Status is a cryptocurrency that is both a messaging platform and a mobile browser. This ecosystem runs on the Ethereum platform and positions itself as a lighter version of it. In addition, it is also a platform for DApp developers. At the same time, platform participants have complete freedom to manage their personal data, maintain their online identity and manage their material savings.
The site has its own internal coin - the SNT token (Status Network Token). It is this that users can use to perform various financial transactions. True, despite a fairly strong base, the Status platform is not having the best of times. But users still prefer it to send encrypted messages to each other. Therefore, as soon as this project appeared, it took a stable position in the cryptocurrency market. And all because the platform is very simple - even people who do not have deep knowledge of programming or cryptocurrencies can use it. The interface is intuitive even for complete laymen in this area.
What it is
Status is an open source platform for interacting with DApps (applications related to Ethereum smart contracts, but not directly working with finance).
Using the platform, people interact with distributed applications. In short, this is an analogue of Telegram, running on the Ethereum platform. The information is processed by the entire blockchain network.
Messages from system participants are edited not by centralized servers, but by the entire blockchain. To ensure a high level of security, they are encrypted using complex cryptographic algorithms at the time of sending. The developers conducted an ICO and created a convenient application with a simple interface that works on mobile devices. They call the project not just a messenger, but a distributed mobile operating system. People will be able to send and receive messages and conduct transactions. It is now possible to use decentralized applications DApps using a browser. Platform users can add any functionality using the API (application writing interface).
When you buy coins, you get a share of Status.
Advantages
According to analysts and crypto market experts, the advantages of the Status project and the SNT token include the following features:
- The team of coin creators consists of experienced crypto developers who previously managed to take part in the creation of other successful projects. It should also be noted that the SNT developers managed to organize a successful campaign to attract investments, which is indirect evidence of the high professional level of the coin’s authors;
- the project combines the main advantages of instant messengers, social networks, as well as trading decentralized exchange platforms;
- software tools from the creators of the project are fully adapted to work on Android gadgets, as well as on iOS devices;
- the presence of many useful functions, the number of which is constantly expanding due to the support of the project from the creators, as well as third-party developers;
- Due to the platform’s serious media potential, it will be able to expand its user audience in the shortest possible time.
Objective of the project
The Status developers focused on providing easy access to the Ethereum platform for ordinary users outside the blockchain and smart contracts. They develop a user-friendly and intuitive interface to easily and quickly access DApps. There will be no intermediaries or centralized servers.
People will be able to interact with the Ethereum blockchain and see the benefits of the protocols and new useful tools.
Flaws
In addition to purely positive aspects, the project has some disadvantages, namely:
- the difficulty of predicting the price of a token, which is explained by the volatility of this asset. Given this factor, many investors are wary of investing in cryptocurrencies as such investments involve the risk of losing a significant portion of the investment;
- cryptocurrency developers do not provide users with any financial guarantees, so investors must assess all existing risks and weigh them against potential profit before investing;
- despite the fact that the developers of the site position it as a killer of Telegram and other popular instant messengers, as well as social networks, yet, given the low bandwidth of this crypto network, it will certainly begin to experience serious problems and technical failures with a significant and rapid expansion of the user audience;
- the impossibility of mining crypts even through cryptocurrency pools, which automatically limits the circle of potential users of the project.
If the Status developers manage to eliminate at least some of the existing problems, then they will be able to give the project a new impetus to begin more active development.
History of creation
The developers began creating the platform in early 2016. The project was founded at the end of June last year. The advertising campaign was not aggressive. This indicates the serious intentions of the creators. On the day of the token sale, they managed to collect one hundred million dollars, although the developers were counting on twelve.
Twenty thousand people wanted to invest money in the project. This is a great success. Number of issued tokens: 1.5 billion.
After the launch of trading, SNT coins gained the most popularity on the South Korean exchange Upbit. 94 percent of the total circulation of the coin was recorded here.
According to information from coinmarketcap.com, today the cryptocurrency ranks 33rd in terms of capitalization.
Cryptocurrency cost and project capitalization
The STN coin appeared on exchanges on June 29, 2022. The initial cost of the token is $0.06. Until December, quotes were marking time; the chart clearly shows the minimum amplitude of price fluctuations. The uptrend began on November 29, 2022.
The first historical maximum formed at $0.21 (12/19/2017), then there was a minor and short-term pullback, after which the quotes rushed up again.
