What is Status (SNT)?

Status is an open-source messaging, crypto wallet, and Web3 browser application with a focus on decentralization. It is decentralized and free of ads, offering users an ad-free experience, and it also utilizes simple peer-to-peer communication in order to give users a cheaper but more reliable way to communicate with their friends and family.

Status offers a consumer-friendly decentralized interface to the Ethereum network. It provides access to Ethereum through a mobile device and it combines an easy-to-use UI with various advanced features for more powerful users. The goal of Status is not only to make the Ethereum network easily accessible but also to implement useful features that allow people to interact with the network in new and creative ways. Status will also enable encrypted messaging parties between users through Whisper, and integrate decentralized applications into the chat interface with Web3.

Its cryptocurrency has been experiencing rapid growth in userbase, interest in the project, network hash rate, active nodes & daily transactions owing to its use-cases. Status Network tokens (SNT) tokens can be used as a currency between users on different status networks and as a reward for developers who build or popularize apps used by people on the network.

The SNT token exchanges value between individuals through their status networks by creating a “token basket” that will contain all essential digital services like file sharing, messaging, marketplaces, and more. The idea is to have a digital decentralized platform that will give users access to products and services which will make their day-to-day lives easier, cheaper, and more secure.

 

Who are the Founders of Status (SNT)

Status was founded in June 2017 by Carl Bennetts and Jarrad Hope. The team behind Status is made up of approximately 104 contributors who are also working on the project full-time while they also maintain their regular jobs in various tech companies such as Google, Canonical, and even Facebook. Status has been named by CNBC as one of “The 25 coolest startups in Europe”.

 

What is Status (SNT) used for?

Status can be used to interact with decentralized applications (Dapps) directly from the app. All that is needed to do this is a Metamask plugin (which you can get for free) and then you will be able to share URLs of different Dapps which you can use or even interact with directly from your Status application.

The application can also be used to send encrypted messages, locate other users nearby, pay for digital goods & services and even interact with other decentralized applications (Dapps). This means that it is accessible on all different types of devices, no matter whether they’re mobile or desktop computers. Users can make transactions with a variety of digital currencies on the app.

The Status Network Token (SNT) which has been designed with the belief that it could be utilized as a platform for exchanging value between individuals through their status networks, will work as a “token basket” where all essential digital services like file sharing, messaging, marketplaces, and more will be in one place.

 

What Makes Status (SNT) Unique?

Status is a smartphone application that works through the internet browser. It was created for the Ethereum Network, allowing users to connect, send encrypted messages, and make transactions all through the app.

This means that Status users can be connected to others even if they are using a different internet browser or device. All of the data is transmitted via peer-to-peer communication, which also allows for transaction fees to be significantly lower than what you would get from using services such as PayPal.

Status is unique because it allows a group of people to interact in a secure and trustless manner while creating communication between all users as easy as possible.

It also allows for users to make secure transactions with one another with its encrypted messaging system. Users can encrypt and decentralize their messages, attachments, images, and videos on a peer-to-peer network. The Status team made the encryption of data easy so that it can be sent between people in a simple manner.

Secured messages are synced between the sender and receiver, removing any ability for third parties to intercept them or alter them in any way. There are no fees added to secure message exchanges either, which means there is no cost to sending them either!

The interface is also simple to use and gives quick access to all of the features installed in the Status app.

 

How Many Status (SNT) Coins Are There in Circulation?

Status tokens currently have a circulating supply of 3,470,483,788 SNT. It has no fixed maximum supply. The current market cap of the token is approximately $187,525,492 as of February 2021.

 

How is the Status Network Secured?

The Status Network is the first Ethereum-based mobile operating system, and it will provide free, fast transactions to its users. These transactions are secured by Ethereum’s consensus algorithm, Proof-of-Work (PoW).

Messages and data stored on the Status network are completely secure using advanced encryption techniques and cannot be accessed by external parties.

The user’s identity privacy is guaranteed with a keypair protected by a password, and the User’s assets are stored on a non-custodian account, with a secret recovery phrase to prevent phishing attacks.

The project is fully decentralized with limited interference from third parties, which reduces the possibility of a single point of failure and other malicious actors.

 

How do I Status (SNT) tokens?

The Status community is a tokenized ecosystem in which users can interact and transact with one another. Its token has recently gained popularity, prompting popular exchanges to list it on their platform. SNT can be acquired by following the steps outlined below.

  • Open an account on a supported exchange such as Binance and Kucoin.
  • Deposit a specific amount of Fiat money.
  • Purchase your SNT tokens.

 

Which Cryptocurrency Wallet Supports Status (SNT)?

The PTPWallet platform supports many cryptocurrencies simultaneously such as Status (SNT). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their SNT wallet because it offers a simple and interactive interface making it easy for people to navigate its system.

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