As the voting has now ended the next stage is the Token Swap process from STRAT to STRAX. We have received several questions we would like to address in this short FAQ.
When is the STRAX swap window?
The Strax Swap window is from the 15th of October 2020 until the 12th of November 2020 at 9 AM GMT.
To be eligible to receive STRAX Tokens on day one you will require to perform the token swap during this period.
Will there be an additional participation window to complete the swap?
Correct. An additional participation window will exist until the 15th of October 2021 at 5 PM GMT.
Token Swap requests during this period will be subject to a manual validation process. Please note: Token Swaps made after the initial Token Swap window will be based upon a snapshot taken at 9AM on the 12th of November 2020. Any balance acquired after the snapshot will not be accepted in the Token Swap.
Will STRAX tokens be burned?
Correct. STRAX Tokens that remain unclaimed will be irreversibly destroyed on the 16th of October 2021.
I have tokens on Cirrus, Do they require to be swapped during the first participation window?
No, the tokens on cirrus can be swapped from Cirrus to STRAX once the STRAX blockchain is live.
When will a Block explorer be available on the STRAX blockchain?
On the 12th of November once the STRAX Mainnet is live.
How many STRAX will I receive?
STRAX are distributed on a 1:1 basis. 1 STRAT can be swapped for 1 STRAX.
Once I have swapped, when do I receive my STRAX Tokens?
On the 12th of November once the STRAX Mainnet is live.
Will STRAX have exchange support?
We are in contact with several exchanges. Those who are in support of the Token Swap will make their announcements and define their preferred processes.
What will happen to the name “Stratis” on exchanges?
The name Stratis will stay the same. Only the token ticker will change from STRAT to STRAX.
What happens if there are unclaimed balances after the swap window has passed?
STRAX Tokens that remain unclaimed will be irreversibly destroyed on the 16th of October 2021.
Where can I find a guide on how to swap my tokens?
This will be announced by the respective Exchanges who support the Token Swap.
Can I still stake STRAT till the last day of he swap first participation windows?
Yes, but you will require to swap from STRAT to STRAX before the 12th of November 2020 at 9 AM GMT to be eligible to receive STRAX from day one.
Why doesn’t my STRAX wallet sync?
The STRAX Mainnet is not operational until the 12th of November 2020.
After I have performed the swap, why haven’t I received my STRAX?
You will receive the STRAX tokens once STRAX Mainnet is operational on the 12th of November.
Which blockchain enhancements will be integrated when STRAX Mainnet is live?
Block Reward Stake increase
Block Time Reduction
Chain Transactions
Cold Staking
Dynamic Membership
Removal of StratisX Legacy nodes
SegWit Activation
Sidechain Incentivization
Time reduction in Cross-Chain Transfers
Where can I receive additional support?
For further technical support on the swap procedure, you can join our support channel on Discord at https://discord.com/invite/9tDyfZs where we have personnel standing by to assist you.
As always, we would like to thank our community for their continued support.
The STRAX Token Proposal vote has now come to a close, resulting in a vast amount of token holders voting in favour of the STRAX proposition. You can find a summary of the final vote statistics below.
Total Weight: 7907384.1935404 STRAT
Total No Weight: 2.46% [194185.77115927]
Total Yes Weight: 97.54% [7713198.42238113]
We are now progressing with the Token Swap and are now able to detail the process further and publicize dates that the token swap will commence. We must clarify that the STRAX Token will supersede the existing STRAT Token. As such, all future development activity will be undertaken against the STRAX Blockchain on the StratisFullNode codebase.
Significant effort has gone into both the development and acceptance testing to ensure the Token Swap process is as smooth and seamless as possible. Rest assured that we have spent a great deal of time assessing the Token Swap procedure, ensuring that the end result brings the most benefit to the Stratis ecosystem.
The Token Swap process is just the beginning for the vision we have for the STRAX Blockchain. As mentioned in our previous announcement; no longer are we constrained by legacy codebase clients maintaining the network, allowing innovations and new feature integration to be achieved much more efficiently. Furthermore, the revised tokenomic structure and dynamic masternode membership will provide further incentive for token holders to participate in securing the network, further increasing levels of decentralization.
For further clarity, please refer to the below Token Release Schedule for the STRAX Token.
We must highlight that the above charts reflect the assumption that all STRAT Tokens are swapped for STRAX Tokens. STRAX Tokens that remain in the Token Swap Allocation will be burned after participation windows close.
Third-party services that are utilizing the STRAT Token are actively being encouraged to supersede any support of the STRAT Token for the STRAX Token at the end of the initial Token Swap period. If you are a service provider and have any questions or have not been contacted, please reach out to us via our Discord Server or at [email protected].
Swap Process
As the initial Token Swap window has now come to a close, please follow the updated STRAX Token Swap process, found here.
Participation Windows
The STRAX Token Swap window be available until 5PM GMT on the 15th October 2021. Token Swap requests submitted during this period will be subject to a defined process. A detailed process guide for requesting a Token Swap after the STRAX Token Swap window will be released in due course.
The remaining Token Balance within the Token Swap Fund will be irreversibly burned on the 16th October 2021.
Token Distribution
STRAX distribution will be performed by an automated script that will be executed on 12th of November 2020 crediting those who have participated in the initial Token Swap period. Token Swap requests after the initial Token Swap period (NOW (15th October 2020) until 9 AM GMT on 12th November 2020) will be subject to an additional defined manual process to prove ownership of funds instead process defined above.
Exchange Support
We are happy to announce that the Token Swap will be supported by several exchanges. Announcements from the respective exchanges that are supporting the Token Swap will become available in due course, highlighting any deposit and withdrawal freezes of the STRAT Token.
