What Is Stratis?
August 16, 2021 by NOWPayments.io
The crypto industry boasts an extensive selection of all kinds of blockchain-based projects. All of them compete against one another for the attention and resources of investors. Yet, there is one type of blockchains that always succeed and attain required funding no matter what conditions there are currently on the market; these are blockchains which have a purpose. The reason behind it lies in the fact that projects with utility actually deliver value to people and organizations.
One of such blockchains is Stratis which allows its clients to deploy their private blockchains on top of the Stratis mainnet. Stratis products are different from those of Ethereum and other blockchains, which makes it a unique network.
Key Points
- Stratis is a platform which offers “Blockchain-as-a-Service” technology for various organizations that want to have their private networks
- Stratis uses a Proof-of-a-Stake protocol to ensure its security and issue new tokens
- Stratis crypto, STRAX, is the native currency of the Stratis platform and it is a perfect choice for businesses that want to start accepting virtual assets
About Stratis
Blockchain as a Service
As mentioned earlier, Stratis is a platform which promotes the technology of “Blockchain as a Service,” which means that it provides its infrastructure for various enterprises. Stratis sidechains are the primary product of the project. In other words, both commercial and non-profit organizations can host their private blockchains on the Stratis mainnet. Moreover, all Sidechains are customizable and can be adjusted to fit the needs of each customer.
Stratis Sidechains run on a Proof-of-Authority consensus algorithm (PoA) which grants governance rights to the users who pass preliminary authentication. Sidechains also utilize the Two-Way Federated Peg mechanism, which controls the flow of STRAX tokens to and from sidechains. Essentially, a federation consisting of at least three users becomes responsible for overseeing the gateway through which the native currency passes.
STRAX
STRAX is the native token of the Stratis blockchain, which has several roles on the network. STRAX fuels the whole platform. For instance, STRAX is used to get tokens on sidechains and to execute smart contracts. It also can be utilized as collateral for operating masternodes on the Stratis network. Of course, STRAX is an indispensable asset to have for purchasing Statis sidechains. STRAX can be used outside of the Statis ecosystem as a currency to buy products and services from third parties.
Proof-of-Stake Protocol
Stratis relies on a Proof-of-Stake protocol which is essential for the issuance of new STRAX tokens and maintaining the security of the network. Such a protocol is more efficient and much less damaging to the environment in comparison to a Proof-of-Work protocol, for instance, employed by Bitcoin. Proof-of-Stake does not require intensive mining, which leads to low electricity consumption since no advanced equipment is needed to ensure its operation. By staking STRAX and verifying transactions on the network, Stratis users can earn rewards in the native currency. Stratis also supports cold staking, which is a feature that allows users to freeze their STRAX in the Stratis wallet or a hardware wallet and still receive rewards.
Wallets and Stratis InterFlux
Staking on the Stratis network is done through the STRAX Wallet. Stratis does not discriminate against its users, so people with any amount of STRAX staked in their wallets can theoretically mine a block. In addition to staking, STRAX Wallet allows users to conduct transactions by sending and receiving STRAX. Transferring STRAX across the Stratis network is easy and fast.
Stratis InterFlux is another great feature of the blockchain in question. Essentially, it is a service that maintains Stratis’ interoperability with blockchains such as Ethereum and HyperLedger Fabric. STRAX owners can seamlessly transact wrapped versions of their tokens on these two platforms.
Advantages of Stratis
Speed and Scalability
Stratis is one of the most scalable blockchains in the market, which translates into rocket-fast speeds of transactions. Thanks to its Proof-of-Stake protocol, verification of blocks on the Stratis platform is nearly instant. As a result, users can send STRAX to any part of the world and expect the sum to arrive in a matter of minutes. In a usual environment, a person that wants to send money to their friend in a foreign country would have to go to the bank, deposit their sum, and possibly wait for several days before all clearing is ensured and the transfer reaches its recipient. In the case of Stratis, all of these stages are out of the question since transactions are peer-to-peer.
Privacy and Security
Stratis does not collect any information on the users’ identities, thus maintaining complete anonymity for its clients. One can easily move STRAX across the network and not be afraid that their funds will suddenly become frozen by some external party, and they will be asked to provide their identification. In a similar fashion, Stratis supports the security of its infrastructure and the data of its clients. The platform uses state-of-the-art security solutions to ensure the impenetrability of its system for attacks.
Accessible
Finally, the Stratis coin is an extremely popular asset in the crypto community, and there are many people who have it in their portfolios. Thus, STRAX is available for purchase on multiple large exchange platforms. Poloniex, Changelly, Bittrex, and Binance are the most reliable exchanges out there which offer STRAX to any person on the planet. To begin using STRAX is easy: all one has to do is go to an exchange, buy some tokens, and send them to their wallet.
STRAX Payments
As mentioned above, Statis is a platform that is extremely flexible and can satisfy the needs of any customer. Organizations can deploy their private blockchains on its network, while individuals can stake their tokens to earn rewards. Paying with STRAX is also an amazing experience, and many people who hold the currency will be more than happy to spend it on products and services. NOWPayments has a solution for businesses that want to attract crypto investors and make them their loyal clients.
With NOWPayments, any enterprise can deploy a STRAX crypto payment gateway and start accepting crypto. For instance, eCommerce merchants can integrate the NOWPayments plugin with their Shopify, PrestaShop, or WordPress stores. While bloggers and charities can place a STRAX crypto donation widget on their website.
Conclusion
Stratis is one of the most exciting “Blockchain-as-a-Service” platforms on the market. It provides a fast, secure, and reliable infrastructure for various organizations that are looking for ways to deploy their private blockchain.
Additionally, Stratis maintains interoperability with other networks, including Ethereum, which makes it easy for enterprises to seamlessly integrate their systems built on different platforms. Stratis has a powerful native token called STRAX which not only performs essential tasks on the network but also constitutes a great means of transferring value outside of the ecosystem. NOWPayments helps companies and individuals to start accepting STRAX and enjoy all of the advantages of this virtual currency.
Read this article and more in the NOWPayments blog: What Is Stratis?
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