What is Status Network Token (SNT)?
Status (SNT) is one of the first decentralized desktop and mobile clients built on top of Ethereum. It was founded in 2017, enabling users to interact with dApps (decentralized applications) and share encrypted messages while also functioning as its own cryptocurrency wallet.
The Founders and Their Vision
The Status Network was founded on January 4, 2017, by Carl Bennets and Jarrad Hope after they had worked alongside one another for six years on a variety of projects. Their goal behind the formation of the project was to turn users into stakeholders, where they would have equal footing within a socioeconomic network.
The Evolution of Status Over the Years
Once the team completed its initial funding rounds back in 2017, it has since swiftly expanded, and now the employee count sits at more than 150, according to its LinkedIn profile. Following several years spent in development, the Status application, the main product within the network’s ecosystem, finally launched in February 2020.
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The Key Features of Status
Outlined below are some of the key features found within the Status network.
Status as a Mobile Ethereum OS
Status can be thought of as Ethereum’s mobile OS since it blends a browser and a messenger together, building a gateway for your day-to-day smartphone users to start utilizing decentralized applications.
Encrypted Messaging on Status
Every private message sent within Status is encrypted by default, end-to-end. When one registers for an account on Status, a cryptographic keypair will be generated to encrypt their messages and will be locally stored on their device.
Browsing Decentralized Apps with Status
As alluded to earlier, Status is a decentralized Web3 browser, which means that you can use it to browse all manner of decentralized applications found within Ethereum.
The Technical Underpinnings of SNT
Here, we will look at how Status fits into Ethereum and how it works within the second-largest blockchain network out there.
Ethereum and SNT: How They Work Together
Status seeks to become a hub for the various types of activities related to Ethereum, and to that end, it has developed numerous features that allow users to engage with or browse the plethora of decentralized applications on Ethereum.
In other words, it provides a mobile portal to the ecosystem underlying Ethereum.
Smart Contracts and SNT Transactions
Those holding its native token, i.e., SNT, may then receive or send various encrypted messages, payments, or smart contracts, which serve as the underlying code tying all the transactions on Status together.
The Role of SNT in the Status Ecosystem
Here, we will be looking at the various roles that the SNT token plays within the Status ecosystem.
Making Payments with SNT
Due to its nature as the native token of the Status network, it serves as a medium of exchange for the entirety of the services being provided, in that it can be used for payments.
Governance: Voting Rights Within the Status Network
Moreover, SNT holders may also be eligible for voting power equivalent to the tokens owned, which enables them to have a direct role within the decision-making process of the network, leaving lasting impacts on the future of Status.
The Utility of SNT for Developers and Users
Let’s now delve into other aspects of the token’s utility, particularly for developers, and how it may be staked.
Building Apps on Status
Status comes with a built-in decentralized application store that developers may use to submit the apps that they have made. After that, they may need to use the SNT token to handle the payment aspects of it.
Staking and Earning Rewards with SNT
Like with any other token found within the cryptocurrency landscape, you can stake the SNT token and be rewarded for doing so. However, you may also stake SNT for other reasons, like developers who wish to see the applications they have developed appear higher in the ranks.
Accessing the World of Decentralized Finance (DeFi) with SNT
Because Status serves as a sort of hub within the largest dApp network out there, Ethereum, it can be used as a gateway to access what the DeFi world has to offer, and underlying it all is the SNT token, essentially powering that entire hub.
Tokenomics of SNT: Supply, Demand, and Distribution
Now, let’s look at the tokenomics of the SNT token and how it has been performing lately.
Initial Coin Offering (ICO) and Distribution of SNT
In June 2017, the Status Network carried out its first ICO token sale, where it managed to raise approximately $107 million. According to its whitepaper, the initial distribution of the SNT token supply is 20% to status core development, 10% to status genesis token holders, 29% to reserve for future stakeholders, and 41% to public contributors.
Market Performance and Trading SNT
As for how the token has been performing lately, trading in at around $0.04, sentiments for this token appear to be a bit bearish, as it has been unable to recover substantially in value for quite a while now.
Challenges and Considerations for Status (SNT) Users
Within this section, we will discuss some of the challenges and security concerns that SNT users will ultimately have to look out for.
Market Volatility and Its Impact
Market volatility is something that largely affects the cryptocurrency landscape as a whole, and the SNT token is by no means exempt from this. Hence, one has to go about it carefully when deciding whether to buy or sell these tokens with a motivation for profit-making, as they could lose all their value at a moment’s notice.
Although now may be a good time to buy the token if one feels that it will accrue in worth later on, those same considerations about volatility should still be applied.
Security Concerns and How to Mitigate Them
The cryptocurrency landscape has often been the target of major attacks and scams, and a vast portion of them have taken place online, which brings to mind exchanges like FTX. The only solution to this dilemma is to not store your funds on any exchange and to try incorporating hardware wallets or cold storage, as they store your private keys offline, where they will be considerably safer against online threats.
SNT vs. Other Messaging and Payment Cryptos
Here, we will delve into how Status compares against other platforms like it.
Feature Comparison with Competing Platforms
One of the features that might make it stand out is how, alongside facilitating messaging, it includes its own built-in web browser for browsing decentralized applications.
In other words, it includes an interesting blend of features, serving as a hub or explorer for the vast number of applications found on Ethereum.
