Table Of Contents
With the digital asset market continuing to flounder, investors have been on the hunt for high-potential altcoins. Currently the flavour of the day is none other than veteran project Stratis and its native token ‘STRAX’ which has seen a significant jump in value over the past 24 hours.
Having experienced and survived multiple ‘crypto-winter’ events, Stratis is a robust project that too often goes under the radar. If the team behind this project is able to deliver on its promises for the latter half of 2022, this may soon change.
While Stratis often touts its tagline ‘blockchain made easy’, this does not mean being simplistic or single-minded. The team has clearly recognized a need to keep up with the times and expand its offering by reaching into areas such as digital securities, stablecoins, NFTs, and more. With this in mind, the following are the key hurdles which the project intends on clearing in the coming months per its most recent communication.
First announced in May of 2021, the Great British Pound Token or ‘GBPT’ is a stablecoin currently under development with the token being built using ‘Stratis technology’. Over a year in, and the team behind the project has shared a promising update, stating, “Stratis is currently working with Price Waterhouse Coopers (PwC) to complete FCA Registration. We also expect this partnership to continue with PwC, whereby they provide auditing services for the GBPT stablecoin implementation.”
As one of the largest accounting firms around, any affiliation and cooperation with PwC should give instant credibility to this project. This, combined with a noted willingness on the behalf of existing payment processors like Visa to accept stablecoins, might just be the fuel needed for GBPT to hit the ground running when finally launched.
Interestingly, another token dubbed ‘GBPT’ was also recently announced by stablecoin specialists ‘Tether’. As the issuer of the worlds current #1 stablecoin (albeit with a tenuous grasp on this moniker) Tether has the reach, resources, and know-how to make such an endeavour work. While this may be competition for Stratis and its planned project, it also points to a clear need/demand for such an offering.
Brand Awareness and Marketing
Despite maintaining a constant presence within the digital asset sector for years now, Stratis has often flown under the radar while other projects like Solana, Cardano, Ethereum, and more have each had their time in the sun. Clearly if Stratis is going to thrive, its brand awareness needs a major boost so that it can become a name commonly referenced in along with those listed. In an effort to achieve this, Stratis indicates that it’s continued partnership with SGK will see an expansion of marketing campaigns both within and outside of the United Kingdom.
Moving forward, Stratis states that it will not only be creating a series of short videos, but will be “employing several agencies, including paid media, and targeted outreach on social media platforms such as TikTok, Twitter, Facebook and Reddit.”
Beyond these two major initiatives, the team at Stratis indicates that it will be building out the following services in time.
- NFT Ticketing System (validation of event tickets and associated perks through NFT verification)
- SDA Gaming Projects Go Live (Dawn of Ships, Trivia Legends, My XR Gallery, etc.)
- Stratis Africa (educational initiatives surrounding blockchain through support of the Foundation of King Oyo in Uganda)
Upon providing this most recent update, it would appear as though investors interest was piqued. The result? A massive spike in STRAX value which saw the token jump from $0.6267 to a high of $1.502 within hours.
Although this is no doubt an unsustainable spike and most likely a simple ‘pump-and-dump’ – especially given current market conditions – it will most definitely bring the project and its potential to the forefront in the minds of many. Despite boasting simple-to-learn languages for blockchain development on its platform (C# and .NET), along with a Proof-of-Stake consensus mechanism (often viewed as advantageous in a period placing increased emphasis on environmental sustainability) , Stratis needs to deliver on its plans if it expected to endure yet another crypto-winter and thrive in the coming years.
Joshua Stoner is a multi-faceted working professional. He has a great interest in the revolutionary 'blockchain' technology. In addition to this, he is a licenced Paramedic in Nova Scotia, Canada. As such, he can provide emergency care/medicine to any situation necessitating it.