As blockchain use cases like digital bonds, lending platforms and more takeoff, companies are finding the need for greater flexibility in their blockchains. Stratis, a popular company focused on "Blockchain as a Service (BaaS)" companies, recognized this and just announced STRAX.
The outbound Stratis blockchain, and its associated STRAT tokens, will be replaced by the blockchain STRAX and STRAX tokens.
Stratis notes several reasons that required this update / pivot - the main one being business adoption. The company did not measure words when describing where this adoption could take place. Stratis says,
"We believe that our platform provides a fantastic platform for the development and deployment of DeFi-based Smart Contracts"
In order for STRAX to realize its potential, Stratis assembled a team specifically tasked with creating a library of DeFi applications.
Included in this pivot for DeFi is Stratis' continued support for capital generation events, such as digital security offerings - support brought in the recent launch of its STO platform in July 2020.
Other key updates offered by STRAX include, but are not limited to,
- Ethereum interoperability
- Cold cuttings
- Renewed block times and block rewards
- To learn more about this next blockchain, and how it will work, be sure to peruse the recent introduction to STRAX by Stratis itself, HERE. The team indicates that an updated roadmap will be released soon.
Token use cases
Different blockchains use native tokens in different ways. Some may be wondering what purpose the newly proposed STRAX tokens will serve in this next blockchain. Stratis provided the following use cases as examples of these.
- To receive a token in a sidechain that can be used to execute smart contracts
- As a guarantee to operate masternodes through the Stratis Platform that can result in subscribers receiving fees
- To buy customizable private sidechains, which are connected to the Stratis blockchain
- These can be used by the subscriber to perform their own initial offering of security token offering coins
- Sign up for ICOs and STOs that are run by certain third parties using the Stratis platform
- Pay for various goods and services using a small number of third-party payment processors.
From the information provided, it appears that STRAX tokens will pull their weight, serving various purposes in the next blockchain.
Status - Pending
It should be noted that while the news from STRAX is intriguing, the launch of this blockchain in its current form is not a given. For the launch to take place, the Stratis community needs to vote and agree to certain proposed changes. More specifically, it is necessary to vote on whether or not the Stratis community is doing well to increase the supply of tokens. An increase that would cause an additional 25,000,000 tokens to be created and used for the development of the platform.
The Stratis community is widely expected to vote in favor of this change.
The creation of a new and more flexible blockchain, better suited to the emergence of digital titles and DeFi, is not an exclusive Stratis idea. While the company's latest announcement contains some unique approaches, the following are examples of other companies that have also launched "new-look" blockchains.
Polímesh by Polímula
As a company synonymous with digital titles, polymath quickly noted that a blockchain, built to serve this sector, was a necessity. As a result, Polímamo has developed, and is in the early stages of launch, 'Polymesh'.
Previously, we did several analyzes on what this blockchain will entail, with an overview of the offer found HERE.
Symbol by NEM
NEM has been one of the pillars of the blockchain world for years. This is partly due to the company's ability to adapt and revolve around obstacles and developments in the sector. Like Stratis and Polymath, the team behind NEM noted the need for a tailored blockchain, bringing greater flexibility and support for digital titles. This blockchain is known as Symbol, and is expected to be released in the coming months.
We recently completed an exclusive interview HERE, with NEM Group CIO Dave Hogson, where both Symbol and NEM's trajectory were discussed.
If one thing has become clear in recent months, it is that anything related to DeFi is going to gain huge amounts of attention. Most of the time, this has led to rapid increases in prices - whether guaranteed or not.
This commonly seen increase in prices did not escape Stratis, as the company saw its existing STRAT tokens jump from around $0.36 to $0.56 USD in the 48 hours leading up to writing time.
About a month ago, when NEM announced opt-in dates for receiving Symbol tokens, the company saw a similar increase in token prices to what Stratis is experiencing. At the time, XEM tokens jumped from about $0.09 to $0.16USD over a 72-hour period.
Founded in 2016, Stratis is headquartered in the United Kingdom. Above all, Stratis strives to develop blockchain-based solutions for companies, with the goal of making technology "simple".
The CEO, Chris Trew, currently oversees the company's operations.