Positioning in the Cryptocurrency Market
By market capitalization, the token ranks at 175, according to CoinMarketCap, and by daily trading volume, it’s ranked a little higher, at above 143. This implies that, as far as the token is concerned, it’s ranked a bit far behind when compared to its competitors, as it hasn’t yet managed to break the top 100.
How to Get Started with Status (SNT)
Below, we will be diving into how you can get on board with this platform and engage with the services on offer here.
Setting up a Status Wallet
Setting up your own status wallet starts with creating an account on the platform, which can be done either through its website or mobile applications. Once done with registration, you can move on to setting up that wallet, and this should be a straightforward endeavor.
Just head over to its website, and from the Features drop-down menu, click on the Wallet option. Following that, just follow the instructions that Status will outline to get done with the setup.
Acquiring and Storing SNT
SNT can be acquired on many exchanges, like Binance, OKX, Bitget, Upbit, and many more. Once you have picked your exchange to buy from, simply register on it, deposit some funds, engage with any of the options provided to buy those SNT tokens, and then withdraw them to your wallet.
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Participating in the Status Community
After acquiring those SNT tokens, you can now finally engage with the SNT community by browsing through the various applications, messaging others, and, if you desire, sending some cryptocurrency to them directly from the chat, among other features.
The Future of Status (SNT)
What does the future hold for the Status Network as a whole? Let’s find that out below.
Potential Future Integrations and Partnerships
While the network hasn’t announced many partnerships or integrations with other protocols, given its nature, developers will likely integrate or have many decentralized applications on it later on.
Roadmap and Milestones for Status
The new direction that Status will undertake is what it refers to as “Status super apps,” along with “Status Desktop 1.0” and “Status Mobile 2.0” applications. In other words, this is indicative of a sort of overhaul or the next milestone for Status to achieve.
Conclusion
As a socioeconomic network, Status seeks to hand control back over to its users. Therefore, you will not find any centralized control here, where participants have an active hand in how things can be run, along with access to numerous interesting features, such as a Web3 browser, encrypted messaging, and a wallet, among various others.
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Therefore, we are not responsible for the investment decision in Status Network Token and the resulting loss.
Status Network Token Basics
Here are some factors that investors should consider before investing in Status Network Token.
| Cryptocurrency Features | Status Network Token (SNT) |
|---|---|
| Publisher or Developers | Carl Bennets, Jarrad Hope |
| Headquarters (Registration Number) | Zug, Switzerland |
| Symbol | SNT |
| Platform | Ethereum |
| Published Date (CMC Registration) | 2024-12-01 |
| Max Supply | No limit |
Reliability Score of Status Network Token in 2024
These are indexes mesuring the investment reliability of Status Network Token conducted by Coin-Labs.com.
| Investment Reliability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | / 10.0 CAR |
| Communication Rate | / 10.0 CR |
| Technology Transparency Rate | / 10.0 TTR |
| Development Participation Rate | / 10.0 DPR |
| Listing Status on the World's Top 10 Exchanges | Listed on 6 Exchanges |
| Number of Available Pairs Worldwide | 158 Pairs |
| Market Cap of the Cryptocurrency | 143,761,763 USD (Rank #279) |
The table above shows the result of investment suitability evaluation for Status Network Token.
Check out how we evaluate cryptocurrencies on the crypto rating description page.
Status Network Token Price
Here are the price and recent trading volume of Status Network Token. (Data of 2024-12-02 03:40:00)
| Price Items | Price and Trading Volume of Status Network Token |
|---|---|
| Status Network Token Price | 0.048 USD |
| Price Change 24h | 6.97% |
| Price Change 7d | 11.93% |
| Trading Volume 24h | 118,059,299 USD |
| Trading Volume Change 24h | 487.88% |
Cryptocurrency Metadata
You can check the development status and social media information of Status Network Token through the links in the table below.
| Metadata Source | URL |
|---|---|
| π Official Website | |
| π White Paper | |
| π°οΈ Source Code (GitHub) | |
| π¦ Twitter | |
| π€ Reddit | |
| πΊ Message Board |
Where to Buy Status Network Token
Here are the top ten world crypto exchanges where traders can buy Status Network Token in 2024.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Listed | https://www.binance.com/en/trade/SNT_BTC |
| Coinbase | Listed | https://pro.coinbase.com/trade/SNT-USD |
| Kraken | Not listed | |
| KuCoin | Not listed | |
| Bitfinex | Not listed | |
| OKX | Listed | https://www.okx.com/trade-spot/snt-usdt |
| Huobi | Listed | https://www.htx.com/en-us/trade/snt_usdt?type=spot |
| Bitstamp | Not listed | |
| Bybit | Listed | https://www.bybit.com/trade/usdt/SNTUSDT |
| Gate.io | Listed | https://www.gate.io/trade/SNT_USDT |
Frequently Asked Questions
What is the current price of Status Network Token?
Status Network Token price today is 0.048 USD. Furthermore, the price of Status Network Token has fluctuated by 6.97% from 24 hours ago, and by 11.93% from a week ago.
Where is Status Network Token listed?
Currently, it is listed on a total of 6 among the world top 10 exchanges.
What is the market cap of Status Network Token now?
Currently, Status Network Token has a market cap of 143,761,763 USD, which is ranking 279 among cryptocurrencies worldwide.
How much is the trade volume of Status Network Token?
Currently, 3,996,914,543 SNT coins are circulating through 158 market pairs. As a result, in the last 24 hours, 118,059,299 USD of SNT coins were traded in the market.
