What is cryptocurrency Status (SNT) and how does it work?

What Is Status (SNT)?

Status (SNT) is the first decentralized mobile and desktop client built on Ethereum. Founded in 2017, SNT allows users to engage with decentralized applications (dApps), send encrypted messages, and also functions as a cryptocurrency wallet. Status was designed to make Ethereum users feel as comfortable as possible with the network while still providing flexible functionality for developers. 

Status’s goal is to create users-as-stakeholders with equal footing in a socioeconomic network. By addressing incentive misalignment, sock puppet bot creation, and other malicious activity normally found on social networks, Status (SNT) can operate as a platform where stakeholders have a real voice and the ability to influence the direction of the software.

How Does Status work?

The Status Network Token (SNT) is required for certain features of the network. This means that the network becomes aligned with the interests of the users who hold SNT. Status is built on the Ethereum protocol and relies on Ethereum to maintain an ‘immutable’ record which helps it maintain an accurate record of every SNT holder’s actions.

Status (SNT) holders can send and receive encrypted messages, smart contracts, and payments. They’ll be able to browse and chat on web3 dApps. They can also store and manage their crypto-assets with the Status Wallet.

SNT users also receive voting power equal to the tokens they hold which allows them to make decisions affecting the network. It does not cost any SNT to vote. This is an effective, free, and decentralized method that allows Status users to be the ones in control of the platform.

Who Are the Founders of Status? (History of SNT)

Status was founded on January 4th 2017 by Jarrad Hope and Carl Bennets after working together for 6 years on various projects. With the exception of the initial Development Grant received from the Ethereum Foundation – Status has been entirely self-funded by the founders of the project. Since then, Status’ first public alpha was released in January 4th 2017 for Android & iOS

The initial coin offering (ICO) for Status raised 182,000 ETH and created approximately 1.63bn tokens on the network. However, not everything went smoothly. Several users sent transactions to the announced smart contract before the sale officially started. The backlog accelerated as more users rushed to get in their transactions from fear of missing out causing many users to pay additional fees or fail transactions.

Despite claims that the initial launch was flawed, SNT remains a popular cryptocurrency to this day. 

What Makes Status (SNT) Unique?

Status is unique as the first decentralized mobile and desktop client built on Ethereum. 

Status uses state of the art technology and a peer-to-peer decentralization model that prevents any 3rd party from controlling a user’s data and ensures a private, secure method of communication. Status has no knowledge of whom you’re contacting or what you’re saying.

What Gives Status (SNT) Value?

Users realize value by participating in various activities on the Status network. Since users are stakeholders the network incentives are always aligned to reward SNT holders and active participants. 

Status SNT

Buy

Bitcoin BTC

Buy

Ethereum ETH

Buy

Holding the SNT token allows users to create a username, make transactions on the network, and participate in governance votes. 

How Many Status (SNT) Coins Are in Circulation?

Status (SNT) has a circulating supply of 3,470,483,788 SNT with a total maximum supply of 6,804,870,174 SNT tokens. Additional SNT tokens can be earned by future stakeholders who host and manage a node. The Status ICO occurred on June 20, 2017 and was sold out in a day. Investors received 100,000 for 1 ETH. The project raised $99 Million USD. During this time, one SNT cost $0.0365 USD.

How Is Status (SNT) Secured?

Status uses an open-source, peer-to-peer protocol, and end-to-end decryption service called Whisper, which requires a special kind of Ethereum node to store and transfer messages. 

Status is currently the only instance of Whisper being used in production. Due to this, Status hosts a set of unique nodes in order to support its users. This allows additional security and flexibility for users on the Status (SNT) network. 

Other Technical Data

Web 3.0 Browser – a GUI or client that allows you to interact with the third generation of internet services, intelligent websites and web applications, which focus on using a machine-based understanding of data. Typically decentralized in nature.

Open Source – software for which the original source code is made freely available.

Socioeconomic Network –  a network where economic activity affects and is shaped by social processes.