The highest price value was recorded on January 4, 2018 – $0.64, at that time the project capitalization exceeded the mark of $2.2 billion. Immediately after updating the maximum, quotes began to move down again.
The current value of the coin is $0.15 with a capitalization of just over $500 million. In the overall ranking, the project occupies 47th position.
Development team
The main participants in the creation of the project are:
- Jarrad Hope. Project manager, previously worked on the Opulence project, which attracted twenty million dollars in investments.
- Carl Bennetts. Engaged in marketing.
- Roman Volosovsky. Project Manager.
- Andrey Shovkoplyas, Gustavo Nuns and Alexander Pantyukhov. Clojure programmers.
- Andrey Mironov. Engaged in design and creation of user interface.
Coin architecture
Most of the existing dApps are attractive to use. They will be more interesting after being combined into one system. A simple interface allows you to run applications from tablets and smartphones. Blockchains operate on the client side. The platform solves two problems: a distributed messenger and a platform for hosting dApps. Allows you to run any digital application.
The authors' idea can be compared to the idea of Windows. You don't need to be a programmer to connect to the blockchain network. All you need is a smartphone.
Possibilities
Let's look at the main functions of the network:
- Runs on the Ethereum network and is an open source messaging platform.
- The main goal is to create a social network of a new generation of social networks.
- Sending and receiving messages in encrypted form.
- Using smart contracts and interacting with distributed applications.
- Money is stored in hardware wallets.
- A security system based on TrustDavis is used.
- Spam filter that allows you to set a minimum amount of coins. The participant will have to replenish the wallet with it so that other people can contact him.
- Finding the closest people in a given region for currency exchange.
- Search for useful applications using the DApp Directory.
- Instant messaging using the Talk function.
Where can I buy?
The coin is traded on the following exchanges.
| # | Exchange | Pair |
| 1 | ZB.COM | SNT/USDT |
| 2 | Coinbit | SNT/KRW |
| 3 | Upbit | SNT/KRW |
| 4 | IDCM | SNT/BTC |
| 5 | LATOKEN | SNT/ETH |
| 6 | Bithumb | SNT/KRW |
| 7 | BW.com | SNT/USDT |
| 8 | Coineal | SNT/BTC |
| 9 | Dcoin | SNT/USDT |
| 10 | BW.com | SNT/BTC |
| 11 | Huobi | SNT/USDT |
| 12 | Binance | SNT/BTC |
| 13 | Hubi | SNT/BTC |
| 14 | OKEx | SNT/BTC |
| 15 | TOPBTC | SNT/ETH |
| 16 | OKEx | SNT/USDT |
| 17 | DragonEX | SNT/USDT |
| 18 | Coineal | SNT/ETH |
| 19 | ABCC | SNT/ETH |
| 20 | CoinZest | SNT/KRW |
| 21 | LATOKEN | SNT/BTC |
| 22 | CoinTiger | SNT/BTC |
| 23 | Bittrex | SNT/BTC |
| 24 | Huobi | SNT/BTC |
| 25 | Upbit | SNT/BTC |
| 26 | Bittrex | SNT/ETH |
| 27 | CHAOEX | SNT/ETH |
| 28 | Binance | SNT/ETH |
| 29 | Upbit | SNT/ETH |
| 30 | Gate.io | SNT/USDT |
| 31 | Vebitcoin | SNT/BTC |
| 32 | BW.com | SNT/ETH |
| 33 | GOPAX | SNT/KRW |
| 34 | Poloniex | SNT/BTC |
| 35 | OKEx | SNT/ETH |
| 36 | Korbit | SNT/KRW |
| 37 | 55 Global Markets | SNT/ETH |
| 38 | Cashierest | SNT/KRW |
| 39 | OOOBTC | SNT/BTC |
| 40 | IDAX | SNT/ETH |
| 41 | Poloniex | SNT/ETH |
| 42 | CoinPlace | SNT/BTC |
| 43 | Ethfinex | SNT/USD |
| 44 | Poloniex | SNT/USDT |
| 45 | IDAX | SNT/BTC |
| 46 | Bitrue | SNT/BTC |
| 47 | LiteBit.eu | SNT/EUR |
| 48 | Ethfinex | SNT/ETH |
| 49 | Kucoin | SNT/BTC |
| 50 | HitBTC | SNT/BTC |
| 51 | Cyber Network | SNT/ETH |
| 52 | Trade.io | SNT/BTC |
| 53 | Neraex | SNT/BTC |
| 54 | Gate.io | SNT/ETH |
| 55 | Bancor Network | SNT/BNT |
| 56 | Gate.io | SNT/BTC |
| 57 | HitBTC | SNT/ETH |
| 58 | CREX24 | SNT/BTC |
| 59 | Trade.io | SNT/ETH |
| 60 | Bitkub | SNT/THB |
| 61 | DDEX | SNT/WETH |
| 62 | Ethfinex | SNT/BTC |
| 63 | Bitrue | SNT/ETH |
| 64 | Livecoin | SNT/BTC |
| 65 | Kucoin | SNT/ETH |
| 66 | IDEX | SNT/ETH |
| 67 | WazirX | SNT/USDT |
| 68 | EXX | SNT/BTC |
| 69 | GOPAX | SNT/BTC |
| 70 | ZB.COM | SNT/BTC |
| 71 | Huobi | SNT/BTC |
