What Is Status? All You Need to Know About SNT

In an era where social networks are increasingly dominated by skewed incentives, a refreshing approach comes forward to restore balance. Designed to empower users, this new solution provides a platform where connections are made, and data control rests in the hands of those who create it, far from exploitation’s reach. It challenges the dominant narrative, characterized by data manipulation and privacy violations.

Status, with its open-source, decentralized model, is rewriting the rules of the social networking game.

What Is Status (SNT)?

Tracing back to 2014, the blueprint for Status was sketched by Carl Bennetts and Jarrad Hope. Their collaborative projects and shared experience running a software distribution network ignited a burning realization about privacy concerns and the trade of personal data on the Internet.

By 2016, this understanding culminated in a unique ambition. Utilizing the profits from their previous ventures, Bennetts and Hope started nurturing the seed of an innovative idea - Status.

Fast forward to June 2017, Status successfully wrapped up an Initial Coin Offering (ICO), amassing over $100 million. These funds served as the seed capital for developing a revolutionary, open-source, and decentralized social networking platform relying on the Ethereum blockchain.

From then, Status began its journey of growth and transformation. With every year, the team expanded its platform, releasing updates, and actively involving its community, striving to be more than just a messaging app. By 2021, it offered a secure crypto wallet and a Web3 browser, granting users unrivaled control over their digital interactions.

Stepping into 2023, Status holds its vision of reinventing the framework of social networking, where every user is not just a spectator, but an essential player.

How Does Status Work? P2P Messenger and dApps Browser

Embracing the fundamental ethos of decentralization, Status functions as a peer-to-peer (P2P) messenger, meaning it eschews traditional central servers for direct user connections. Its messaging mechanism is built on the Whisper protocol, a sub-protocol of the Ethereum network designed for anonymous communication.

To ensure user privacy, messages are sent through multiple nodes, encrypted end-to-end, ensuring only the intended recipient can read the message. Each participant’s device operates as a network node, which makes censorship difficult, if not impossible. These nodes synchronize with each other, exchanging data in real-time to create a seamless communication experience.

Status’s P2P messaging service extends beyond mere text communication. It includes multimedia messaging capabilities and a chat API for dApp integration. Furthermore, Status users can create group chats and channels, akin to conventional messaging apps. To create the groundwork for a communication system that is truly decentralized, safe, and private, the key distinction is between user control and privacy.

Source: status.im

As the gateway to the decentralized world, Status also equips its users with a powerful tool, a built-in decentralized applications (dApps) browser. In essence, this enables communication with a variety of Ethereum-based dApps, giving users access to a vast array of decentralized services.

The dApps browser operates in harmony with Ethereum’s smart contracts, facilitating transactions and interactions in a peer-to-peer fashion. Users can explore decentralized exchanges, engage with decentralized social media platforms, or leverage various DeFi solutions, all without leaving the Status platform.

Crucially, this ensures that your digital self-sovereignty remains intact. This breaks the chains of third-party oversight and control, creating a digital ecosystem where your autonomy and privacy are respected. In conclusion, Status acts not just as a messaging service, but as a portal to the decentralized web, empowering users through accessibility and control.

Status Use Cases

Status facilitates a multitude of potential uses, enabling users to harness the power of the decentralized web:

• Peer Communication: Status lets users converse in a private, secure environment, free from surveillance or unwanted interference. It’s an excellent tool for communities, friends, and family to stay connected in a way that respects their privacy.
• Decentralized App Access: With its inbuilt dApp browser, Status provides easy access to the broad ecosystem of Ethereum dApps. It simplifies complex blockchain interactions, from trading on decentralized exchanges to playing blockchain-based games.
• DeFi Integration: Users can leverage DeFi tools for financial activities such as lending, borrowing, or earning interest on their assets. The dApp browser connects them to these services without middlemen.
• Smart Contracts Interactions: With Status, users can interact directly with Ethereum smart contracts, making it a powerful tool for developers and tech-savvy users. That means they can utilize services, make transactions, or deploy their own contracts without leaving the Status interface.

This collection of applications makes Status a comprehensive solution for navigating the decentralized web.

What Is the SNT Coin?

SNT is the native ERC-20 token of the Status Network and is used to access and fuel the ecosystem’s decentralized services. This token does not have a maximum supply. This token does not have a maximum supply. However, at the moment, its total supply is 6.8 billion units, of which 3.8 are in circulation (July 2023).