Since the inception of the Stratis Token and the Stratis Blockchain, there have been several innovative developments that have come out of Stratis’ Research and Development team(s). When the Stratis Token was initially issued, it was upon a blockchain that was maintained and secured by a modified instance of Bitcoin.
A multitude of factors has driven the Stratis Platform development over the past four years; we are very fortunate to have a strong community of blockchain specialists and enthusiasts. An innovative internal team complements this community with Stratis’ business development, engaging with over 50 company executives to understand the challenges and pitfalls with successfully integrating blockchain technology through digital transformation.
Stratis stayed true to their promise of developing a Blockchain Development Platform on the .NET Core Framework in C#, known as the Stratis Platform. This development introduced several innovative products and features that can only be supported if the newly developed Stratis Full Node maintains the network. Furthermore, thanks to general enhancements made possible by Stratis’ design decisions through the development of the Stratis Full Node, properties of the blockchain can be improved to create higher levels of efficiency.
In addition to technological advances achieved through design and development practices, there are also crucial changes to the ecosystem and tokenomics of the blockchain. Efforts have been made to introduce such features; however, those actions are reliant upon the Stratis Blockchain being maintained by the Stratis Full Node, and not the legacy staking wallet. Something that has not been possible due to the trust-less and decentralized nature of the Stratis Blockchain, properties that we, of course, wish to retain.
Because of challenges presented with the Stratis blockchain, we have opted to perform a Token Swap to a newly provisioned blockchain, incorporating innovative features and crucial changes to the tokenomics of the Stratis Platform. By completing a Token Swap and creating a new blockchain, multiple improvements and feature additions can be achieved without fear of maintaining a heterogeneous network and introducing multiple forks and votes. Furthermore, the minting of additional tokens will enable the continued development of the Stratis Platform and assist further growth of the platform through third-party engagements and relationships.
This document describes the purpose of the STRAX Token, the features inherent on the STRAX Blockchain and details the STRAX Token supply and distribution.
STRAX Initiative
The creation of the STRAX Blockchain provides a vanilla environment for the STRAX Foundation to begin rapid growth, utilizing the blockchain technology platform that has been developed over the past three years. We realize that the landscape within blockchain technology is rapidly changing, creating a need for re-alignment of priorities and apparent business adoption. The existing development of a blockchain development platform, built from the ground-up on the .NET Core Framework enables flexibility and allows us to develop in an agile manner without barriers, blocking development.
The launch of the STRAX Blockchain will see a simultaneous release of an updated roadmap, highlighting the initial goals and objectives that will be set forth for the team. We believe that our platform provides a fantastic platform for the development and deployment of DeFi based Smart Contracts. This is thanks to our utilization of an enterprise development language and framework, one that undergoes significant review and is heavily scrutinized by a seasoned audience. Furthermore, our ability to scale through the use of sidechains in a decentralized manner removes challenges that are currently experienced by heavily utilized and congested platforms. A focus on the digital transformation of traditional finance will pave the way to introducing new services on the Stratis Platform. By providing a trusted environment alongside incentivization schemes for third-parties to deploy alternative financial solutions.
In addition to a focus on DeFi, a significant number of tokens have been reserved to incentivize network growth. These tokens will be employed to encourage the migration of mature and established projects deployed on alternate platforms. These projects will be hand-picked and targeted by the Stratis Foundation, assisted by Stratis Consultancy to ensure the seamless transition to the Stratis Platform, as proven with prior engagements. The introduction of such projects on the Cirrus Sidechain will fuel the network, creating opportunities for masternode operators through the utilization of on-chain solutions developed by Stratis, such as; Stratis IdentityTrust.
The Stratis Platform has seen us deliver many functional products, ranging from wallets that incorporated innovative and truly trustless privatization features, to packaged solutions for businesses. This year has seen a significant focus on researching and developing private blockchain solutions, to cater for those dealing with sensitive data; an unequivocal need. The development and integration of features such as confidential data handling and channel management are crucial when providing a platform for real-world businesses. As we move forward, advancing development tools and surrounding libraries will become a significant focus, enhancing the developer experience when deploying on the Stratis Platform. Through existing research and development, a wealth of internal knowledge and more importantly, blockchain expertise, Stratis is geared to flourish in the Blockchain 4.0 landscape.
Blockchain Enhancements
Several optimizations have been incorporated into the Stratis ‘STRAX’ Blockchain; these enhancements provide many benefits for users of the platform. These optimizations range from introducing a revised tokenomic model to technical enhancements that provide increased on-chain security with the potential to increase levels of decentralization further. Community-focused features such as dynamic masternode membership will undoubtedly captivate interest from existing and those who are new to the Stratis Platform.
A high-level overview of the most notable enhancements can be found below.
Block Reward Increase and Cirrus Sidechain Incentivization
The block reward has been altered, so each mainnet block produced provides a reward of 18 STRAX, thus adjusting the annual inflation rate from 0.5% to just over 10%.
Of the 18 STRAX block reward, 9 STRAX is retained by the block producer. The additional 9 STRAX are sent to the CIRRUS Sidechain and distributed to all block producing Masternodes.
This alteration to the block reward, coupled with the sidechain incentivization provides a necessary revamp to the Stratis tokenomic design. These changes increase Staking Rewards for those staking the STRAX Token to over 150%, as an example, those currently receiving 1 STRAT Staking reward per day, will now receive, on average, 13 STRAX, per-day; based upon current staking weights on the Stratis Blockchain.
