using a Ledger which mitigates any risk of hackers or threatening software.
Breeze wallet (in beta)
The Breeze wallet with Breeze Privacy Protocol is in a private beta. It’s currently only available to select community members on the Mainnet., but you’re still able to try it out on the Testnet.
The Breeze Privacy Protocol includes coin shuffling and swapping technology to add anonymity to your transactions.
Stratis is an interesting Backend-as-a-Service platform facing stiff competition from other reputable projects. The company has a solid management team with deep knowledge of the underlying protocol architecture as well as multiple years of experience working with enterprise clients. The enterprise market is large enough that it’s feasible for several of these BaaS projects to succeed.
With one-click deployment support for other blockchains, organizations can take advantage of the features of unique features while still utilizing the Stratis development platform.
Beyond that, the Stratis team’s dedication to full support through their blockchain consultancy gives clients the help they need to flourish in this new and oftentimes confusing blockchain ecosystem.
Additional Stratis resources
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ABOUT THE AUTHOR
ABOUT THE AUTHOR
Based in Austin, TX, Steven is the Executive Editor at CoinCentral. He’s interviewed industry heavyweights such as Wanchain President Dustin Byington, TechCrunch Editor-in-Chief Josh Constine, IOST CEO Jimmy Zhong, Celsius Network CEO Alex Mashinsky, and ICON co-founder Min Kim among others. Outside of his role at CoinCentral, Steven is a co-founder and CEO of Coin Clear, a mobile app that automates cryptocurrency investments. You can follow him on Twitter @TheRealBucci to read his “clever insights on the crypto industry.” His words, not ours.