The creation of the STRAX Blockchain provides a vanilla environment for the STRAX Foundation to begin rapid growth, utilizing the blockchain technology platform that has been developed over the past three years. We realize that the landscape within blockchain technology is rapidly changing, creating a need for re-alignment of priorities and apparent business adoption. The existing development of a blockchain development platform, built from the ground-up on the .NET Core Framework enables flexibility and allows us to develop in an agile manner without barriers, blocking development.
The launch of the STRAX Blockchain will see a simultaneous release of an updated roadmap, highlighting the initial goals and objectives that will be set forth for the team. We believe that our platform provides a fantastic platform for the development and deployment of DeFi based Smart Contracts. This is thanks to our utilization of an enterprise development language and framework, one that undergoes significant review and is heavily scrutinized by a seasoned audience. Furthermore, our ability to scale through the use of sidechains in a decentralized manner removes challenges that are currently experienced by heavily utilized and congested platforms. A focus on the digital transformation of traditional finance will pave the way to introducing new services on the Stratis Platform. By providing a trusted environment alongside incentivization schemes for third-parties to deploy alternative financial solutions.
In addition to a focus on DeFi, a significant number of tokens have been reserved to incentivize network growth. These tokens will be employed to encourage the migration of mature and established projects deployed on alternate platforms. These projects will be hand-picked and targeted by the Stratis Foundation, assisted by Stratis Consultancy to ensure the seamless transition to the Stratis Platform, as proven with prior engagements. The introduction of such projects on the Cirrus Sidechain will fuel the network, creating opportunities for masternode operators through the utilization of on-chain solutions developed by Stratis, such as; Stratis IdentityTrust.
The Stratis Platform has seen us deliver many functional products, ranging from wallets that incorporated innovative and truly trustless privatization features, to packaged solutions for businesses. This year has seen a significant focus on researching and developing private blockchain solutions, to cater for those dealing with sensitive data; an unequivocal need. The development and integration of features such as confidential data handling and channel management are crucial when providing a platform for real-world businesses. As we move forward, advancing development tools and surrounding libraries will become a significant focus, enhancing the developer experience when deploying on the Stratis Platform. Through existing research and development, a wealth of internal knowledge and more importantly, blockchain expertise, Stratis is geared to flourish in the Blockchain 4.0 landscape.
Proposal Vote
To both clarify and ensure that the community of STRAT Token holders are in favour of our approach to mint additional tokens; we have opted to perform an on-chain vote. This vote will determine whether the detailed approach will be supported and ultimately executed to allow the further growth of the token and associated Stratis Platform and technologies.
We envisage that the vast majority will indeed be in favour of the proposed changes to token supply inherent with the creation of the STRAX Blockchain. However, we understand and are sensitive to the fact that the current Stratis Blockchain is a truly decentralized network, secured and maintained by a large number of staking nodes, both validating and producing blocks. We understand and appreciate that it would be unfair to dictate such changes to the tokenomics and overall token supply without the support of those who have made the current developments possible, the token holders.
With the above in mind; we will hold a 14-Day voting period where token holders can vote in favour or against the proposed changes to the increase in token supply. Each vote will be weighted with a value equal to the balance of the respective voting wallet, to ensure a fair vote and discourage malicious voting.
Such voting functionality has been incorporated into the Stratis Core Wallet, enabling a user to download and install the latest version and cast their vote, whether that be in favour or against the proposed changes.
Participation Windows
The STRAX Token Swap Voting window will be from NOW until the block closest to 17:00 GMT 9th October 2020.
To cast your vote and have an impact on the proposed actions, you must vote within this timeframe, votes made past this date will be not counted in the final vote outcome.
Voting Process
Ensuring the voting process cannot be manipulated to be in favour of a particular outcome is crucial. Therefore, we have opted for an on-chain weight-based vote similar to Proof-Of-Stake consensus.
The voting function records the balance of the voting wallet and their desired voting decisions, whether that be in favour or opposition to the proposed changes. A transaction is created for every address that holds a balance greater than 1 STRAT Token within the wallet. If your wallet has been particularly active, this can equate to several transactions, only a small transaction fee is associated with each vote.
At the close of the voting period, all on-chain addresses will be scanned within the defined voting window, balances of addresses voting in favour will be totalled and compared to those voting in opposition.
For clarity, please refer to the below example.
- Token Holder A votes ‘In Favour’ with a STRAT Balance of 1000
- Token Holder B votes ‘In Opposition’ with a STRAT Balance of 500
- Token Holder C does not cast a vote with a STRAT Balance of 2000
The above scenario would result in an ‘In Favour’ decision.
It’s important to note that funds moved from the wallet will not count towards the voting decision. Furthermore, suppose you do make regular transactions within your wallet, as a result of the in-built privacy features contained within our wallet software. In that case, your addresses may change, resulting in your vote not counting towards the final voting decision.
Voting is made simple by the introduction of new Voting functionality within the latest wallet.
In order to vote you need to download latest version of Core WALLET : https://github.com/stratisproject/StratisCore/releases/
Full announcement here : https://www.stratisplatform.com/2020/09/25/introducing-strax/