Block Time Reduction
Block Time has been successfully reduced to 45 Seconds, thus providing a higher Transactions Per Second and a decrease in time for transaction validation. To put this into context, this reduction in Block Time equates to the creation of an additional 208,050 Blocks in a calendar year.
Cold-Staking Activation
The activation of Cold-Staking provides holders of the STRAX Token the ability to obtain through ‘Staking’ STRAX Tokens that are held within an offline wallet, such as a Ledger Nano.
This provides additional security and has the potential to increase levels of decentralization through more security conscious holders participating in securing the network through staking.
Cross-Chain-Transfer Time Reduction
Through feedback received from the development community and through our efforts to increase adoption rates of our Stratis Smart Contracts solution, the STRAX Blockchain will offer a reduced time-window for performing cross-chain transfers.
Historically, such transfers would be subject to an eight-hour delay to ensure transaction validity. This window has now been reduced to under for mainnet transfers of STRAX to CRS. Improving on this Cross chain faster payments of 50 STRAX or less are processed in just over 15 minutes (25 Confirmations).
Improvement to Blockchain data stores
As part of the Stratis Full Node development for STRAX, we have rearchitected our existing datastores with Google’s LevelDB data storage solution. Such a change has seen drastic improvements to synchronization times whilst also bringing a reduction in memory consumption and disk space usage across all nodes.
Increase of OPRETURN Capacity
The size of a standard OP_RETURN (nulldata) output has been increased to 83 bytes, to match the size used on the Bitcoin network. This expands the potential utility for such transactions on the STRAX Blockchain, as it will be simpler for nodes to get their transactions propagated when the additional space is required. For example, where it would previously only be possible to store a single transaction ID or block hash, it is now possible to store two. This is useful for attestation protocols or for tagging specific transactions with additional metadata or signatures.
Masternode Dynamic Membership
The introduction of Masternode Dynamic Membership provides the ability for new block producers to join the federation with ease, further increasing the levels of decentralization and security of the Cirrus Sidechain. The new functionality enables anyone meeting the defined collateral requirement to create a vote requesting their unique mining key be added to the federation. Existing federation members will autonomously vote in favour of such a request if the mining key is valid and collateral requirements are met.
To ensure consistent block production and block timings on the Cirrus Sidechain, online federation members must remain online. As it stands, those who do not remain online and subsequently miss their block production slots are currently not penalized. In parallel to the STRAX Blockchain launch, additional rules will be introduced on the Cirrus Sidechain. These rules will autonomously enforce the removal of federation members who consistently miss their mining slots, this, in turn, results in a fair distribution of block rewards transferred from the STRAX Block production and ensures a consistent block time.
Dynamic membership also provides the ability for new block producers to join the federation, further increasing the levels of decentralization and security of the Cirrus Sidechain.
Masternode Collateral Increase
In addition to the implementation of Dynamic Membership, after careful consideration, we have also opted to increase the collateral requirements for new Masternodes joining the federation. Currently, only 10K STRAT is required to operate a block producing Masternode on the Cirrus Sidechain.
This change is necessary to increase the levels of distributed staking weight on the blockchain. With the newly introduced tokenomics, offering a share of 9 CRS Tokens for every mainchain block produced, the incentive is clear. Existing Masternode operators will retain their current collateral requirements; however, if you are removed from the federation due to missing mining slots, your historic collateral requirement cannot be honoured.
Removal of Legacy Node Support
The STRAX Blockchain will initially only support interconnectivity between other instances of the Stratis Full Node. We will be removing support of any other staking nodes, such as the legacy Stratis Token Node and Stratis QT Nodes. The removal of legacy node support removes the complexities associated with a heterogeneous environment, providing confidence in expected behavior with newly enabled features.
Segregated Witness Activation
Segregated Witness (SegWit) will be activated on the STRAX network by default. SegWit capability has been actively used on the Bitcoin network (among others) for an extended period and has proven itself to be a robust protocol improvement. Usage of SegWit provides several benefits to the STRAX network.
A significant increase in the number of transactions that fit in each block, thus increasing transaction throughput of the STRAX Blockchain.
Increased transaction security, as transaction IDs are no longer malleable.
A built-in upgrade path for future updates to the script language used in STRAX transactions.
The ability to introduce new types of transaction signatures and scripts. i.e. Schnorr signatures and taproot.
STRAX Roadmap Items
Stratis DAO
To further aid in the growth of the Stratis Platform, the deployment of a decentralized autonomous organization contract will take place on the Cirrus Sidechain, with the sole purpose of funding developers building solutions using Stratis Technologies. The DAO Contract will enable token holders the ability to vote for funding of teams and individuals who are actively developing solutions on the platform. An allocation of 5,000,000 Tokens from the initial distribution will be set aside to fund the Stratis DAO Contract.
Stratis Oracles
The development and deployment of Stratis Oracles on the Cirrus Sidechain will enable the development and deployment of new decentralized applications that were previously not possible. The introduction of decentralized, secure and reliable Oracle Service will provide a collection of ever-growing external data points that can be used to build applications for any use-case.
DeFi Software Library
A team will be constructed with a sole focus on developing decentralized finance solutions, deployable on Stratis Technologies such as the Cirrus Sidechain. A focus on existing popular solutions that have been made available on alternate Blockchain platforms will enable us to efficiently deliver an initial library of DeFi Applications, ready for immediate deployment for truly decentralized finance solutions.
Proof-Of-Stake V4
We already have several optimizations and new features that we plan to integrate into the Proof-of-Stake to both improve security and increase the level of possible scale. A lot of our innovation can be accredited to our developments within both private and non-private blockchain solutions. Features developed within either environment are transferrable, within reason, thanks to our feature-based solution. Expect features such as; Private Data, Channels (sharding) to be introduced as well as improvements to transaction finality and nothing-at-stake complexities.