| 72 | Koinex | SNT/INR |
| 73 | AirSwap | SNT/ETH |
| 74 | HitBTC | SNT/USDT |
| 75 | Tidex | SNT/BTC |
| 76 | Tidex | SNT/WAVES |
| 77 | Radar Relay | SNT/WETH |
| 78 | OTCBTC | SNT/ETH |
| 79 | ABCC | SNT/BTC |
| 80 | BITBOX | SNT/BTC |
| 81 | WazirX | SNT/BTC |
| 82 | GDAC | SNT/KRW |
| 83 | CoinMex | SNT/ETH |
| 84 | Trade.io | SNT/TIOX |
| 85 | Huobi | SNT/USDT |
| 86 | CoinZest | SNT/BTC |
| 87 | CoinZest | SNT/ETH |
Platform specifics
The application interface is very simple and easy to use: the distributed Status protocol allows you to exchange blockchain assets on a P2P basis, without intermediaries.
A user with a smartphone uses DApp applications from his smartphone. To verify and connect to the blockchain, a protocol called Light Ethereum (LES) is used. The Whisper (shh) application is used as a client for anonymous messaging. The developers plan to integrate the Swarm application, which helps determine location, into the information storage system on the platform. The program code for Status can be written in the Clojure, React and Golang programming languages.
System participants receive an Ethereum address. There can be an unlimited number of users. The developers plan to make it possible to save tokens from any blockchain.
Experts believe that the token will become the people's cryptocurrency. The market has been waiting for such a product for a long time, and mass use of the platform will make it profitable and real. Therefore, consider investing money in Status while the coins are not too expensive.
Anyone can download and study the alpha version on their smartphone on the official website. The only problem is the Ethereum blockchain. Action with a smart contract requires gas (network commission, the size of which determines the speed of the transfer), and its cost increases. Today such use is expensive. But there is hope for PoS (a method of verifying transactions). Its execution will help make transactions accessible.
The developers claim that they are committed to helping users who decide to support the project. Participants conduct research on innovations in Ethereum technology to create a convenient user interface.
Where to store digital currency?
The simplest and safest option is the official HardWallet wallet; to open it, you just need to go through a simple registration on the Status cryptocurrency website.
You can also store STN coins on exchanges that provide the opportunity to trade this asset.
Considering the fact that the cryptocurrency is based on the Ethereum Blockchain, it can be stored on all wallets that support the ERC20 standard. For example, you can use the Exodus program or the MyEthereumWallet service.
What services are available
The mobile device, using the Status platform, becomes a client node of the Ethereum network. This will allow you to access the ecosystem.
The platform uses the following services:
- A self-service system called Uport. Used to create digital independence of network participants.
- Gnosis forecasting system.
- Exchange of assets between ETH and ERC-20 tokens. Carried out using Oasis Exchange.
- Ethlance is a job market. It will help you search for and offer jobs that are paid in cryptocurrency.
- Creation of companies operating around the world using the Aragon service.
- Etherisc insurance system.
- Service for artists Ujo. Helps you create and manage creative content.
- Smarter private messenger. It sends money transfers and implements smart contracts. It will help you share content without the participation of centralized servers.
General description of features from White Paper
As the developers themselves report, they specifically focused on the messenger standard so that interacting with applications within the Ethereum network would not scare off the average smartphone owner with its novelty, but, on the contrary, would form the habit of using the Ethereum platform through their phone. At the same time, decentralized application (DApp) developers have the opportunity to create and implement their software within the flexible and reliable Status platform.
