Stratis (STRAX): An Overview of the Crypto Project
Stratis is a cryptocurrency protocol featuring its own token, focusing on creating and deploying versatile decentralized applications (dApps).
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Stratis's main objective is to help businesses and corporations integrate their manufacturing and operational activities into blockchain technology. The platform boasts its unique cryptocurrency network and the native STRAX token. Although Stratis is accessible for individual users to develop their projects, it primarily caters to the needs of corporate clients.
Let's delve into the Stratis blockchain network, explore its application possibilities, and examine the future prospects and attributes of the STRAX token.
The Journey of Creation
Stratis was established by Chris Trew in 2016. As per LinkedIn, Chris continues to serve as the CEO, with team members including Richard Madras, Freya Stevens, and Krushang Pate.
The Stratis blockchain project evolved through various phases:
- The development and coding phase. Notably, Stratis concentrated on smart contract development using the C# programming language, widely favored by developers in 2016, to pique the interest of programmers in blockchain technology;
- The end of 2016 saw the launch of both the test and main networks;
- The growth of corporate contracts and partnerships prior to the token's launch;
- The release of the STRAX coin.
Over six years, Stratis has kept its strategic focus constant, unlike many other crypto projects that had to shift their strategies in response to the overall market downturn and the need to compete in a low liquidity environment.
Project Funding
As reported by Cryptorank, Stratis secured $600,000 in its initial funding round on July 28, 2016. The cryptocurrency firm Alphabit Fund was the exclusive investor. The amount raised in the second investment round has not been disclosed yet.
The amount raised in the additional investment round on February 1, 2021, is currently unknown.
External investments in Stratis. Source: Crunchbase.com
Operating Mechanism and Features
Stratis operates on a blockchain that utilizes the Proof-of-Stake consensus algorithm. Its primary aim is to aid businesses in integrating their products into the cryptocurrency network, thereby accelerating their adaptation to this new technology.
The Stratis project is distinguished by several key features:
- Smart contracts developed in the C# programming language;
- Sidechains, which are parallel blockchain channels that greatly enhance the network's capacity, resulting in faster and more cost-effective transactions;
- Integration with the Bitcoin (BTC) network, allowing Stratis sidechains to interact seamlessly with the Bitcoin blockchain. This gives Stratis the advantages of Ethereum, such as decentralization and smart contracts, along with features unique to the main cryptocurrency, like the Proof-of-Work consensus algorithm and similar code architecture;
- Enhanced privacy, as Stratis is not a public blockchain. This ensures that transaction details and on-chain data remain confidential, providing an added layer of security for its corporate clients.
Stratis is fortified with a masternode system, which bolsters the project's overall decentralization. These masternodes are essential for maintaining network security through token staking, facilitating governance through DAO voting, and managing smart contracts.
STRAX Metrics
STRAX is used for a range of purposes within its network, including payment for transactions, participating in voting and staking activities, validating transactions through the Proof-of-Stake algorithm, and as a currency for developing decentralized applications in the Stratis ecosystem.
At the time of writing this article, STRAX displays the following features (based on information from CoinGecko):
- Asset price – $1.07;
- Market capitalization – $165 million;
- Circulating supply – 154 million;
- Maximum supply – unlimited;
- Average daily trading volume – $630 million;
- ATH – $22.7;
- ATL – $0.011.
STRAX is actively traded on several centralized cryptocurrency exchanges, including BingX, Binance, Upbit, Gate, Crypto.com, and KuCoin, among other trading platforms. For a comprehensive list of all the exchanges and Decentralized Exchanges (DEXs) where STRAX is listed, you can refer to CoinGecko and CoinMarketCap, particularly in their “Markets” section.
The Stratis Ecosystem
Stratis is more than a blockchain; it is a vast and branching ecosystem, comprising:
- An educational academy offering extensive resources on developing C# smart contracts;
- A decentralized accelerator, which is part of the Stratis grant program, designed to offer funding to blockchain startups. The maximum investment potential under this program is $13 million;
- A network of masternodes and sidechains, vital for processing transactions and ensuring network security;
- The Stratis wallet, along with several other decentralized applications (dApps).
The Stratis Ecosystem. Source: www.stratisplatform.com
Stratis has numerous application cases, with some of the most prominent projects on the platform being OpDex, Kiqqi Games, Dawn of Ships, Devex, and Corgi Dash. The protocol is particularly popular in the gaming sector due to the blockchain's flexibility and cost-effective transaction processing.
From the beginning of October to mid-November 2023, the native STRAX token witnessed a 160% increase, reaching a yearly high of $1.25. This significant growth was primarily driven by the bullish trend observed in the BTC chart.
The rise of STRAX in early October 2023. Source: coingecko.com
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