Ethereum Interoperability
Following up on the successful development of a ‘Blockchain Bridge’ that enabled interoperability between Stratis’ DLT Solution and Hyperledger Fabric; a focus on achieving Ethereum interoperability with the Cirrus Sidechain will become a goal. This development will enable the seamless transition of existing Ethereum solutions and will enable existing Stratis solutions to leverage Ethereum dApps if and where necessary.
Unity Gaming Software Development Kit
The Unity SDK and other technologies within the .NET Family are a significant focus for Stratis in 2020. Integration within the Unity development focus will continue to be a focal point for further development.
IoT Software Development Kit
The Stratis IoT SDK will contain libraries that simplify building applications interacting with Stratis Technologies to manage devices and security—providing an ability to interconnect IoT devices to Stratis Blockchain Technology through an ultra-lightweight client.
Python Software Development Kit
According to recent polls, Python has become one of the most popular programming languages as of recent times. To attract audiences from different development backgrounds, an SDK will be provided to facilitate developers building solutions on top of Stratis Technologies.
Stratis System Contracts
Thanks to the successful implantation and activation of SegWit on the STRAX Blockchain, we are now able to incorporate what we refer to as ‘System Contracts’ on the STRAX Blockchain. This enables us to incorporate logic that is validated autonomously by the network, much like Smart Contracts, but only a strict set of System Contracts will be deployed; subject to a majority signal.
Stratis Mobile Wallet for iOS and Android (Token Support and DEX Support)
The Stratis Mobile Wallet will be extended to offer Cirrus Sidechain support, enabling users to keep track of SRC20 Tokens and SRC721 Assets on their mobile device. In addition, we will be supporting the Stratis Swap project by including support to enable decentralized exchanges of tokens from within our mobile application.
Token Purpose
STRAX is the cryptographic token that will fuel the Stratis Blockchain and can be used to purchase and/or operate certain services via the Stratis Platform. Subscribers (and current holders of STRAX) are able therefore to use STRAX:
to receive a token on a sidechain that can be used to execute smart contracts;
as collateral to operate masternodes via the Stratis Platform which can result in Subscribers receiving fees;
to purchase customizable private sidechains (developed by Stratis) that are connected to the Stratis Blockchain (these can be used by the Subscriber to run their own initial coin offering or security token offering),
subscribe to ICOs and security token offerings that are run by certain third parties using the Stratis Platform; and
pay for various goods and services using a small number of third-party payment processors.
Token Swap Detail
In addition to the technological, functional and tokenomic advancements that are made possible by the transition to a new blockchain. We are also proposing the additional minting of 25,000,000 STRAX Tokens.
Proposed STRAX Supply
The STRAX Token Supply will mirror that of the STRAT Token Supply with an additional creation of 25,000,000 STRAX that will be reserved by the foundation. The additionally minted STRAX Tokens will be employed by the foundation to further grow and boost the Stratis Platform, with a goal of widespread adoption and utilization of Stratis Blockchain Technologies.
Figure 1: STRAX Token Supply
Allocation Definitions
The allocation of STRAX Tokens has been split into three different collections; this provides a clear view of how the tokens will be employed to benefit the Stratis Platform.
Network Incentivization
The Network Incentivization allocation will be utilized to encourage the growth of the public blockchain offerings, primarily through providing bounties and funding hackathon prize pools. As an example, this allocation would fund a global hackathon aimed at developing blockchain solutions within a specific vertical.
Foundation
The Foundation allocation relates to tokens that will be utilized to fund the continued development of the Stratis Platform and contribute towards future business development to accelerate the growth of the platform. As an example, this allocation could be used to fund continued development of the platform and contribute towards day-to-day operations.
Enterprise Incentivization
The Enterprise Incentivization allocation is reserved incentivize enterprises and beneficial third-parties to utilize applications deployed on the Stratis Platform. As an example, this allocation could be used to target successful businesses already utilizing blockchain technology and incentivize them to migrate their solutions to the Stratis Platform.
Proposal Vote
To both clarify and ensure that the community of STRAT Token holders are in favour of our approach to mint additional tokens; we have opted to perform an on-chain vote. This vote will determine whether the detailed approach will be supported and ultimately executed to allow the further growth of the token and associated Stratis Platform and technologies.
We envisage that the vast majority will indeed be in favour of the proposed changes to token supply inherent with the creation of the STRAX Blockchain. However, we understand and are sensitive to the fact that the current Stratis Blockchain is a truly decentralized network, secured and maintained by a large number of staking nodes, both validating and producing blocks. We understand and appreciate that it would be unfair to dictate such changes to the tokenomics and overall token supply without the support of those who have made the current developments possible, the token holders.
With the above in mind; we will hold a 14-Day voting period where token holders can vote in favour or against the proposed changes to the increase in token supply. Each vote will be weighted with a value equal to the balance of the respective voting wallet, to ensure a fair vote and discourage malicious voting.
Such voting functionality has been incorporated into the Stratis Core Wallet, enabling a user to download and install the latest version and cast their vote, whether that be in favour or against the proposed changes.
Participation Windows
The STRAX Token Swap Voting window will be from NOW until the block closest to 17:00 GMT9th October 2020.
To cast your vote and have an impact on the proposed actions, you must vote within this timeframe, votes made past this date will be not counted in the final vote outcome.
Voting Process
Ensuring the voting process cannot be manipulated to be in favour of a particular outcome is crucial. Therefore, we have opted for an on-chain weight-based vote similar to Proof-Of-Stake consensus.
