What is Stratis?
Stratis is a blockchain development platform designed specifically for enterprise businesses to enable them to create applications on the specific and private network. Their API framework makes it possible for organizations to scale their blockchain development and simplify the creation process involved.
Stratis is primary targeting companies in the financial space. However, other businesses interesting in implement blockchain tech can benefit from the Stratis project, and they have already collaborated with Earth Twine, a seafood company.
It is currently a Blockchain-as-a-Service (BaaS) platform which allows the developer of blockchain-focused apps. Businesses who use the Stratis lite clients, side chains, and robust APIs would enjoy the advantages of blockchain tech without having to provide support for an entire network. As a BaaS network, Stratis hosts the different blockchains operating on its platform via the cloud. Businesses do not need to maintain a full client node in order to access their specific blockchain. This is an advantage for companies as it free resources that would have been spent on maintaining a complete blockchain.
The Stratis development team applies a more hands-on approach when it comes to integrating other similar blockchain projects. The team also offer other services such as consultancy and guidance to businesses looking to work with their technology.
How to make passive income from Stratis
How to stake on Stratis
Stratis makes use of the Proof of Stake (PoS) protocol. Cryptocurrencies using this protocol have algorithms that do not require mining via CPU or GPU systems which means that blocks are validated by token holders selected at random for each block. For PoS protocols, the higher the coins in your possession, the more you are appreciated.
- To stake coins on the Stratis network, you will have to be registered on the platform and purchase the coins from cryptocurrency exchanges.
- You will also have to download the Stratis wallet, which would be used to store your staked coins. Set up the wallet correctly and transfer your purchase Stratis coin to the wallet.
- Once you have finished transferring your coins to the wallet, you will leave it running. To ensure that you earn as much as possible from staking your coins, it is best to leave your wallet running 24/7. The higher the number of coins you stake on the Stratis network, the more you will be appreciated and make more passive income.
How to run a masternode on the Stratis network
The other method to make passive income from Stratis is by running a masternode. Last month, the Stratis team launched the lower tier Masternodes that supports the Cirrus sidechain, and this allows users to operate two different types of nodes on the sidechain. This implies that operators would earn passive income from both transactions and smart contracts carried out on the blockchain. The Circus sidechain uses the proof-of-authority (PoA) protocol which allows nodes to produce blocks without solving complex computational puzzles. This would enable the node operators to use regular hardware that does not require special features beyond just staking coins.
- To become a masternode on the Stratis network, you will have to put in place 10,000 STRAT as collateral. This will qualify you a Cirrus Chain Federated member. However, to become a Cirrus Chain Multi-Sig MasterNode, you will have to put up 50,000 STRAT as collateral to the network.
- The nodes on the network use masternodes that are specially designed to allow the creation of new blocks and secure the blockchain. To ensure that the operation of the blockchain is maintained, the development team has limited the number of masternodes to 101 members. This would allow the network to continue operating as a decentralized platform with multiple entities producing blocks on the chains.
- The collateral amount for the two Masternodes is usually held in a wallet on the sidechain expected to meet the requirements of the collateral. The signup for the masternode started on March 6, and it is now open for those interested in staking their coins to produce blocks.
Stratis: a quick review
The primary objective of the Stratis project is to focus on how blockchain can streamline and improve the existing business procedures. The team is also working towards decreasing the complexity of blockchain adoption and integration with the aim of making it easier for companies to jump into the blockchain wagon.
- The number of delegates on the Stratis network is 101. This is in line with the other PoS network including BitShares that have a similar number of active representatives. The team believes that the 101 nodes would be necessary for keeping the network functional and fully decentralized.
- Stratis is a decentralized platform that is entirely focused on helping businesses adopt blockchain tech. The platform is working towards a more natural way of maintaining a private chain and keep the block issuers accountable.
As a PoS protocol, earning passive income from the Stratis network would involve you staking the STRAT coin. The higher the coins you stake, the more you will receive. For nodes on the network, you can make passive income from both transactions fees and smart contracts that take place on the platform. There are requirements to fulfil before you can stake your coin on Stratis or work as a masternode. You will, however, be paid dividends for doing either of the above-explained processes.
Here are links to find valuable info on Stratis
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