Status Network Token

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This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Status Network Token?

The Status Network Token (SNT) is a utility token built on the Ethereum network. It fuels transactions and provides access to certain features on the Status Network, a decentralized mobile and desktop client for Ethereum. SNT holders can participate in governance, create usernames, and engage in various activities within the network, which aims to empower users and promote the mass adoption of Ethereum DApps.

How is Status Network Token used?

The Status Network Token (SNT) is a utility token that plays a crucial role in the Status ecosystem. Here are some key ways it is used:

  1. Accessing Features: While the Status Network is free to use, SNT tokens are required to access certain features on the mobile Ethereum client.

  2. Governance: SNT token holders have voting rights on update proposals to the network. Each SNT token is "cloned into a separate decision token," with each vote equating to a weight of one vote. The more SNT tokens a user has, the more voting power they receive towards the decision of an update proposal.

  3. Sticker Market and Tribute to Talk: SNT tokens are used in the Sticker Market and Tribute to Talk protocols. Tribute to Talk is an "economics-based anti-spam filter" where users set a minimum amount of SNT tokens for other users to offer before receiving cold messages from unknown senders outside of their network.

  1. Username Registration: Only accounts holding SNT tokens can reserve a username. Users must deposit SNT against their username to receive a badge indicating the account is trustable.

  2. Decentralized Push Notification Market: Users must deposit SNT with a provider to receive push notifications from a DApp. This creates a push notification market where users pay for the service.

  3. Community Engagement: SNT tokens are used to curate the Status Community Directory, vote on future development priorities, and reserve ENS names. Users can also stake SNT tokens to participate in governance and other activities.

Overall, the SNT token is designed to incentivize all participants and honest behavior on the network, ensuring the smooth functioning and growth of the Status ecosystem.

How do I store Status Network Token?

To store Status Network Token (SNT) tokens, you can use any Ethereum wallet that supports ERC-20 tokens. Some popular options include:

  • MyEtherWallet
  • MetaMask
  • Mist

Additionally, you can store SNT tokens in the Status app itself, which provides a convenient and integrated solution. For enhanced security, you can also use hardware wallets like Ledger or Trezor until the native Status hardware wallet, Keycard, is released.

How to buy Status Network Token?

To buy Status Network Token (SNT) tokens, follow these steps:

Buying on Centralized Exchanges (CEXs)
  1. Choose a CEX: Select a reliable and trustworthy crypto exchange that supports Status (SNT) purchases, such as Binance, MEXC Global, Gate.io, or HTX Global.
  2. Create an Account: Enter the required information and set a secure password. Enable 2FA for added security.
  3. Verify Your Identity: Complete KYC verification, which may require providing identification documents.
  4. Add a Payment Method: Follow the exchange's instructions to add a credit/debit card, bank account, or other supported payment methods.
  5. Buy Status (SNT): Use fiat currency or a popular cryptocurrency like USDT to buy Status (SNT).
Buying on Decentralized Exchanges (DEXs)
  1. Choose a DEX: Select a decentralized exchange that supports Status (SNT) trading, such as Uniswap.
  2. Download and Install a Web3 Wallet: Use a wallet like MetaMask or Trust Wallet to interact with the DEX.
  3. Create and Set Up a New Wallet: Follow the wallet's instructions to create and set up a new wallet.
  4. Transfer Cryptocurrency: Transfer a cryptocurrency like ETH or BNB to your wallet.
  5. Connect to the DEX: Connect your wallet to the DEX and follow the instructions to swap for Status (SNT).
Buying via Crypto Wallets
  1. Choose a Wallet: Select a reputable crypto wallet like KuCoin Wallet or MetaMask.
  2. Create or Import a Wallet Address: Create or import an existing crypto wallet address to store, send, and receive crypto.
  3. Buy Status (SNT): Use the wallet to buy or swap for Status (SNT).
Buying on Specific Exchanges
  • Gate.io: Sign up, verify your identity, and deposit funds to buy Status (SNT).
  • Kriptomat: Sign up, secure your account, and buy Status (SNT) directly.

Remember to always follow the specific exchange or wallet's instructions and ensure you understand the fees and risks involved in buying and trading cryptocurrencies.

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History of Status Network Token

The Status Network Token (SNT) was created in 2017 as a utility token to fuel transactions on the Status Network. Status is a decentralized mobile and desktop client built on Ethereum, allowing users to interact with decentralized applications (dApps), send encrypted messages, and manage cryptocurrency assets. The network was founded by Jarrad Hope and Carl Bennets on January 4, 2017, with the goal of creating a socioeconomic network where users are stakeholders with equal footing.

The initial coin offering (ICO) for Status took place on June 20, 2017, and it raised $99 million in just a few hours. During the ICO, 1 ETH was exchanged for 10,000 SNT tokens. The total supply of SNT tokens is 6,804,870,174, with 3,470,483,788 tokens currently in circulation.

Initially, SNT traded at $0.05 when it was first listed in July 2017. The token experienced significant price fluctuations, reaching a high of $0.65 in December 2017 before dropping during the 2018 bear market. As of May 2018, the price of SNT was $0.96628, representing a nearly 100% return in less than a year.