The voting function records the balance of the voting wallet and their desired voting decisions, whether that be in favour or opposition to the proposed changes. A transaction is created for every address that holds a balance greater than 1 STRAT Token within the wallet. If your wallet has been particularly active, this can equate to several transactions, only a small transaction fee is associated with each vote.
At the close of the voting period, all on-chain addresses will be scanned within the defined voting window, balances of addresses voting in favour will be totalled and compared to those voting in opposition.
For clarity, please refer to the below example.
Token Holder A votes ‘In Favour’ with a STRAT Balance of 1000
Token Holder B votes ‘In Opposition’ with a STRAT Balance of 500
Token Holder C does not cast a vote with a STRAT Balance of 2000
The above scenario would result in an ‘In Favour’ decision.
It’s important to note that funds moved from the wallet will not count towards the voting decision. Furthermore, suppose you do make regular transactions within your wallet, as a result of the in-built privacy features contained within our wallet software. In that case, your addresses may change, resulting in your vote not counting towards the final voting decision.
Voting is made simple by the introduction of new Voting functionality within the latest wallet.
After performing the vote, it is recommended that no further transactions are made from the wallet. You can continue to stake without impacting the vote.
Stratis Core 2.2.1 is now available and can be used to cast your vote in, binaries for all major operating systems can be found below. Windows x64 Windows x86 OS X Linux (DEB) Linux (TAR)
Please direct any questions to our Discord server where a member of the team or our community will be happy to assist.
Attracting nearly 200 participants and 13 high-quality submissions, the online hackathon produced a range of smart contract applications spanning finance, law, identity, trade, supply chain, charity, healthcare and gaming.
US$10,000 First Place: Cirrus Swap
Tyler Pena took the first-place prize of US$10,000 for his Cirrus Swap decentralised exchange application which allows users to hold their own tokens and settle trades on Stratis’ Cirrus Sidechain.
Cirrus Swap is a set of four contracts – BuyOrder, SellOrder, Orders, and JsonConfig – working together with a User Interface (UI) to create a clean user experience for trading SRC-20 for CRS tokens. It means that users only need to open the Cirrus Swap UI and Cirrus Core wallet to immediately begin trading.
As more SRC-20 tokens join the Cirrus Sidechain, for example MEDI, the application will make it easier for users to exchange tokens on chain in a decentralised manner, as opposed to utilising traditional methods like cryptocurrency exchanges. This added functionality will improve liquidity on the Cirrus Sidechain and help the token economy to thrive.
Cirrus Swap demonstrated a proven use case that provides millions in daily value right now. Cirrus Swap’s UI not only works but is aesthetic and intuitive. The contract code is clean, well-tested, and integrates with existing Cirrus contract standards. The project has even put effort into branding – Cirrus Swap could feasibly be a real product with a full team behind it.
US$5,000 Second Place: Wheelgame
This gambling web application was designed by Sergey Ankarenko. Based on a standard multi-player bidding game, players log in with a decentralised, arbitrary private key to make it impossible for participants to cheat or gain an illegal advantage. The ultimate vision behind the application is that it could be extended across the gaming sector, including online casinos.
US$3,000 Third Place: Stratis Signature
This web application for digital signatures was created by Divyang Desai. It allows multiple users to securely create, sign and verify documents. This enhances integrity and transparency, making it perfect for use by enterprises in law, invoicing, resource management, operations and finance.
The judges also commended other notable submissions including the Sale Deed Registry, Passport Agency Office (passport application/renewal), and TrustEvent (decentralised event ticketing system).
Chris Trew, CEO and Founder of Stratis, said: “We would like to congratulate all of the entries in our Smart Contracts Challenge, especially the top three winners. The number of high-quality submissions was extremely impressive and highlights the functionality possible on the Stratis Platform as well as the enterprise and government applications that can be built using Stratis Smart Contracts.
“It was also encouraging to see just how many new developers submitted entries. We pride ourselves on making blockchain easy and this was evidence of how we can encourage smart contract adoption by attracting developers already familiar with C# programming.
“We will now look to take forward the best use-cases in order to add utility to the STRAT token and boost our credentials for enterprise adoption. Following the success of this hackathon, we hope that there will be many more in the future.”
The hackathon ran from 1 November to 16 December 2019 and was open to submissions from individuals and teams from around the globe. Developing on the Stratis Platform, participants were encouraged to build smart contract applications that are useful, easy to use, innovative and impactful.
The judging panel consisted of sector experts, including developers, blockchain gurus and Microsoft MVPs judged the submissions on their utility, usability, creativity, functionality, and design and documentation.
To view all submissions entered into the hackathon, visit: https://stratisplatform.devpost.com/submissions
Stratis is pleased to announce the launch of the Stratis Mobile Wallet.
The Stratis Mobile Wallet allows you to transfer, receive and store Stratis directly on your mobile device. You can effortlessly send or receive funds by scanning a QR code or sharing your address.
You can import and manage multiple wallets and private keys, and secure these with your biometrics or a PIN. It is based upon the popular and trusted Copay wallet and Bitcore services, used by hundreds of thousands to manage their cryptocurrencies.
Currently, the Stratis Mobile Wallet is only available on Android devices, however, we are currently going through the approval process with Apple and the Google Play Store to ensure the Stratis Mobile Wallet is available through the common application installation methods.
We are very keen to continue the development of the Stratis Mobile Wallet to incorporate more features and leverage features of the Stratis Platform. As an example, expect to see both Token Support for the Cirrus Sidechain and Cold-Staking support.
Further updates will be provided once the Stratis Mobile Wallet has gone through the various phases to become listed on the respective application stores.
