Status

What is status?

Status token, or SNT, is a utility token built into the Status network. The latter represents Web3 based mobile messaging platform built on the Ethereum blockchain.

SNT stands for State Network Token. It is based on the ERC-20 token standard and has more than one use case.

The main function of SNT is To enable the status network. To become a member of the network, users must identify themselves using a unique ENS username. To register a username for a period of 1 year, 10 Status Coins are required.

The status token protects conversations using an anti-spam mechanism called Tribute to the conversation. Users must set a minimum number of status tokens that another user wishing to contact them must pay. These tokens are paid to the recipient upon response.

SNT is the only medium of exchange used to cover Cost of push notifications. Moreover, the status token allows users to run semi-public group chats depending on the number of tokens available.

Moreover, content curation in the Status network are controlled by SNT holders. Developers can pay a certain number of status tokens to improve the standing of their decentralized application.

In addition, SNT acts as control token. This means that SNT holders can vote to accept or reject a proposal that will change the future development of the project. Users who have more SNT tokens have more votes.

A status token is also required on Sticker market which allows users to create and sell their own stickers, as well as Network of status counters. Both of these applications are on the Status network.

The status token was launched via Initial Coin Offering (ICO) event. It was held in June 2017 and helped raise over $99,000,000.

You can receive SNT in two ways: purchase it through an exchange or take part in the Bug Bounty program.

There are a total of 6,804,870,174 status tokens available. They were supposed to be distributed during deposit period following:

• 41% – Public authors;
• 29% – Future stakeholders;
• 20% – Core team;
• 10% – SNT Genesis holders.

The contribution period began at the end of June 2017.

You can view SNT price history or the current Status price in more detail in the chart above.

What are the main characteristics of status?

Status is a free mobile application. It is available on devices running iOS and Android operating systems.

Besides acting as a blockchain-based messaging app, Status is also Web3 browser it allows users to make P2P transactions and explore over 200 dApps on the Ethereum blockchain.

The status works with Whisper — P2P communication subprotocol, exclusive to Ethereum.

V What is status In the section, we discussed how users must register a username to become part of the Status network. Despite the fact that network participants are already identified by a unique Public key SECP256K1 Before registering a username, usernames are required to facilitate the recovery process in case of loss secret keys or device. Additionally, assigning a human-readable username makes it easy to recognize users online.

A wide range of products and services are available through the Status Network. One of them is Key card – a hardware wallet that can be integrated with the Status app. It adds another layer of security to the user’s account, private keys and funds.

There is only one type of commission in the Status Network – a transaction fee that goes directly to Ethereum.

As discussed in What is status In the “Push notifications” section, they are monetized in the “Status” network. The reason for this design is decentralization.

One of the main goals of this project is to create an open source communication tool that ensures privacy and eliminates censorship, while allowing trading in a completely transparent and open way.

In addition, Status aims to accelerate the adoption of decentralized applications based on the Ethereum network.

Since the project Open sourceThe code is available for everyone to review.

Who developed the status?

The idea of ​​the Status crypto project was born at the end of 2016, but the platform itself was launched in mid-2017. This is a Swiss company founded by entrepreneurs. Carl Bennetts and Jarrad Hope.

Carl Bennetts has over 10 years of experience in a variety of areas including business management, communications and operations.

Before Status, the duo ran a software distribution company.

Nabil Naghdi was also an important part of the Status crypto project. He is a project manager with over 9 years of experience in large companies such as Google and eBay. He served as COO of Status for two years before returning to Google.

Status has also entered into lucrative partnerships with other blockchain-based projects such as Finney, FOAM, and OmiseGO.

Please be sure to do your research before diving into any crypto project. In this case, you can start by taking a closer look at the Status price in the chart above.