I responded to a post, What are you trading and Why? by @barrydutton, on the 31st of May. I listed two coins I am very interested in and had planned on doing a post of all the coins I am holding long term. However, after watching Stratis shoot up from around $2 to over $6 in 9 shorts days, I wanted to tell you the reasons why I invested in Stratis.
Stratis plans to implement TumbleBit into the Breeze Wallet making it the pioneering Bitcoin wallet that addresses the security issues in blockchain exchanges by making transactions private and untraceable. Users of Bitcoin be able to "tumble" their Bitcoins between Stratis and Bitcoin. This will allow users of Bitcoin to convert to Stratis in a very simple way compared to converting through an exchange! Additionally, the Breeze Wallet will work with the current Bitcoin code and will not require any forks.
Did you know Stratis just recently mined their first proof-of-stake block using C sharp(C#) programming language? Why is this important you ask? I understand many are not fans of Microsoft, but C# is the main language used for .Net applications by Microsoft. What this does is open up the Stratis blockchain to programming by individuals who already are familiar with this programming language without having to overcome the barrier of learning a new programming language. This will allow for the faster creation of Blockchain-based apps(aka DAPPS) to further the decentralization we all know and love!
Additionally, look who is on the board of Stratis...
Source: stratis platform
...I wonder if Stratis will have access to C# programmers for DAPPS?
I am sure you are looking at the heading and thinking "But Ethereum already does this!". Why yes, yes they do. But not the Stratis way. For one Stratis is built on the Bitcoin blockchain. Well duh, dumbass Lex. Additionally, Stratis plans on allowing the ability to run smart contracts on side chains. Basically, smart contracts will be a part of the Stratis platform and not the platform. The smart contracts will be written in C#. This allows programmers the ability to write smart contracts in a programming language they already know, without having to learn a new language like Solidity. Lastly, by the smart contracts running on a side chain, it will allow the main Stratis network to be free and unclogged from the data contained in smart contracts.
Source: the blockchain
What in Sam Hell is a Side Chain?
First, let's think of the blockchain. What is it? In laymen's term's I've always thought of a blockchain transaction like this:
- I’d like to move these exact coins(Communication with Ledger).
- Here is the proof I'm qualified to move these exact coins(Provide the Public Key and sign with Private Key).
- Lastly, Here is how the beneficiary of an exact coin will prove they are now entitled to move the coin I moved to them(Give the beneficiary the "secret" to claim ownership or spend the funds of the coins).
Get on with it Lex.Ok. Ok.
For the sidechain, I like to think of a highway with exit and entrance ramps. The main blockchain is the highway. Sidechains are the exit ramps to a facility.
When you send your coin to a centralized wallet(think coinbase) the private keys are now out of your hands. Someone else has control of them. You have communicated to the blockchain. "Hey, the private key is out of my hands. I am exiting the main highway and entering a centralized facility". The blockchain puts a pause on your coin. They are not destroyed but put in a state of limbo. The facility then "recreates" the coin on their side chain so you can move around in their centralized facility with a clone of your main highway bitcoin. When you decide to enter the main highway again your "recreated coin" is morphed back into your main highway coin. It's communicated to the blockchain you are now in control of the private key again and you are back on the main blockchain highway.
Crazy shit, huh
What Stratis Will Do With The Side Chain
Facilitate contracts on the sidechain! Yes, on the side chain. Have you ever looked at the data size on the block when you send an Ethereum smart contract? All of that data is now traveling on the main highway and could cause a traffic jam if there is too much data on the main highway. Stratis wants to be able to facilitate those contracts on side chains so the main network is able to move seamlessly without getting clogged full of data.
DAPPS can also be built on the side chains! Businesses will be able to build DAPPS on the sidechain, but once again won't be clogging the main network with data.
Allow coins to be created on side chains. Not only will Stratis allow the coins to be created but they will also help facilitate the Initial Coin Offering. The platform will be a one stop coin creation shop!
Blockchain As A Service
Stratis will provide consultation services and has the platform in place to help businesses onboard to the blockchain. Essentially, the learning curve of the blockchain is being removed so businesses with blockchain ideas don't have to spend Booko Bucks to learn blockchain technology. This will make Stratis more attractive to business which in turn will bring more DAPPS and sidechain currency to the platform. This will help increase the value of Stratis even more.
These are the reasons why I like Stratis. You may agree with me or not agree with me. That is fine. This is the research I have done before investing in a coin and I believe the platform has a truly innovative vision and once the community realizes what the coin is trying to accomplish it will gain value at a breathtaking pace.
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