The Stratis Mobile Wallet can be downloaded using the following link. Stratis Mobile Wallet
The Stratis STO platform is now ready to be utilised and deployed to conduct Security Token Offerings. It has been built through regular dialogue with clients that are engaging with the U.S. Securities and Exchange Commission (SEC) guidelines, ensuring it is compliant with SEC regulations. It conforms with both Know Your Customer (KYC) and Anti Money Laundering (AML) laws and has undergone rigorous testing in order to ensure it meets all legal requirements for hosting an STO. These requirements are regularly updated and we will continue to modify its platform as required.
The platform is an adaptation of the existing Initial Coin Offering (ICO) platform and includes additional legal features to ensure it is suitable for security token issuance. It allows companies and organisations to run a secure and flexible web-based application on the Stratis blockchain to issue tokens to investors. The STO platform has been built using C# and the .NET Core, the most popular enterprise programming language on the most widely-used enterprise framework, making it easily accessible for businesses and developers.
Key features of the STO platform include: Real-time pricing
The platform accepts payment in both fiat currency (USD) and cryptocurrency (BTC and STRAT). It uses currency data from multiple providers to ensure that STO participants benefit from real-time token pricing. ID-based token issuance
The platform creates unique user IDs that allow the STO administrator to reliably and securely accredit tokens once an individual makes a wire transfer. This ID-based system ensures compliance with KYC and AML laws. Wallet-based platform for added security
Stratis utilises hierarchical deterministic wallets rather than autonomous smart contracts to add an additional layer of authority and security.
While building the STO platform, we have been working closely with our partner Gluon, a platform that establishes an interconnected network of vehicles, allowing users to diagnose, track and monitor issues using IoT devices, AI and blockchain. We have been assisting Gluon with fulfilling all its legal requirements to register its GLU token with the SEC. Gluon is now in the later stages of the registration procedure and is expected to become the first company to issue a security token on the Stratis platform next year.
Stratis CEO, Chris Trew, said:
“We are delighted to launch our STO platform, one of the key milestones of our 2019 Development Roadmap. The STO platform builds on the functionality of the Stratis ICO platform with the addition of several new features that satisfy the rigorous regulatory requirements needed to conduct STOs. Our STO Platform is highly secure, flexible and scalable, making it easy for businesses of any size to raise money through the tokenisation of their assets.”
Last month, we provided a comprehensive update on our development roadmap and corporate news. As part of our ongoing commitment to keep the community across the latest developments, we also intend to publish a review of 2019 at the end of December. For those who just cannot wait to hear more, tuck into the latest news from the month of November.
Development Update
A high-level summary of the key developments can be found below.
Stratis Full Node
.NET Core 3.0 Upgrade
Implemented SQL Wallet feature for Sidechain Wallets
Improvements to SQL Wallet
RPC Call alignment with Bitcoin Core
Support for Bi-Directional Messaging in SignalR
Testing of LevelDB implementation
Block Explorer
Enhancements to Block Explorer catering for Smart Contract data
Various improvements to Indexer API
Stratis Smart Contracts Challenge in full swing!
We now have over 180 developers registered to take part in the Stratis Smart Contracts Challenge and win their part of the US$18,000 prize fund. The response from both community members and the wider developer network has been exceptional and from the discussions we have had with participants so far, we are anticipating some truly innovative submissions as we approach the 16 December deadline.
Amid the excitement, the recent ruling that cryptoassets and smart contracts are valid in English law shows the very real potential of these applications. After all, the statement was based on “not what they would like the law to be, but what they believe English law to be now”. Not a bad time to be building Stratis Smart Contracts in C#.
We would encourage you to continue to share the hackathon with your friends and contacts – even if they are not currently involved in the space, this is a fantastic opportunity for any C# developers to kick-start their blockchain journey.
Stratis in the news
Stratis was in the news again this month as the launch of the Stratis Smart Contracts Challenge was featured in the media. The announcement of the hackathon appeared in Financial IT, Crypto Ninjas and Enterprise AI. We are glad to see these publications supporting our online hackathon!
Latest research: blockchain to create major cost-savings in the supply chain
We continue to see widespread adoption of blockchain and DLT led by some of the world’s largest companies. In particular, there is growing industry focus of blockchain’s role in the supply chain to improve business processes, unlock cost-savings and restore the trust of consumers.
A new study has found that the implementation of blockchain technology in supply chains could save businesses in Western Europe $450 billion in logistics-related costs. The report found that 60% of companies overpay their supply chain vendors and 70% have ‘visibility gaps’ between the initial supplier and internal clients’ systems.
In the food industry alone, a Juniper Research report revealed that blockchain will save $31 billion by 2024 through the streamlining of supply chains, efficient food recall processes and “simpler regulatory compliance.”
Meanwhile, in the automotive industry, a survey of 314 vehicle manufacturing executives found that 62% believe DLT will be a disruptive force in the industry within three years.
This is encouraging news for enterprise adoption of the Stratis Platform, an enterprise-grade development platform on which businesses can deploy bespoke blockchain solutions in C# and .NET.
The primary development focus during October was exchange readiness and preparation for the Stratis Hackathon hosted on Devpost. The hackathon has received attention from a number of established hackathon contestants and we expect the number to increase throughout the coming weeks.
Development Update
A high-level summary of the key developments can be found below.
Stratis Full Node
Improved mempool handling of dust transactions
Increased wallet security by removing password caching logic
Stabilised various integration tests with regards to sidechain operations
Refactored database locking
Improved reliability of the PoA miner resulting in the avoidance of missing blocks
Aligned RPC methods with Bitcoin Core 0.18
Greatly improved RPC Response times.
