What is Stratis?

Stratis (STRAX) is a blockchain-based platform that strives to simplify the process of developing, testing, and deploying applications. It was established in 2016 by Chris Trew, an IT professional with a decade of experience in various sectors including legal, aviation, and finance. Stratis is built on the Bitcoin protocol, reflecting Trew's belief in Bitcoin's role in the cryptocurrency space. The platform aims to cater to the needs of businesses, particularly those in the financial services sector, by offering them the ability to run private, permissioned blockchains. These blockchains can interact with the primary Stratis chain, host decentralized applications, launch smart contracts, and utilize various privacy and identity verification tools.

How does Stratis work?

Stratis operates through a proof-of-stake consensus protocol, where nodes stake STRAX tokens to participate in the block validation process. Participation in the block validation process is determined by the amount of STRAX staked. This system aims to enhance network security as users with higher stakes are less likely to manipulate the network due to the potential loss of their stake. Stratis also introduced the concept of "cold-staking", which allows users to stake STRAX through an offline, cold wallet, further aiming to enhance network security. The platform's codebase is open source, allowing for community audit and contribution.

What are the potential use cases for Stratis?

Stratis seeks to provide a platform for businesses to develop and deploy blockchain-based applications. It offers businesses the opportunity to run private sidechains that interact with its primary chain, host decentralized applications, launch smart contracts, and utilize various privacy and identity verification tools. This approach aims to give enterprises the freedom to customize their platforms without the limitations of relying on a major blockchain. Stratis has collaborated with various companies, indicating its potential use in various sectors including software, technology markets intelligence, and pharmaceutical blockchain development.

What is the history of Stratis?

Stratis was founded in 2016 by Chris Trew, who aimed to develop an enterprise-focused blockchain platform. Trew's background in enterprise IT and his self-taught programming skills in C# laid the foundation for Stratis. The platform was built on the Bitcoin protocol, reflecting Trew's belief in Bitcoin's role in the cryptocurrency space. Stratis introduced its first STRAT token with a total supply of 98 million, 85.7% of which was distributed during an initial coin offering that concluded in July 2016. In November 2020, Stratis launched its new STRAX-based blockchain and unveiled an updated development roadmap.