How To Use Status (SNT)

The Status platform offers two clients for its users, Mobile or Desktop. By holding SNT users are able to access and perform certain features on the client. This is a list of all the features SNT holders may access:

• Proposing and voting on Status governance issues
• Registering and reserving usernames
• Receiving badges which indicate an account’s level of trustworthiness
• Creating and joining public groups that require certain badges to enter
• Sending and receiving qualified messages (tribute to talk)
• Ability to use Status curation mechanisms (e.g., content or dApps)
• Selling digital assets in the Status Teller Network
• Receiving  push notifications
• Listing dApps to gain exposure in the dApp Directory
• Accessing the Sticker Market
• Other extra features of the network

How To Choose a Status Wallet

The type of Status (SNT) wallet you choose will likely depend on what you want to use it for and how much you need to store.

Hardware wallets or cold wallets provide the most secure option with offline storage and backup. Both Ledger and Trezor hardware wallets offer storage solutions for SNT. Hardware wallets can involve a bit more of a learning curve and are a more expensive option, however. As such, they may be better suited to storing larger amounts of SNT for more experienced users.

Software wallets provide another option and are free and easy to use. They are available to download as smartphone or desktop apps and can be custodial or non-custodial. With custodial wallets, the private keys are managed and backed up on your behalf by the service provider. Non-custodial wallets make use of secure elements on your device to store the private keys. While convenient, they are seen as less secure than hardware wallets and may be better suited to smaller amounts of Status (SNT) or more novice users.

Online wallets or web wallets are also free and easy to use, accessible from multiple devices using a web browser. They are considered hot wallets and can be less secure than hardware or software alternatives, however. As you are likely trusting the platform to manage your SNT, you should select a reputable service with a track record in security and custody. As such, they are most suited for holding smaller amounts or for more experienced frequent traders.

Kriptomat offers a secure storage solution, allowing you to both store and trade your Status (SNT) tokens without hassle. Storing your SNT with Kriptomat provides you with enterprise-grade security and user-friendly functionality.

Selling and buying SNT, or exchanging them for any other cryptocurrency, is done in mere moments when you choose our secure platform as your storage solution.

Status (SNT) Staking

Status may be used for staking. SNT currently offers two types of nodes, relay and history.

Relay Node – a regular Waku Node which relays messages between nodes, including mobile or desktop clients.

History Node – also known as a Mail Server, it stores historical messages and delivers them when queried.

Further information on how to run a SNT node may be located here. There are currently no additional incentives for staking SNT on a node as of yet.

Conclusion

Status is a well-established cryptocurrency that has encountered and passed numerous obstacles. It offers a unique value proposition in terms of its secure and private network for communications. 

Status has defined secure communication in the cryptocurrency space and serves as a prime example of decentralization. By allowing users to create and operate their own trustless social-economic marketplace Status has made Ethereum more accessible than ever before.

Status FAQ

Is Status a Competitor to Ethereum?

No. Status (SNT) was designed to enhance the capabilities of the Ethereum network by adding utility and maximizing the amount of daily users that can participate. 

When Will Staking Be Released?

Staking is already released for SNT in the form of Nodes. Users may stake their coins on any SNT following this official guide. Status (SNT) does not currently offer additional rewards but plans to and users may join the official SNT discord for additional information and voting schedules.

How To Buy Status (SNT)

Buying SNT is as easy as visiting Kriptomat’s how to buy Status page and choosing your preferred method of payment.

How To Sell Status (SNT)

If you already own SNT and hold it on a Kriptomat exchange wallet, you can easily sell SNT coins by navigating the interface and choosing your desired payment option.

Status Price

Several factors influence Status price & market cap, including exchange inflows and outflows, sentiment, technical and fundamental developments, the news cycle, and the general economic environment.

Like Bitcoin, the price of SNT is decided at any given moment by the cumulative buying and selling of millions of participants worldwide. You can keep up to date on the latest price action and news using crypto exchanges like Kriptomat or one of the many different cryptocurrency tracking services.

The current Status (SNT) price is EUR.

The 24-hour trading volume of SNT is EUR. SNT is currently ranked of all cryptocurrencies by total market capitalization, with a market cap of $ EUR. It has a circulating supply of SNT.

Register now to begin your journey into the world of Status and cryptocurrencies with Kriptomat!

If you’re experiencing any issues or have any questions at all, please don’t hesitate to reach our Customer Support Team. We’re always here to help!