Stratis [New]

Stratis Group Ltd., the organization behind the Stratis platform, was established in 2016 by Chris Trew. His goal was to create a blockchain platform tailored for enterprises, which he believed was lacking in the industry at the time. Trew chose to base the platform on the Bitcoin (BTC) protocol, anticipating that Bitcoin would become a leading force in the crypto world, ensuring ongoing improvements to its codebase.

Before founding Stratis, Trew's career was rooted in enterprise information technology. He was a self-taught programmer in the C# language, with a decade of experience in various IT roles across the legal, aviation, and public sectors, as well as in financial institutions like Barclays. He also ran a business focused on internet marketing and search engine optimization.

In the cryptocurrency and blockchain domain, Trew contributed as a volunteer developer for the crypto project Blitz and the social media platform The Viral Exchange.

According to its whitepaper, the Stratis BaaS platform is crafted for financial service providers and other enterprises to experiment with, create, and deploy blockchain applications without the expense and security issues of managing their own networks. Stratis enables companies to operate permissioned, private sidechains that interact with its main chain, host decentralized apps, launch smart contracts, and utilize various privacy and identity tools. The whitepaper asserts that this model allows businesses to fully customize their platforms without being constrained by major blockchains, like Bitcoin or Ethereum (ETH).

Stratis has announced collaborations with companies such as Microsoft, the technology market analytics firm International Data Corporation, and the pharmaceutical blockchain development company MediConnect, among others. Moreover, it has sponsored professional athletes to boost platform awareness.

With the introduction of its STRAX-based blockchain in November 2020, Stratis presented an updated development plan for the end of 2020 and the first half of 2021, which includes Ethereum interoperability, an IoT software development kit, a decentralized finance software library, and the establishment of a decentralized autonomous organization, among other initiatives.

Stratis initially launched the STRAT token with a total supply of 98 million, of which 84 million STRAT (85.7%) were sold during an initial coin offering concluding in July 2016, garnering 915 BTC, which was nearly $600,000 at that time. The remaining supply was allocated as follows: 8 million STRAT (8.2%) for the Stratis team, 2 million STRAT (2%) for advisors and partners, and 4 million STRAT (4.1%) for bounties and campaigns.

In October 2020, Stratis began a token swap process that allowed STRAT holders to exchange their tokens for STRAX at a one-to-one rate. As part of this transition, 25 million STRAX tokens were newly minted, with 8.125 million STRAX reserved for the Stratis Foundation, 6.375 million STRAX for network incentives, 5.5 million STRAX for enterprise incentives, and 5 million for the Stratis DAO. These tokens will be released over five years.

STRAX tokens are introduced through a proof-of-stake mining method, with each block yielding a reward of 18 STRAX, resulting in an annual inflation rate of approximately 10%. Half of the block reward goes to the block producer, while the other half is allocated to the Cirrus sidechain and distributed to block-producing masternodes.

The security of the Stratis network is maintained through its PoS consensus mechanism, where nodes must stake STRAX to participate in block verification. More STRAX staked increases the likelihood of creating a block. Stratis claims this enhances network security because users with more STRAX staked have less incentive to compromise the network, as they risk losing their stake or devaluing it. A consensus among most nodes is required to confirm a transaction's validity for inclusion in the blockchain.

With the launch of the STRAX-based blockchain in November 2020, Stratis introduced new security features, such as "cold-staking," which allows users to stake STRAX using an offline cold wallet, thereby boosting network security by enabling broader participation in consensus. Additionally, Segregated Witness, or SegWit, was implemented to enhance transaction security by preventing transaction ID malleability.

Though Stratis operates as a private company, its blockchain's codebase is open-source, inviting the community to audit it.

STRAX is available for purchase on exchanges like Binance, Upbit, and Bithumb. It can be traded on spot markets against fiat currencies such as the U.S. dollar and euro, cryptocurrencies including Bitcoin and Ether, and stablecoins like Tether (USDT) and Binance USD (BUSD).

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