What is Stratis and How to Buy Stratis Coin

Stratis Coin Helps Simplify the Blockchain

There are many sites where you can buy Stratis. However, a great many of them do not allow U.S. citizens to create an account. This is how to buy Stratis coin.

How Does Stratis Work?

Stratis began as an ICO in 2016. It was one of the most successful ICOs of the year, raising around 950 Bitcoins or $590,000 USD.

Stratis uses proof of stake as its verification scheme. The stakeholders earn 1 STRAT every 60 seconds. Stratis was first created when Chris Trew forked NBitcoin. Unlike its parent currency Stratis primarily uses C# for its coding.

One of Stratis’ goals is to provide an easier route to developing and testing blockchain apps. Since smart contracts are coded using C# and .NET , with is widely used in the software world, this means that developers don’t have a learn a language particular to the platform in order to start developing for Stratis. For example, to write smart contracts on the Ethereum blockchain, a developer must learn Solidity, which has no practical use outside of Ethereum smart contracts. Real-world programmers who are familiar with C# and .NET can leverage that experience and bring their already developed knowledge and the existing codebase into their programming efforts on the Stratis platform.

Stratis’ argument in its whitepaper points out that blockchains, or Distributed Ledger Technology (DLT), lack the points of failure and security concerns of traditional databases. It compares its paradigm with that of cloud computing. Their model enables organizations to provide their own private blockchains custom-suited to their needs.

The powerful APIs and framework that Stratis provides are another way in which Stratis simplifies development and speeds up the development lifecycle.

Instead of using valuable time and resources on an implementation from scratch, Stratis provides solutions that make getting going a lot smoother process. Part of Stratis’ intended capability to support blockchains tailor-made to suit the client’s needs are sidechains, which allow transactions to be performed off the primary chain, meaning these activities will not be bound by the same resource contention that on-chain transactions often are, which has been a common complaint of Bitcoin for many years. Each of these sidechains provides total freedom to customize specific variables like block size and token inflation at the launch of the chain.

This combination of the cloud and blockchain models takes shape in what Stratis refers to as blockchain-as-a-service. Stratis allows new chains to be deployed with a one-click process with all the customized to your needs whether your chain runs on the main chain or its own private chain.

Staking of Stratis Tokens

While the Stratis blockchain originally began with a proof-of-work scheme in order to get things started, the blockchain is now completely proof-of-stake. This means that instead of creating new tokens through the “solution of complex problems” as Bitcoin’s proof-of-work scheme does, tokens are created at discrete time intervals. The creator and owner of these tokens is chosen by a deterministic process based on their ownership of Stratis tokens.

In order to stake your Stratis coins, the wallet on which you have your coins must be online and running. Your coins must be sent to the Official Stratus Wallet in order to stake your coins. The official client appears to be the only wallet that supports Stratis staking so far.

How to Buy Stratis

Bittrex is a site that allows signups from U.S. customers and also lets you buy Stratis coin. Signing up for Bittrex is easy:

You click “Sign Up” at the top right area of the page and your browser will take you to the registration form. E-mail address and password are all that are required to complete this first step.

Then after submitting the form you will receive an e-mail containing a verification link. Verify your account by clicking the “Verify Email” button or by clicking the link in the e-mail.

After clicking the verification button or link, you will be asked to accept the Terms of Service of Bittrex. After that, it will ask you where it should remember this device for future logins and you can give it a nickname to help you recognize the device. At that point, you’re logged in and your account is enabled.

Setting Up 2FA

Once you have verified your account, it is strongly recommended to set up Two-Factor Authentication to secure the funds in your account.

In the upper right of the page, you will see an “Account” link. Click that, and you can see all the options for your Bittrex account. Under the “Site Settings” section, you will find an option called “Two-Factor Authentication.” It will show you the status of your 2FA. Starting out, this will say “DISABLED.” To enable 2FA,

  1. Download the Google Authenticator app
  2. Using the Google Authenticator app, scan the QR code provided.
  3. Copy the security key provided for easy backup. This will allow you to set your 2FA up again in Google Authenticator if you happen to lose your phone or upgrade it without really thinking about it.
  4. To finish setting up 2FA with Bittrex, copy the key for Bittrex from Google Authenticator and paste it into the field that asks for it on the Bittrex page and submit it.

Once the Google Authenticator has been provided to Bittrex, your Two-Factor Authentication status changes to “PENDING.” You will receive an e-mail on how to verify your two-factor authentication. This e-mail will contain a link for you to click, which then opens up to the Bittrex and asks you to input the 6-digit authenticator code from Google Authenticator once again. Once you have entered the code, smash that “Enable Two-Factor Authentication” button.

If everything went well, you should then see a page alerting you to the fact that your two-factor authentication has been enabled.

Buying Stratis Coin

Buying Stratis Coin with Fiat Currency

You can buy Stratis coin directly using fiat currency simply by clicking the “Instant Buy and Sell” button at the Bittrex site.

