At first glance, being a non-technical individual myself, Stratis didn’t leap off the page as something I needed to immediately jump on. Tanner and I had been given the recommendation back in May from a friend of ours who was a strong developer at Kik. As I dug into the project, my perspective changed and soon thereafter the price doubled. Stratis has been somewhat of a golden child when it comes to ICO results, initially hitting the secondary market at $0.02 and rising to around $10.50 in June 2017. Since then the price has gradually declined as the market cooled off a bit and they began the task of transitioning toward on-boarding developers to their platform.
Stratis is a versatile and powerful blockchain development platform. Essentially a Blockchain-as-a-service platform that was created with the needs of financial institutions and corporations in mind. The main purpose of this “turnkey” platform is to allow businesses to easily create, test & deploy applications that leverage the blockchain, removing many of the headaches typically associated with the process, such as costs & security.
A major benefit to the Stratis platform is the coding language in which it is built in, and more importantly, what that enables. For those non-technical folk out there (such as myself) Bitcoin is primarily written in C++. Whereas it is more common for corporations and financial institutions to develop their applications on C# and Microsoft’s .Net framework. As such, by building a platform that seamlessly enables businesses to develop on the blockchain, Stratis is opening the door to what could be a large market.
In addition to their platform, Stratis has several other wings of their business, namely the Stratis Academy. The Stratis Academy provides consulting services, helping developers and companies implement various features within their platform. They have also done a great job of building up a resource hub (essentially a “wiki”) that acts as a knowledge base for developers. They have laid the groundwork to build a global block chain developer community through training material, mentoring and connecting like-minded developers. These efforts have culminated in them having what appears to be a fairly active community (many of which i’m sure are investors rather than developers). As their roadmap pivots away from building out their infrastructure (Wallet, apps, etc) and towards a focus on their Stratis Academy, the question will be whether they can get the levels of engagement on their C# centric platform that they had hoped.
My first impression of their team was the same one I held when I first looked into the company itself; their experience, size and “star” power didn’t leave me starry eyed at first glance. They are based out of the UK and their CEO, Chris Trew, has 10 years of relevant experience but doesn’t appear to have held any senior management positions under his belt. That being said, many CEO’s of major tech companies (especially in the blockchain / crypto world) weren’t CEO’s in their past life and that hasn’t stopped them from building great companies. They have recently added an experienced advisor to their board – Cesar Castro – who will hope with corporate expansion and Microsoft developer outreach.
I was initially bullish on Stratis several months ago but that confidence has somewhat waned. I think their price benefited from a first mover advantage as far as having a platform + token with this business centric application goes. Since then more competition has entered the market and giants, such as IBM & Microsoft, are increasing their investment in the blockchain space. The world of crypto has a lot of speculative traders out there and the fact that Stratis’s platform is centered around developers has meant that they have not received the same PR buzz other tokens have. Clearly they have seen a ton of success in the past year, as their market cap went from $7M on Jan 1st to $310M on Oct 9th (a whopping 44x increase). Moving forward we will have to see whether they are able to successfully garner enough demand from developers, as the price of their token in the long run will depend on it.
Written by: Matt Hibberd