The Status (SNT) cryptocurrency itself, or more precisely, the token, is designed to implement and support the functionality of the following functions and elements:
- push messages of a decentralized network;
- control of various content;
- encouragement for holding a conversation (Tribute to Talk);
- fiat to cryptocurrency exchange Status (Teller Network);
- directory of decentralized applications (DApp);
- store of emoticons and icons (Sticker Market);
- mechanism for searching the target audience.
That is, the Status project provides a lot of opportunities to turn a fast messenger into a social network convenient for users, developers and advertisers, which functions reliably and transparently through the use of a peer-to-peer network (blockchain).
Ecosystem Status
The dApps discussed above are interesting, but they will bring particular benefits if combined into one ecosystem. This is what the platform programmers are working on. They want to use a simple interface to allow all smartphone users to access all existing applications from one place. This will turn the smartphone into an Ethereum node. Block verification will occur on the client side.
The site will be both a platform for dApps and a messenger. The platform will be able to use any dApps running on MetaMask (a wallet built into Chrome and used to transfer Ether).
How to purchase
To buy coins, create an Ethereum Wallet. Download it at github.com/ethereum/mist/releases:
Now register on the official Internet project Status. It has a hardware wallet that you can use with your mobile device. To receive it, please enter your email address. Write it down in a special form.
It has the following advantages:
- contactless transfers;
- fast sending;
- cold storage;
- transactions are signed with a private key in the middle of the cryptochip. Therefore, it is not copied to the browser and is not disclosed;
- work with ETH;
- open source code for editing according to personal needs;
- prospects for using the potential of the messenger and social networks.
Today, platform coins are sold and bought Status on exchanges:
- upbit;
- binance;
- bitfinex;
- bittrex.
To purchase tokens, first buy bitcoins. For example, on EXMO, and then send them to the exchange described above.
If you decide to buy coins on Binance, then you first need to register on it. Next, follow the link “Trading.
On the right we find the SNT/BTC pair:
Now a new page will load with a graph of the coin's value. A window for creating an order will appear below. We enter the number of coins, the cost and click the button called “Buy”:
After the order is executed, the coins will be transferred to the account.
Snt cryptocurrency wallet
In order to store SNT coins, you need an Ether wallet. It will be needed because the Status ecosystem is essentially a kind of add-on to the Ethereum platform. These coins are directly linked so that SNT holders have ample opportunities to store this money.
But there are several options for storing coin Status:
- The first option is to leave the tokens on the exchange account. Surely you know that users have the opportunity not only to buy and withdraw money from exchanges, but also to store it in their accounts. This method of storing tokens is advantageous in that you do not need to pay commissions when withdrawing coins to regular wallets. But there is still more negativity: exchange accounts are much easier to hack than the simplest wallets.
- The second option is online wallets. These devices have a user-friendly interface and are relatively easy to use. It is very easy to register for such wallets; they have a lightweight interface and relatively reliable protection. But they can still be hacked.
- The third option is hardware wallets. These wallets have the highest security. Although purchasing and maintaining this type of wallet requires certain funds. However, all these losses are easily compensated by the ability to store large amounts of cryptocurrency in relative safety.
In addition, Status can be stored on a special wallet of the system itself. It can be found on the official project page by following this link.
What's next
Experts believe that Status has serious prospects. People are tired of using traditional social networks. Combining new ways of exchanging information with cryptocurrency and services will provide a prerequisite for the development of new areas of media resources.
It's a good idea to use blockchain. As the number of users grows, a new messenger with integrated smart contracts and an Ethereum wallet will be popular.
But there is one problem. Status runs on the Ethereum blockchain, and this requires network scalability. If, for example, a million people use the application, this will put a large load on the Ethereum blockchain. Therefore, for the platform to develop, a solution to this problem must be found.
Which cryptocurrency is the main competitor? Status
It is impossible to name a specific competitor of this digital currency. Some projects provide the possibility of encrypted communication. Others are trying to create platforms with a user-friendly interface. But no one has yet succeeded in making a smartphone a light node of the Etherium network.
Many industry analysts believe that a possible competitor to Status could be the cryptocurrency of the Telegram network. Pavel Durov has been nurturing the idea of creating it for a long time. He has experience developing a popular product and a team of experienced specialists. And thanks to the release of the TON currency after STN, its creators will be able to “close” all the errors and shortcomings of the earlier version.