Wallet
Improved performance of the SQL Wallet
User-Interface updates to the support SQL Wallet
Testing and stabilising the SQLite Wallet integration
Optimization of the Wallet Feature
Bi-directional alignment of unconfirmed wallet transactions
Improved the performance of console updates for the wallet
Added improvements and features to the hackathon wallet
Improvements for token management screen in Cirrus wallet
Sidechains
Implemented improved network rule registration across the Cirrus networks
Improved transaction history for Cirrus Core
Various fixes and improvements with regards to cross-chain transfers on Cirrus
Smart Contracts
Performance improvements for smart contract execution via caching
Updated smart contracts tutorial for latest full node release
Roadmap Update
The development focus this year was to continue enhancing the Stratis Platform, incorporating new features as detailed on the Stratis 2019 Roadmap.
These features play a key role in Stratis being an attractive viable option for developers and organisations blockchain needs.
It is crucial for us to remain agile and actively develop solutions that bring a significant benefit to the platform. This has resulted in a number of key items being prioritised over items listed on the Stratis 2019 Roadmap.
Development efforts have been shifted to deliver alternative technologies that will bring further value to the Stratis Platform, as an example, the Segregated Witness (SegWit) development on Stratis is now code complete and is due to undergo our rigorous test cases to ensure compatibility within a heterogenous environment. SegWit facilitates the future scalability of the Stratis blockchain by giving an effective increase to the size of the blocks permitted on the network.
Furthermore, it opens the possibility of improvements to the transaction scripting language. This means that functionality that may previously have required a hard fork can now be implemented safely on the network. It also lays the groundwork for technologies such as Schnorr signatures and Merkelized Abstract Syntax Trees (MAST), that can again be leveraged to gain scalability benefits.
The implementation of the Breeze Privacy Protocol also becomes achievable with the activation of SegWit on Stratis Mainnet. We expect the Breeze Privacy Protocol functionality to be the first delivery of extended functionality once SegWit is activated by majority of block producers move to a SegWit supported node.
In addition, further development and refactoring of the Stratis Full Node to ensure like-for-like response times (in comparison to StratisX) when interrogating the node via Remote Procedural Call was a significant focus. Along with the complete re-development of the Stratis Full Node Wallet Feature, to significantly amplify the ability to scale and ensure data integrity. This ultimately provides current and future exchanges and third-parties the ability to utilise the Stratis Full Node as opposed to our legacy node that is currently leveraged.
Distributed Ledger Technology (DLT) has also received considerable attention, the further development includes the integration of a Certificate Authority and end-to-end encryption allowing private blockchain implementations to remain private and secure. The addition of memberships services and ‘token-less’ support for the Proof-of-Authority Consensus Algorithm are also additional features that have been incorporated into our DLT offering.
These additional developments have not drawn the focus away from all items listed on the Stratis 2019 Roadmap. You can expect a significant number of deliverables to be released prior to the close of the year.
A brief summary of the Stratis 2019 Roadmap can be found below:
Stratis Payment Gateway
We have been working closely with MediConnect to understand their business requirements and assisting them with both documenting and designing the Payment Gateway infrastructure. As we move into 2020 we will continue to liaise with MediConnect to provide a functional Payment Gateway that can be repurposed for similar use-cases.
Stratis STO Platform
The Stratis STO Platform has received significant attention to cater for the upcoming Gluon Security Token Offering (STO). Requirements have been fed directly from the U.S Security Exchanges Commission (SEC) as part of Gluon’s application, ensuring the platform meets the needs of an approved Security Token Offering.
Stratis Mobile Wallet
Development is being undertaken to make a mobile wallet available, the current focus is on porting an already established Mobile Wallet Service to support a Proof-of-Stake network and the Stratis networks, including Stratis and Cirrus.
Unity SDK
A Unity plugin has been a focus for 2019, we have successfully tested NStratis in Unity, however, a full production release of a Unity plugin will not be available until next year.
Stratis Sidechain Masternodes
The development of the Stratis Sidechain Masternodes to support the Cirrus Sidechain was a major development for Stratis in 2019. Currently all block producers on the Cirrus Sidechain are publicly operated Stratis Sidechain Masternodes, maintained by holders of the Stratis Token who meet the collateral requirements.
Breeze Privacy Protocol
The integration of the Breeze Privacy Protocol becomes possible with the implementation of SegWit, initial designs focused on integrating the Privacy Protocol being implemented natively, however, with the introduction of SegWit, it makes this integration possible with a significantly lowered network disruption.
Java & JavaScipt Support
An intermediary service supporting other programming languages is a development that will attract developers with expertise outside of the .NET ecosystem. The integration of JavaScript support is heavily tied with the Mobile Wallet deliverable.
Proof-of-Stake Sidechains
A design has been in place for Proof-of-Stake Sidechains, however, this development requires a significant amount of focus and resources were allocated to other important aspects of the business. As a result, the design will be re-assessed in the coming year.
Stratis Core 2.0
The makeover of Stratis Core is underway, focusing on providing a new User Experience (UX) whilst catering for further developments and integrations into the desktop wallet.
Since the conception of the Stratis Core User-Interface the developments of the Stratis Platform have changed dramatically, meaning there are more features to incorporate in the GUI (Graphical User Interface). A change of design was the best way forward to ensure that all these new features have a home without impacting the user experience.
As we move into next year, the focus for private distributed solutions will grow significantly to accommodate business adoption within the private sector whilst also catering for those who wish to utilise a public network with an associated cryptocurrency.
Stratis Smart Contracts Hackathon underway!
