What Is Stratis?

Nov 29, 2022
4 min read

This blog post will cover:

  • About Stratis (STRAX)
  • Where did Stratis (STRAX) come from?
  • What are the advantages of Stratis (STRAX)?
  • What are the disadvantages of Stratis (STRAX)?
  • How to buy Stratis (STRAX) on SimpleSwap?

About Stratis (STRAX)

The Stratis network is an excessively decentralized blockchain platform that focuses on the implementation of blockchain technologies in the field of software development. Stratis comes with development kits and an infinite number of features that aim to make coding blockchain projects simpler and more secure. The network uses a PoS validating algorithm instead of PoW validation. PoS (Proof of Stake) validation of new blocks is immensely faster and more energy-efficient than the Proof of Work approach, hence making the network more eco-friendly. Stratis has its own cryptocurrency called STRAX.

Where did Stratis (STRAX) come from?

The project was started in 2016 by Chris Trew, a UK based tech guru, with the foundation of Stratis Group Ltd., which to this date serves as the company behind the network.The idea behind the project is to give companies a tool to easily and effectively introduce blockchain-based solutions and applications within their respective industries. The Stratis framework is accessible through C# and .NET programming languages, which are among the most popular and most widely used programming languages to this date.

What are the advantages of Stratis (STRAX)?

  • Simple access to blockchain-based technologies
    One of the key advantage points the developers of the Stratis network aimed to focus on is to provide a low barrier of entry for software developers not yet familiar with the concept of blockchain-based technologies and algorithms. This resulted in a very easily accessible environment that is perfect for the development of blockchain-based, decentralized applications as well as DeFi products, given the possibility of the network to handle C# smart contracts.
  • Stratis Decentralized Accelerator
    The Stratis project even has a 13 million USD “Decentralized Accelerator” fund that provides funding to blockchain projects showing serious potential.
  • Game engine
    Going even further in terms of being open to new areas for blockchain implementation, Stratis has a blockchain SDK for the Unity 3D gaming engine, the most popular video game engine for indie developers along with Unreal Engine.

What are the disadvantages of Stratis (STRAX)?

  • Hard to be noticed
    When it comes to the disadvantages of the network and its native token, the main hurdle is without any question the relatively low interest the project has received despite its great potential. It is hard for a blockchain network designed primarily for software development and targeting currently still so small niches as for example blockchain-based video gaming to be noticed among the great altcoin craze.
  • Specific niche
    The reasons behind the project’s limited traction and the obstacles for exponential growth are exactly the same. The areas the network is focused on are rather specific or niche, hence it is quite hard for the Stratis network to become one of the major blockchain networks of the globe. This, however, does not at all mean that the STRAT crypto lacks potential. In fact, by being open to still relatively less common areas (such as software development, IoT and blockchain gaming), it may have good chanches in the future.

How to buy Stratis (STRAX) on SimpleSwap?

If you want to support the Stratis project and become the STRAX owner, SimpleSwap is ready to help you, just follow the instructions below:

  • For example, you want to swap BTC for STRAX. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  • Select STRAX in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. STRAX will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to STRAX exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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