  1. Specify the cryptocurrency you want to buy, which is Stratis (STRAX) in this case.
  2. Click the “I want to buy” dropdown and search for “STRAX” and it should pop up.
  3. Specify the amount of fiat or stablecoin you are wanting to spend.
  4. Select the radio button to choose whether to use a debit card or your existing fiat balance.
  5. Click the “Next, enter card info” button
  6. Enter your card information.
  7. Review your purchase before proceeding.

Buying Stratis Coin with Bitcoin or Ether

If you already have some cryptocurrency, you will need to send it from wherever it is located to your Bittrex wallet. Coinbase is a great option if you have never purchased cryptocurrency before. It’s easy to use and has been around for several years.

On Coinbase, Find Bitcoin in the list and click the Deposit button next to that. This will give you the address to which you will be sending your Bitcoin. If you are sending it from Coinbase, you can do this by logging in to Coinbase and clicking on the Bitcoin wallet, then choosing “Send.”

You can then enter the recipient address and the amount to send. Clicking “Continue” will bring up a confirmation dialog. Enter your 2FA password once again and the transferred funds will be on their way. Once the funds appear on the Bittrex side, you will be ready to buy Stratis tokens.

Once your funds are on the Bittrex side, you will want to do the following.

  1. Click the Markets link at the top of the page.
  2. On the Markets page, scroll down to the MARKETS table and search for “STRAX” in the search field on the right. This is the symbol for Stratis coin.
  3. This will bring up two options, BTC-STRAX and ETH-STRAX. Choose the option that corresponds with the currency you are wanting trade for STRAX by clicking the appropriate button at the far right of the row.
  4. This will bring up a new page with the price chart, order books and all of that. You will want to look for the Buy area of the screen at the upper right. Here you can enter limit orders, market orders, stop orders and even more complex orders. The simplest option would be a market order, so select “Market” along the top of this section. You can then simply enter the BTC or ETH you want to spend and then click the “Place buy order (STRAX)” button.

Stratis Wallets

Ledger wallets are compatible with Stratis. This includes the Nano X, the Nano S as well as Ledger Live. You will need to install the Bitcoin app as Stratis requires this. After setting up Ledger Live with your device, update the firmware, then install the Bitcoin and Stratis apps. Trezor Wallet does not support Stratis.

Stratis is designed with fiat gateways in mind from the early stages of the project. This is a good thing because transfers between currency of different countries is notoriously expensive and time-consuming. Ripple (XRP) has made waves in this area, but unlike Ripple, Stratis is also a blockchain platform and provides all the benefits you expect: all the security and reliability of the blockchain along with the cost savings you get by avoiding the traditional international banking system.

Why Buy Stratis Coin?

Now that we’ve covered how to buy Stratis coin, why would someone want to buy Stratis coin? The all-time high for Stratis was $21.21 USD on January 8, 2018. This peak largely coincided with the rise and fall in price of Bitcoin. Since that time, Stratis price has been flat and slowly declining.

Stratis’ roadmap is very comprehensive and robust. As more of the planned features are implemented, the value proposition will improve and the price of Stratis will respond.  More features are added to the Stratis roadmap each year and add value for the users of the blockchain.

Stratis’ goal of simplifying the pathway for businesses and people to get access to blockchain technology is a noble one that brings something of true value to those who would not otherwise be able to take advantage of it.

Stratis’ scalable design makes it a clear alternative to many contemporary blockchains. With private blockchains all the variables affecting performance are configurable. This means that Stratis has great potential to avoid the drama and deadlocks between the various stakeholders in the Bitcoin network.

Proof-of-stake helps to bring together the interests of the Stratis community by removing the need for expensive mining equipment from the equation. Since private chains are based on the exact same code as the main blockchain, new features developed for Stratis can easily be integrated into a private chain, or vice versa.

The architecture of Stratis resembles the same familiar three-tier architecture of .NET applications common among .NET applications. Products like Full Node, ICO Platform and Stratis Attendant provide ready-made solutions to common issues. Stratis launched its ICO Platform in May 2018 at the peak of the ICO craze.

NBitcoin is a C#/.NET-based implementation of Bitcoin. It makes up the network layer and part of the consensus layer of the Stratis model. One of the advantages of developing Stratis on the NBitcoin library include the easier maintenance that comes with using C# as opposed to C++. Also, since C# relies upon the .NET Framework, this gives NBitcoin the capability of being cross-platform and, once the Stratis codebase is upgraded to .NET Core, the number of devices upon which Stratis will be able to run will only increase. Due to its support of the C#/.NET Framework, Microsoft features Stratis on its Azure Marketplace.

Conclusion

Stratis is not a platform on which things change quickly, but it is stable and the value of the Stratis token has outperformed the U.S. dollar. It is able to simplify the process of moving toward blockchain not only by providing custom-tailored private chains. Unlike the much-lauded Ethereum and its complex and smart contract-focused Solidity language, Stratis is able to leverage the existing codebase and code knowledge of existing C#/.NET developers.

Author: staff