Starting with the entry of the term of Cryptocurrency into the world, more than expected blockchain platforms have been formed. Today, there are close to 1000 cryptocurrencies in the market. One such Cryptocurrency is Stratis. Here is a complete review of Stratis to establish its founders, mission, and how it works. We will also look at the main features of the Cryptocurrency.
What is Stratis?
Stratis is a Cryptocurrency based on a blockchain that simplifies development, testing and even deployment of C# apps on .NET framework. It is expected to operate like a BAAS (blockchain-as-a-device). This will ensure that the technology can be deployed directly in businesses across different niches.
The main goal of Stratis is to become a one-stop point for everything that companies might require from a blockchain. The platform operates on the Bitcoin’s Core code with greatly enhanced features. Everything is written in C# and not C++.
Stratis was founded by Chris Trew, an architect in Enterprise IT, in 2016. When Stratis was launched, 98 million STRAT tokens were distributed. Of the 98 million tokens in circulation, the price of each unit stands at $10.5
How Stratis Works?
To use Stratis, you are required to download one of the wallets and install on your computer. Note that Stratis has adopted several wallets including the Bitcoin electrum wallet that has gained a lot of popularity over time.
The platform allows its users to come up with custom blockchain apps using Stratis as the core premise. This process is considered easy and faster because developers are assured of a ready platform to deploy their apps after completion.
In addition to facilitating sidechains development, the platform also helps with creation of private blockchains by organizations that are easily customizable. These sidechains are the lifeline of the Stratis blockchain because they help to bring new ideas attract big organizations and demonstrate the potential of the Cryptocurrency. Some of the key applications for Stratis include;
- Medical research: The Stratis blockchain is anticipated to help medical professionals solve research disputes by offering an immutable database for all records. Therefore, researchers can continue working without worrying about the legitimacy of their records.
- Internet of Things: The Stratis blockchain is expected to greatly affect major verticles such as supply chain, inventory, occupation, and transportation. Stratis will ensure that everything is updated via consensus and in real time to cut down cost.
- Fintech: The Fintech space has been anticipating technologies that can anchor and automate operations. Stratis will solve issues such as identity theft management, trusting escrow, and KYC compliance by leveraging blockchain technology.
The key features of Stratis Cryptocurrency
Most cryptocurrencies rely on blockchain technologies which are ledgers that house all the completed transactions. While this was indeed revolutionary, blockchains have demonstrated one serious flaw; filling fast especially because of the risk of fake transactions. Sidechains are meant to address this problem. The side chains are enjoined to the main Stratis blockchain to extend its use. They give the Cryptocurrency an unlimited capacity to handle even bigger volumes of transactions.
The Stratis tokens are rewards awarded to the platform users for their work on the platform. Stratis gives o.5% to 1% of the total stake that users hold in its network every year. You can use the tokens to buy Stratis or other cryptocurrencies such as Ether or Bitcoin that are traded on the exchanges.
The Stratis Wallet is the main point of entry for users. Though Stratis is one of the most recent cryptocurrencies and still developing its system, it has some wallets that users can use. These include;
- The StratisX wallet: This is the desktop wallet that comes with all features for safe application of the blockchain. It is a lightweight wallet meant for application in diverse blockchains.
- The electrum wallet: Though this is the official Bitcoin wallet, it has been adopted by Stratis team for lightweight desktop users. Note that unlike other wallets, this wallet does not require downloading the blockchain into the computer. This means that it is lighter and very easy to set up. However, the wallet does not support staking of Stratis tokens.
- Breeze Wallet: This is perhaps the most awaited wallet by Stratis enthusiasts. It is meant to support and provide a seamless exchange between Stratis and Bitcoin.
Pros of using Stratis Cryptocurrency
- Stratis has one of the easiest interfaces to use. All that every user need is downloading the preferred wallet to start interacting with others in the network.
- It uses some wallets that allow different types of users to apply. From individuals to organizations, all that one need is identifying the preferred wallet, buying some coins, and starting to trade.
- It operates in a unique way different from other blockchains. By allowing development of sidechains by its clients, Stratis has added a new force that is expected to propel it ahead of others over time.
- By adopting the latest technologies, Stratis has become one of the fastest in the market. Transactions are completed and confirmed in record 60 seconds which is among the fastest in the crypto-world today.
- By employing the blockchain-as-a-device algorithm, Stratis has managed to make the platform extra secure and won the affection of more users.
Cons of joining the network
The Cryptocurrency is one of the latest in the market. This means that most of the features in the system are still being developed and, therefore, their stability cannot be ascertained.
Many people who would like to join the Cryptocurrency world still find it very difficult to join Stratis because they cannot directly use fiat currencies. To buy Stratis, you have to use other advanced coins such as Bitcoin.
Where to Buy and Sell Stratis in Australia?
Crypto Currency for Fun recommends buying Stratis at CoinSpot. CoinSpot is a multi cryptocurrency wallet with built-in trading features. Users can store many coins, including Stratis and they offer Instant Delivery or your coins right into your account.
Cryptocurrencies have edged a notch higher in the globe today as people start embracing them and experts craft ways of addressing existing issues. The fast growing demand for Stratis demonstrates the emerging interest and numerous potential in different areas.