What is Status?
The Status token, or SNT, is a utility token native to the Status Network. The latter is a Web3-based mobile messaging platform built on the Ethereum blockchain.
SNT stands for Status Network Token. It’s based on the ERC-20 token standard and has more than one use case.
The primary function of SNT is to power the Status Network. In order to become a network participant, users must identify themselves via a unique ENS username. 10 Status coins are needed to register a username for a period of 1 year.
The Status token secures the conversations via an anti-spam mechanism called a Tribute to Talk. Users must set a minimum amount of Status tokens that must be paid by another user who wants to contact them. These tokens are paid out to the recipient upon a reply.
SNT is the only medium of exchange used to cover push notification costs. Moreover, the Status token enables users to launch semi-public group chats based on the number of tokens one has in possession.
Furthermore, content curation on the Status Network is controlled by SNT holders. Developers can pay a specific amount of Status tokens in order to place their dApp in a better position.
In addition, SNT serves as a governance token. This means that SNT holders can vote on whether to accept or reject a proposal that will change the future development of the project. Users who have a higher amount of SNT tokens hold a higher amount of voting power.
The Status token is also necessary on the Sticker Market that allows users to design and sell their own stickers, as well as the Status Teller Network. Both of these applications are within the Status Network.
The Status token was launched via an Initial Coin Offering (ICO) event. It was hosted in June of 2017 and helped raise over $99,000,000.
There are two ways to obtain SNT: purchase it through an exchange or participate in the Bug Bounty program.
There is a total supply of 6,804,870,174 Status tokens. They were to be distributed during the Contribution Period as follows:
- 41% - Public Contributors;
- 29% - Future Stakeholders;
- 20% - Core Team;
- 10% - Genesis SNT Holders.
The Contribution Period began in late June 2017.
You can have a more in-depth look at the SNT price history, or the current Status price, on the graph above.
What are the Main Features of Status?
Status is a free mobile app. It’s available on devices running iOS and Android operating systems.
Besides functioning as a blockchain-based messaging app, Status is also a Web3 browser that enables users to make P2P transactions and explore more than 2,00 dApps on the Ethereum blockchain.
Status operates using Whisper - a P2P communication subprotocol exclusive to Ethereum.
In the What is Status section, we discussed how users must register a username to become part of the Status Network. Even though network participants are already identified via a unique SECP256K1 public key prior to the username registration, the usernames are necessary to facilitate the recovery process in case of loss of private keys or a device. In addition, assigning a human-readable username allows users to be easily recognized within the network.
There is a wide range of products and services available on the Status Network. One of them is Keycard - 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 fee within the Status Network - a transaction fee that goes directly to Ethereum.
As discussed in the What is Status section, push notifications are monetized on 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 maintains privacy and eliminates censorship while enabling a way to trade in a completely transparent and open manner.
In addition, Status aims to accelerate the adoption of decentralized applications based on the Ethereum network.
Since the project is open-source, the code is publicly available for anyone to review.
Who Developed Status?
The idea behind the Status crypto project was born in late 2016, however, the platform itself was launched in mid-2017. It’s a Switzerland-based company co-founded by entrepreneurs Carl Bennets and Jarrad Hope.
Carl Bennets has over 10 years of experience in various fields including business management, communications, and operations.
Before Status, the duo ran a software distribution company.
Nabil Naghdy also was a major part of the Status crypto project. He is a project manager with over 9 years of experience at major companies such as Google and eBay. He served as the COO of Status for 2 years, before going back to Google.
Status has also secured beneficial partnerships with other blockchain-based projects such as Finney, FOAM, and OmiseGO.
Please make sure to do your research before diving into any crypto project. In this case, you can begin by having a better look at the Status price on the graph above.