✔️ Information reviewed and updated in February 2024 by Pedro Martínez González
Blockchain technology is undoubtedly one of the most significant leaps that the world has taken in recent times. This chain of blocks loaded with information and that one by one is integrated to form an ecosystem like Stratis, which could have a huge scope.
And it is that beyond cryptocurrencies, we find promising technology in the Blockchain with the ability to adapt to offer all kinds of solutions to the market. Today we will talk about Stratis, a platform that seems to lay one of the first stones for the use of blockchains as a business solution.
➡What is Stratis? ✨
We can define Stratis as a platform which brings together both a cryptocurrency and an open source system. In this way, it is possible to offer an environment with all the necessary tools so that companies can easily execute Blockchain solutions.
Stratis has its own blockchain which allows the development of customized solutions for each company. It also offers the option to create sidechains or private blockchain chains which are linked to the main one so that you can create your own private chains using links to Stratis.
In addition, the option of storing data in the cloud is offered through the use of Cloud Hosting technology. Thanks to Microsoft's .NET Framework access, since Stratis has a link with this company, applications written in C # can be developed. And if that was not enough, Stratis uses the Backend as a service or BaaS function to link the cloud with the apps.
Another point in favor is that the development of technology that allows to increase the security of the system has been prioritized. As if that were not enough, the structure is designed to adapt, in future updates, to the so-called internet of things.
➡Pros by Stratis✨
- Less transaction risk: The first thing you should know is that Stratis has a higher security algorithm which offers better filters to avoid duplicate transactions. This is a great benefit to avoid any type of error or double information.
- Algorithm change: Instead of finding a conventional algorithm as we see in another type of cryptocurrency, here we have a modified algorithm. Instead of using Proof of Work, Proof of Stake is used, which allows creating a consensus between Peer to Peer networks with greater precision.
- Programming language: Another important change we see in the programming language which is different from other virtual currencies. Here the structure was built on a C # language while, in Ethereum, for example, Java was used. The advantage of the C # language is that it is widely used and practically universal.
- Own Blockchain: Most platforms, ecosystems and also cryptocurrencies use the Blockchain of others to build themselves. Such is the case of Ethereum, a platform that lends its Blockchain to many other currencies and companies. Stratis has its own Blockchain and does not use either Bitcoin or Ethereum.
- Amount of cryptocurrencies: You should also know that the amount of cryptocurrencies issued by Stratis is much higher than that of other virtual currencies. This is a benefit, since it encourages many more transactions and solves, in a way, some scalability problems.
- Focus: Finally, we find that this platform offers us a good option to focus on two markets. Businesses are the main target of Stratis and its Blockchain to create blockchain-based solutions. Investors are another focus of this platform because its alliance with Microsoft has given it value.
Having your own Blockchain is not as easy as you might think. Stratis decided to develop a unique strategy by converging multiple technologies to create its own platform with embedded cryptocurrency. In this way, it has its own Blockchain, although it also takes advantage of the Bitcoin nodes.
Built on the C # programming language, the Blockchain of Stratis allows executing smart contracts on its blockchain. To transact, Stratis added a Software fork known as SegWit, which is a unique soft fork. This only works with the Bitcoin transaction format.
In order to link the Stratis Blockchain and the generated solutions, API calls are incorporated, which allow the linking of applications. Thus it is possible to create your own data chain using the Blockchain as the base of everything and linking it easily through the use of an API.
In order to improve the technology and operation of the Blockchain, Stratis incorporates the use of the C # language which was created by Microsoft. Additionally, Stratis is integrated into Microsoft's Azure BaaS program. New algorithms are also added highlighting the use of the nStratis algorithm for consensus.
It is possible to mine Stratis, although for this it is necessary to take into account some points such as the mining process. And here, distributed consensus is used as the main way of mining, so you must be on a secure network to participate in this process.
You should also know that the Stratis currency operates under the concept of "Staking", this means that this network generates performance by saving your coins in your wallet. That is, the more you have in storage, the higher the return you will receive in the form of interest ranging from 1 to 4%.
➡Where to buy it? ✨
One option to have Stratis coins is to mine them, although this is not as easy as it sounds. Considering that through performance or Staking this platform seeks to attract users then it is logical that the purchase of coins and their storage in your Wallet is the best option.
With some backing from Microsoft, the use of Stratis virtual currencies has become widespread. That is why we can find this type of virtual currencies in some of the main exchange houses. In addition, we have pairs in both cryptocurrencies and fiat money in these exchanges.