On the Status Network, users utilize SNT to access and interact with the platform’s services. It is used to fuel decentralized push notifications, register a username on the network, and deploy semi-public token-based group chats, enhancing user experience and enabling community growth.

The usefulness of SNT, however, goes beyond transactional operations. It also functions as a governance token, providing its owners a say in how the platform makes decisions. Through SNT, users can propose, discuss, and vote on changes to the platform, making it a tool of empowerment.

Moreover, developers can use this token to create and deploy their applications within the Status ecosystem, further enriching its collection of dApps.

In conclusion, the SNT token plays a fundamental role in the Status Network, functioning as both a means of access and an instrument of governance, facilitating an engaging, user-driven environment.

Status (SNT) Main Features: Secure Crypto Wallet, Decentralized Web3 Browser and Account Generation

Status thrives on its robust, interconnected network of user-centric tools - a secure multi-currency wallet, a web3 browser, and a private messenger, all coming together to safeguard privacy and decentralization.

Secure Crypto Wallet

Source: Status

The Status Wallet is an open-source, non-custodial cryptocurrency wallet providing a secure haven for ERC20 and ERC721 tokens. It offers full user control, and uncompromising security measures, and never utilizes third-party services for key management. The wallet features seamless integration with Status’ messenger and browser for frictionless transactions, and compatibility with Status Keycard, enhancing its usability and providing a contactless crypto experience.

Keycard

Source: Status

Keycard is a secure, contactless hardware wallet with an open-source API for integrating crypto wallets, DApps, and hardware. Its features include offline private key management, NFC transaction authorization, compatibility with major cryptocurrencies, and air-gapped storage. It is designed like a credit card, making it familiar and cost-effective. It also offers customizable design options for unique user experiences.

Decentralized Web3 Browser

Source: Status

As an integral part of the Status ecosystem, it is a cutting-edge gateway to the broader Ethereum network and includes a multifaceted universe of decentralized applications. It offers users a wide range of experiences in a variety of sectors, including financial, gaming, and social networking, all while placing a strong emphasis on decentralization and individual privacy.

Pseudo-Anonymous Account Generator

Source: Status

Status offers Pseudo-Anonymous Account Generation, requiring no personal data. It provides default three-word usernames for enhanced privacy. Secure key generation is ensured through BIP43 and BIP39 protocols, with only user access to private keys. ENS facilitates custom Ethereum names, and the Keycard offers additional offline, hardware-enforced two-factor authentication for security.

Privacy-First Messenger

Source: Status

Status’ Privacy-First Messenger is designed with peer-to-peer technology, enabling private 1:1, group, and public chats. The app integrates with a crypto wallet for borderless payments and supports a decentralized sticker marketplace. Users can enjoy a pseudonymous experience, free from censorship without requiring personal information. Status uses end-to-end encryption to secure messages, ensuring privacy and data protection.

Overall, Status is trying to offer sovereignty, privacy, and a diverse user experience, revolutionizing decentralized web interaction.

Source: status.im

Is Status a Good Investment?

It is essential to emphasize that investment decisions should be based on thorough investigation and individual scrutiny.

However, looking at the big picture, it is clear that the future is trending towards decentralized solutions, especially in the digital world. In this regard, technologies such as Status are laying the foundation for a new era called Web 3.0. Alternatives to the present web systems and centralized platforms, where consumers have more control over their digital life, are in demand. Services like Status, offering privacy, security, and flexibility, align with this trend, delivering innovative solutions for tomorrow’s demand. As such, its potential could be seen as not just a simple investment, but as part of a larger movement towards a more balanced and decentralized digital world.

How to Own SNT?

To own STN, you can use the services of a centralized crypto exchange. Start by creating a Gate.io account, and get it verified and funded. Then you are ready to go through the steps to buy SNT.

News on Status

Looking at an article posted towards the end of the past year on the Status blog, it is clear that the team has worked hard on the Waku protocol, a decentralized communication protocol for Web3.

Waku provides an effective alternative to Whisper, solving its scalability issues by reducing bandwidth usage and making it a more feasible option for resource-restricted devices. This step ensures the fulfillment of Status’s mission of building resilient, censorship-resistant, and decentralized communication infrastructure. Status’s decision to switch to Waku demonstrates its dedication to developing and enhancing Web3 communication, resulting in an enhanced user experience in a decentralized world.

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