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Stratis Blockchain Platform & STRAX Token Review

Stratis Blockchain Platform & STRAX Token Review
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Stratis is a blockchain network that is built to enable enterprise developers to create personalized blockchain solutions. When talking about the Stratis blockchain and its token, you may have heard of the STRAT and the STRAX crypto tokens. Don’t get confused, we will elaborate on the Stratis token as we progress in the Stratis crypto review. The Stratis platform was initially a fork of the Bitcoin network. However, it has technical features that differentiate it from the BTC in many ways. The Stratis blockchain was originally intended to assist business logistics with a blockchain-as-a-service model. However, the platform has widened its scope beyond that to take on the role of a blockchain development platform that can compete with the likes of Lisk, Ethereum, NEO, etc.

Stratis Blockchain Platform & STRAX Token Review

What is Stratis?

The Stratis is a blockchain designed for individual enterprises to build decentralized apps easily on specific private blockchain networks. The Stratis network has an API framework that allows businesses to hasten the creation of their blockchain network and make the process of developing the blockchain simple and easy.

Even though the main target of the Stratis protocol is financial institutions, any enterprise that has an interest in integrating blockchain solutions can take advantage of the protocol. An example is the partnership of the Stratis network with the Seafood Company called Earth Twine.

Normally, for users that want to build decentralized applications (dApps) or blockchain, you have to create the app from scratch, create a hard fork of a blockchain or get a developer to do it. This is usually a costly and time-consuming process. At the same time, dApps are data-intensive and need huge storage space to operate full network nodes. These are the hurdles that users face in the quest to develop blockchain solutions.

What is Stratis?

Meanwhile, Stratis protocol offers a solution to these hurdles through tools that help to build dApps and blockchain networks in a programming language that most developers are comfortable and familiar with – the C#. Also, the Stratis platform offers Blockchain-as-a-Service solutions that allow users to host and deploy their created dApps and sidechains without consuming a substantial amount of their computer’s data. It is also possible to use the Stratis API framework and Microsoft .NET framework for app and blockchain development.

Does the Stratis platform have its cryptocurrency?

Yes, the Stratis protocol has its cryptocurrency and that is the Stratis token (STRAX). The STRAX crypto replaces the old native token called STRAT coin. The Stratis coin (STRAT) conducted an ICO in June 2016, which ended in July 2016. The ICO brought in almost 1000 BTC making it one of the first successful ICOs in cryptocurrency history. Stratis eventually developed its own ICO platform in May 2018 for crypto companies looking to launch their own ICO. The new STRAX coin has a circulating supply of more than 134 million Stratis coins. 

Does the Stratis platform have its cryptocurrency?

Why was STRAT renamed as STRAX?

Stratis blockchain was launched in August 2016 after it was announced back in June. The initial native token of the platform was the STRAT token, however, in November 2020, the Stratis platform announced the deployment of a new blockchain built from scratch on the .NET core framework. The move from STRAT to STRAX crypto token was necessary to allow flexibility and development without barriers that hinder developments on the old Stratis STRAT blockchain.

The launch of the STRAX blockchain created a newly updated roadmap, which includes plans for IoT SDK, the launch of Decentralized Autonomous Organization (DAO), decentralized finance software library, interoperability with the Ethereum chain, etc.

The STRAX crypto token swap took place in October-November 2020 where old STRAT coins were swapped for the new STRAX token as a ratio of 1:1. As part of the Stratis exchange of tokens, 25 million STRAX were minted. Out of the newly minted STRAX token, 8.125 million were earmarked for the Stratis Foundation, 5 million for Stratis DAO, 6.375 million for network incentivization, and 5.5 million for enterprise incentivization. These STRAX tokens will be distributed over a five-year period.

The PoS mining process is used for the new STRAX cryptocurrency and every block has a reward of 18 STRAX with a yearly inflation rate of about 10%. The block reward is shared into two, with one half going to the block producer and the other one shared between its Cirrus sidechain and block-producing masternodes.

Why was STRAT renamed as STRAX?

How to buy Stratis cryptocurrency with Bitcoin?

Buying STRAX with BTC is easy; to do that you need to find a Stratis token exchange where STRAX is listed and is exchangeable for BTC. Better still, you can use an exchange aggregator like Swapzone to exchange Stratis crypto with Bitcoin. Swapzone will aggregate all the Stratis exchanges for you and display each exchange with its rate for STRAX to BTC or BTC to STRAX. Here is a step-by-step procedure on how to conduct a BTC to STRAX exchange on Swapzone:

Step 1. Simply launch the Swapzone website.

Step 2. On the “Select Pair” tab, enter BTC in the send section, and in the “Get up to” section, choose STRAX. Ensure you enter the amount of BTC that you want to convert to STRAX.

Step 3. In the filter section, choose the kind of rate that you are looking for, whether floating, fixed, or floating with excluded TX fees.

Step 4. Go through the list of options and when you find one that suits you, click on it.

Step 5. Hit “Exchange” and enter your wallet details along with your email. Once done, hit “Proceed to exchange”.

Step 6. The transaction will begin. Wait for it to complete. When it does, rate the exchange partner and leave an honest review.

How to exchange Stratis with Ethereum?

Converting Stratis to Ethereum can be done on the exchanges where both STRAX and ETH are listed. Or, you can save yourself the stress and use an exchange aggregator like Swapzone to buy Stratis crypto with Ethereum. Swapzone will aggregate all the Stratis exchanges for you and display each exchange with its rate for STRAX to ETH or ETH to STRAX. Here is a step-by-step procedure on how to conduct ETH to STRAX exchange on Swapzone:

Step 1. Launch the Swapzone website.

Step 2. On the “Select Pair” tab, enter ETH in the send section, and in the “Get up to” section, choose STRAX. Ensure you enter the amount of ETH that you want to convert to STRAX.

Step 3. In the filter section, choose the kind of rate that you are looking for, whether floating, fixed, or floating with excluded TX fees.

Step 4. Go through the list of options and when you find one that suits you, click on it.

Step 5. Hit “Exchange” and enter your wallet details along with your email. Once done, hit “Proceed to exchange”.

Step 6. The transaction will begin. Wait for it to complete. When it does, rate the exchange partner and leave an honest review.

How to exchange or buy Stratis with other cryptocurrencies?

There are plenty of options when it comes to getting some STRAX to your portfolio. All you need to do is find the site where STRAX is paired with a variety of cryptocurrencies existing in the market now. Then you can buy STRAX using any of the cryptocurrencies. You can also move over to Swapzone to have it easy where all the available pairing for STRAX is shown to you and you can choose which crypto you want to use to buy the STRAX token. 

As an example, you can exchange LTC to STRAX, ADA to STRAX, SOL to STRAX, and far more options. Just pick your favorite!

How to exchange or buy Stratis with other cryptocurrencies?