It’s an exciting month for Stratis and developers with the start of the Stratis Smart Contracts Challenge. The Stratis Hackathon will run for six weeks until 16 December 2019 and you can enter now for the chance to win up to US$10,000 for first place with a total of US$18,000 up for grabs. Just go to our Devpost page and follow the instructions to enter.
The hackathon is part of the Stratis Academy initiative to reduce barriers to entry for developers entering the blockchain space. As a result, significant effort has been put into simplifying the set-up process to make it as easy as possible for both new and existing developers to get started in a ‘click and play’ environment. Entrants can find a full tutorial, including instructions and examples, on the Stratis Academy website.
We are grateful to C# Corner for their sponsorship of the event and to our judging panel, which includes developers, blockchain gurus and Microsoft MVPs. Already, over 35 participants have signed up to take part and we’re very excited to see the new and innovative applications of Stratis Smart Contracts in C# that emerge from the hackathon. Watch this space!
Partner update – Gluon moves forward with SEC submission and grows fuel industry product, Petromo
Gluon has been making headway with its registration with the U.S. Securities and Exchange Commission (SEC). Having begun the registration process last year, Gluon is now in the later stages of the procedure. Stratis is working closely with Gluon to assist with the submission process so that Gluon can begin its token offering.
The business is also developing positively. Petromo, Gluon’s enterprise product which monitors fuel inventory, is expected to expand its footprint in the U.S. from 40 live locations to over 400 by the end of Q1 2020. Built for the widely used Gilbarco Veeder-Root system, Petromo’s IoT hardware allows users to monitor their fuel inventory remotely on their mobile devices. It is currently monitoring 4 million gallons of fuel per month at its 40 live business locations.
Gluon has also received approval from Gilbarco for the development of a third-party backend office system which will also be a part of the Gluon platform.
Stratis has been working with Gluon since January 2018. Gluon’s technology platform establishes a secure network of interconnected vehicles, allowing users to diagnose, track and monitor issues using IoT devices, AI and blockchain.
Partner update – MEDI distribution process begins
It’s been just over four weeks since MediConnect closed its ICO, raising 432,685.64 STRAT and 104.33 BTC for its pharmaceutical solution to protect patients both on and offline.
Participants in the ICO are now being asked to create a Cirrus Core Wallet address and submit it to the ICO platform. This will allow the token distribution to run smoothly and efficiently. Detailed instructions are provided on MediConnect’s website.
Stratis in the news
Stratis continues to feature in the news as our CEO, Chris Trew, authored an article in Crypto Globe on Why Blockchain Will Be One of History’s Key Technologies. In the piece, Chris suggests blockchain can have a similar far-reaching impact as the other great technological leaps in history and help to define the ‘Fourth Industrial Revolution’.
Contestants from around the world are invited to take part in the Stratis Smart Contracts Challenge from 1st November to 16th December 2019. The competition is open to individuals and teams from around the world, including those from profit, non-profit, academic and public sector organisations.
The total prize fund will be $18,000. Eligible entrants will compete for a first place cash prize of US$10,000, second place prize of US$5,000 and third place prize of US$3,000.
The challenge for contestants is to develop smart contract applications that can have a big impact. They should be useful, easy to use, innovative and capable of being applied across a wide range of industries. These include banking and financial services, international trade and commodities, supply chain, energy, identity, Internet of Things, government, healthcare and medicine, automotive and gaming.
The judges will be asking: does the tool provide a useful function, is it easy and engaging to use, is it doing something innovative, how well does the product function? Submissions can cover any kind of software application, such as the web, cloud, personal computer, mobile device or console, but they must utilise Stratis Smart Contracts in C#.
Chris Trew, CEO and Founder of Stratis Group Ltd stated:
We are very excited to be hosting this international hackathon and to provide an opportunity to show how Stratis Smart Contracts can unlock the potential of blockchain and transform the way industries work.
We want to grow our ecosystem of developers. C# is one of the most popular programming languages in the world and at the Stratis hackathon, developers will be able to programme smart contracts in their familiar C# language. By working together, we can harness the combined expertise of this community of experts and push the boundaries of what is possible using blockchain.
The hackathon will be hosted on the established Devpost platform, allowing us to leverage their existing user-base of talented blockchain developers. More information including the terms and conditions, will be released on the 1st of November when the Devpost event is live!
The Stratis Full Node 3.0.5 is now available for general use. This release has been in development for some time and has gone through our rigorous testing phase within the Stratis Coherence Suite.
A brief summary of significant developments within the release can be found below:
Address Indexer resiliency
Implementation of SignalR to provide an enhanced user experience
Introduced ‘account-based’ experience for Cirrus
Improvements to the Federation Wallet
Releases of both the Stratis Core wallet and Cirrus Core wallets are also available, both incorporating the 3.0.5 release of the Stratis Full Node.
With the introduction of SignalR we are now able to provide more reliable information to the wallets graphical user interface, resulting in real-time data being pushed to the wallet in a more efficient manner.
There have been significant changes to the Cirrus Core wallet based upon feedback received from the community testing phase. An approach was taken to provide an ‘account-based’ blockchain experience when utilizing the Cirrus Core wallet.
This provides a user-experience comparable to Ethereum and allows the end-user to manage specific addresses opposed to a managing a wallet comprised of a potential significant amount of addresses.
Resources
Updates wallets can be downloaded by utilizing the links below:
We use cookies to enhance your experience while using our website. If you are using our Services via a browser you can restrict, block or remove cookies through your web browser settings. We also use content and scripts from third parties that may use tracking technologies. You can selectively provide your consent below to allow such third party embeds. For complete information about the cookies we use, data we collect and how we process them, please check our Privacy Policy
