Stratis is a leading Blockchain-as-a-Service (BAAS) company that will play a pivotal role in widespread blockchain adoption. We look at the news of their Test ICO release on November 30th, and what it means for Stratis as a company and the industry as a whole.
The Problem with Blockchain Technology
Blockchain technology is the future.
This is the catchphrase reverberating across multiple industries these days. Everyone hears that the blockchain will revolutionize the world as we know it, but to get there, there’s an industry-wide roadmap — one that we’re all currently walking. It’s not a homogenous roadmap: it’s open-source, thus open to anyone to contribute freely and actively shape the direction in which the industry will develop.
One of the most important elements of this evolving global roadmap is user adoption. A technology is only as revolutionary as the changes it brings about, and for mass change to take place, majority adoption is a requisite.
Blockchain developers are highly skilled and in high demand. They’re scarce, valuable, and expensive. Realistically, most businesses who could transform their operations thanks to the blockchain won’t be able to ever afford a developer to custom-build them their own chain, putting mass adoption out of reach for most entrepreneurs.
Even if they could, the industry cannot afford to stall long enough to create a wealth of blockchain developers. Innovation happens now, and we need the technology to unfold right this minute.
The Importance of BAAS
BAAS allows businesses the world over to use blockchains without the high cost associated with blockchain development. A key ingredient in the recipe for technological success, as far as user adoption goes, is enabling businesses to adopt it easily and at an affordable price.
BAAS plays a crucial role in this global developmental roadmap that will take blockchain from a brand-new ‘buzz’ player to the standard issue tech it’s destined to become.
Thanks to BAAS, any business or developer can launch and run a blockchain without having the expertise or the means to afford a dedicated developer.
Introducing the Stratis Test ICO
Stratis aims to become the number one BAAS company in the world. The company has been steadily meeting its developmental roadmaps, including the Breeze wallet and alpha nodes. It has secured a partnership with Microsoft to make the Stratis blockchain available on the Azure developer platform and is revolutionizing seafood supply chain management through its partnership with Earth Twine.
Last week, after rumors circulating on its Slack channel, Slack CEO Chris Trew made a statement. He confirmed to the company’s 10,500-odd Slack members that Stratis will release its Test ICO during the Blockchain Expo North America 2017 running from 29-30 November 2017 in Santa Clara, Silicon Valley, USA.
The Stratis Test ICO utilising the Stratis ICO Platform will start on the 30th of November, on the second day of the Silicon Valley Blockchain conference. We will be inviting the whole industry to test the platform, there will be various bounties for finding bugs or vulnerabilities.
We had aimed to keep it a secret until then, but we are receiving too many questions about it.
Industry Reception
The news is being well-received by the industry. Stratis is a solid company that’s well-run by an excellent team. They continue to make good on the foundational promises of their ICO, which collected 948.15 BTC back in July 2016.
The release of their Test ICO platform brings them one step closer to mainnet release. Through its pivotal role in shaping blockchain adoption, this release also brings us one step closer to the future of business as we know it.
According to Reddit user BullShinkles, this is cause for investor celebration:
Yeah, I was hoping to get more STRAT at around [US$]3.50 a coin before it really starts taking off, but I can kiss that idea goodbye..
The Implications of the Stratis ICO
Ethereum’s rise to that of a crypto giant largely came about as the result of smart contracts and the capability to launch an ICO on the Ethereum platform. This enabled the growth of the ICO industry which, in turn, led to ICO funding overtaking VC initial stage funding in Q2 2017.
The launch of the Stratis Test ICO is an important step in releasing a platform that could end up being a serious Ethereum contender. Some investors believe that it has the ability to completely surpass Ethereum because Stratis allows for private blockchains on sidechains, while Ethereum can issue only tokens. The company’s built-in Breeze wallet will also aid with easy ICO investing.
Reddit user Cryopreserve is impressed with the development, saying:
Chris [Stratis CEO] stated that they will formulate a mechanism whereby ICO conductors would have to hold STRAT for [a] certain time, for example till reaching of [a] certain development goal [.] All this can be smooth [sic] via smart contracts[.]
While Ethereum has enabled widespread ICO launches, ICOs have come under crossfire from multiple industry leaders as being rife with unscrupulous opportunists.
Should Stratis implement such a requirement on its ICO platform, it would aid in vetting business wanting to launch altcoins on the Stratis platform.
Though testnet is not mainnet, we’re excited to see what this release brings, as it takes both Stratis and the industry as a whole one step closer to a world of blockchain.
Related: What Is An Initial Coin Offering? Here’s What You Need To Know About ICOs