SNT is an ERC-20 token and can be stored in any ERC-20 compatible wallet. The token is necessary for accessing certain features on the Status Network, ensuring that the network's goals align with those of its users. SNT holders have voting power and can influence the direction of the network.

Today, SNT remains a popular cryptocurrency, with a market capitalization of $140,902,608 and a circulating supply of 3,883,511,802 tokens.

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How Status Network Token works

The Status Network Token (SNT) is the native cryptocurrency of the Status Network, a decentralized mobile and desktop client for Ethereum. It is an ERC-20 token built on the Ethereum blockchain, which means it can be stored in any Ethereum wallet that supports ERC-20 tokens.

Key Functions of SNT
  1. Utility Token: SNT is a utility token that fuels transactions on the Status Network. While the network is free to use and communicate through, SNTs are necessary to access some features on the mobile Ethereum client.

  2. Governance: SNT token holders have the ability to help shape the development and direction of the Status project. They can participate in governance by staking their tokens and voting on update proposals to the network. Each SNT token is "cloned into a separate decision token," with each vote equating to a weight of one vote. The more SNT tokens a user has, the more voting power they receive towards the decision of an update proposal.

  3. Anti-Spam Filter: SNT tokens are used in the "Tribute to Talk" protocol, which is an economics-based anti-spam filter. Users set a minimum amount of SNT tokens for other users to offer before receiving cold messages from unknown senders outside of their network.

  1. Sticker Market: SNT tokens are also used in the Sticker Market, where users can purchase stickers to use in their messages. This feature is part of the platform's effort to incentivize honest behavior and provide a seamless user experience.

  2. Username Registration: To eliminate spam accounts, Status has made a policy that only accounts holding SNTs will be able to reserve a username. Users can deposit SNT against their username as a bond of sorts, and badges will be distributed to show account trust.

Additional Use Cases
  • Decentralized Push Notification Market: Users must deposit SNT with a provider to receive push notifications from a DApp. This model recognizes that users are no longer the product and makes the costs explicit to the user.

  • ENS Name Registration: Users can lock up SNT to generate their ENS subdomain, providing a personalized and easy-to-use address.

  • Research and Development: The Status community continuously considers new uses for the token, such as SNT staking, and encourages research on possible future use cases for SNT.

Overall, the Status Network Token (SNT) plays a central role in the Status ecosystem, enabling various features and services while promoting user engagement and governance.

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Status Network Token's strengths

The Status Network Token (SNT) has several strengths that contribute to its utility and value within the Status Network ecosystem:

  1. Governance and Voting Power: SNT token holders have voting rights on update proposals to the network, with each token equating to a weight of one vote. This allows stakeholders to participate in project governance without incurring additional costs.

  2. Utility and Access: SNT is necessary for accessing and powering decentralized services on the Status Network, including the Sticker Market and Tribute to Talk protocols. It is also used for microtransactions, such as paying for notifications and storage.

  3. Incentivization and Rewards: SNT is used to incentivize and reward network participants to run nodes, ensuring the smooth operation of the platform even if all nodes in the Status-hosted cluster are offline.

  1. Anti-Spam Mechanism: The Tribute-to-Talk process, which requires users to deposit SNT tokens as collateral to message out-of-network users, discourages spam messages and fake accounts.

  2. Reputation Model: Users can deposit tokens to boost another user’s reputation, contributing to building trust among users on the Status Network.

  3. Decentralized and Open-Source: As an ERC-20 token, SNT is part of an open-source platform, allowing for community-driven development and the creation of new DApps.

  1. Security and Recovery: Status creates a unique public key username for every user and provides a method to recover accounts using five recovery keys, ensuring account security and preventing single points of failure.

These strengths collectively contribute to the utility and value of the Status Network Token, making it a crucial component of the Status Network ecosystem.

Status Network Token's risks

The Status Network Token (SNT) carries several risks. According to InvestorsObserver, SNT has an average risk score due to price volatility in relation to volume and market capitalization. This means that the token is susceptible to manipulation by limited trading activity, which could lead to significant price swings. Additionally, SNT is used for governance and decision-making within the Status Network, which can be influenced by the quantity of tokens held by stakeholders. This could lead to unequal voting power and potential manipulation by large token holders.

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Did Status Network Token raise funds?

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Status Network Token’s team

  • Carl Bennetts: Co-founder of Status Network Token (SNT) along with Jarrad Hope. They previously ran a software distribution company together and used the funds from that venture to bootstrap Status until its ICO in June 2017.
  • Jarrad Hope: Co-founder of Status Network Token (SNT) along with Carl Bennetts. They have a long work history together and have been involved in various projects before founding Status.
  • Nabil Nahdy: Former Google executive who joined the Status team as Chief Operating Officer. He led the Google Maps and Google Flight products while at Google and brings his experience in developing products with a user base in the billions.
  • Nick Johnson: Co-creator of the Ethereum Name Service, working with the Status team to develop a public key resolver that will allow for the use of regular usernames on the network.

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