Stratis Announces Ethereum-Based Blockchain StratisEVM and Token Swap
Stratis is excited to share its intentions for StratisEVM. A new blockchain that is built on Ethereum. This is a significant step forward for Stratis since it brings its experience products and future innovations to the Ethereum community, making mature tooling and interoperable options available.
According to the whitepaper, Stratis set out to build a blockchain platform from the ground up using Microsoft. NET Core Framework. Stratis has successfully established a functional platform with a creative and market-first approach to Smart Contract execution, scaling solutions, and a variety of products that leverage the Stratis Platform and introduce blockchain technology throughout this journey.
Working in a fast-paced environment like blockchain has led to Stratis focusing on a variety of solutions such as Self-Sovereign Identity, Supply Chain, NFT Marketplace, ICO/STO Management, and many more. The ultimate goal has been to obtain adoption for both the platform and the $STRAX token.
This has presented Stratis with issues in a number of business engagements, with worries about interoperability and tooling availability. Stratis has committed to developing platform-specific tooling, such as SDKs for Unreal and Unity Gaming Engines and various programming languages, as well as sponsoring.NET conferences and events and projects such as DevEx, which provides static code analysis for Smart Contract development. Despite the best attempts, competing with the tooling and inventive development of alternative systems such as Ethereum was nearly impossible.
The primary focus of Stratis was to create and provide a blockchain network with a Microsoft emphasis, which it has done. However, throughout this period of development, other platforms, like Ethereum, have developed tremendously, with usage and market capitalization records broken. Stratis has reevaluated its objectives, conducted market research, and used its domain expertise acquired from commercial engagements and years of blockchain experience. It became clear how creating a new platform had unintentionally turned into a barrier to adoption. The decision to switch to an Ethereum-based blockchain is the result of this. StratisEVM is here.
StratisEVM
As Stratis integrates with the Ethereum network, it opens up a wide range of potential, including access to sophisticated web3 tooling, simple entrance into DeFi protocols, and a robust ecosystem of decentralized applications (dApps). It also makes itself more approachable to a seasoned development community.
The StratisEVM Blockchain will be a sophisticated, web3-ready, Ethereum-based PoS (Proof-of-Stake) Blockchain featuring the native coin $STRAT. It will be an L1 (Layer 1) blockchain, with intentions to develop an L2 (Layer 2) solution with a focus on high-throughput and low finality, catering to gaming and DeFi solutions. This will be in place of the current Stratis Blockchain(s). Since 2016, Stratis has been pioneering in the blockchain space and will continue to do so with the new StratisEVM. Initially, the emphasis will be on improving and adapting the new blockchain so that it is suitable for mass deployment. This not only establishes Stratis as a welcome blockchain for new developers, but it also provides a ready environment for the deployment of games and DeFi solutions.
What Happens To STRAX?
As part of the StratisEVM goal, a token swap will allow holders of the existing $STRAX Token to trade their tokens for the new $STRAT Token. In addition to the swap, there will be a supply increase of 1:10, indicating that for every 1 STRAX Token produced, 10 STRAT Tokens will be issued, bringing the total token supply to slightly over 1.53B. The increased token supply is intended to make the token more appealing, particularly for use in gaming.
The existing inflation rate will be maintained, with a portion of the block reward going to a Masternode Operator Reward Pool. StratisEVM will include a Masternode Contract that will allow new and existing Masternodes to lock their collateral while continuing to get rewards on the current network. Stratis will also honor Masternode positions with lower collateral requirements for the original Masternode operators as part of the StratisEVM launch.
What Will Be The Primary Focus?
Stratis will continue to innovate and will focus on the gaming sector and their existing suite of products, including Stratisphere, Ticketsphere, and the GBPT Stablecoin issue. Stratis anticipates growth in the gaming sector in the next years, particularly in mobile gaming, and this remains a primary priority, as indicated by the recent announcement of Project Atlantis. Furthermore, Stratis believes that implementing solutions on an Ethereum-based blockchain will be more appealing, given the prevalence of Ethereum-based solutions in enterprise environments. Stratis will also focus on rebranding, with the launch of a new website and corporate colors that correspond with the future vision of StratisEVM.
Gaming
Stratis will transition their Unreal and Unity SDKs to StratisEVM, along with associated documentation, to better position themselves as the go-to for gaming development and GameFi, and focus on a dedicated Layer-2 Solution exclusively for gaming. Stratis has already addressed the migration with the gaming development teams on Stratis and will facilitate the conversion of Dawn of Ships, Trivia Legends, MYXRGallery, and Corgi Dash.
Masternodes
Stratis will continue to offer Masternodes on the StratisEVM Blockchain, and block rewards will be retained for Masternode Reward Distribution. Similarly to staking, the emphasis will be on simplicity, with the goal of allowing token holders to lock their tokens and earn rewards on a constant and regular basis.
SDA (Stratis Decentralised Accelerator)
Several companies, ranging from small gaming studios to technology start-ups, were able to create and deploy on Stratis thanks to the SDA. Stratis will support these projects as they migrate to StratisEVM, and the SDA Token Allocation will be increased to facilitate future growth for existing projects and to incentivize the transfer of stand-out projects on other Ethereum-based chains.
Staking
A simple and effective staking pool solution will be introduced, allowing $STRAT token holders to effortlessly stake and be compensated for safeguarding the network. The emphasis here will be on simplicity, as seen on the existing Stratis blockchain, to ensure the chain can be secured with ease and with little technical abilities. Stratis will also investigate Staking-as-a-Service to allow token holders to stake their tokens without having to maintain any hardware.
Token Swap: A Seamless Transition
To facilitate this transition, Stratis will conduct a token swap for STRAT holders. The swap will involve exchanging existing STRAT tokens for new StratisEVM tokens at a predetermined rate. This process ensures a smooth transition for the Stratis community, allowing them to access the new features and capabilities offered by StratisEVM.
StratisEVM: Bridging Blockchains
StratisEVM is a cross-chain solution that allows seamless communication between the Stratis blockchain and the Ethereum network. It leverages the Ethereum codebase, enabling developers to port Ethereum-based decentralized applications (DApps) to the Stratis blockchain effortlessly.
With StratisEVM, developers can harness the robustness and security of Ethereum's EVM while enjoying the scalability and cost-efficiency of the Stratis platform. This integration significantly expands the possibilities for creating and deploying smart contracts and DApps.
Web3
The switch to an Ethereum-based blockchain brings with it a wealth of web3 tooling. Therefore, Stratis will concentrate on providing support for the top tools and services, like MetaMask, Remix, and web3 development companies like Chainstack.
Conclusion
Stratis continues to push the boundaries of blockchain technology with the introduction of StratisEVM. This Ethereum-compatible blockchain opens up exciting opportunities for developers and users alike. The token swap ensures a seamless transition, and the blockchain community eagerly anticipates the enhanced interoperability and scalability that StratisEVM promises to deliver. As blockchain technology continues to evolve, solutions like StratisEVM play a pivotal role in driving innovation and expanding the possibilities of decentralized applications.
