Status

Status (SNT): A Comprehensive Guide to the Decentralized Communication Platform

What is Status (SNT)?

Status (SNT) is the native cryptocurrency and utility token that powers the Status Network, a decentralized communication platform built on Ethereum. Launched in 2017, Status combines a private messenger, secure crypto wallet, and Web3 browser into a single application, aiming to provide users with secure access to the decentralized web while maintaining privacy and censorship resistance.

The Status Network Token (SNT) serves as the backbone of this ecosystem, enabling users to interact with decentralized applications (dApps) and services while maintaining control over their digital identity and communications.

How Does Status (SNT) Work?

Status (SNT) operates as an ERC-20 token on the Ethereum blockchain, leveraging the security and decentralization of this established network. The Status platform itself functions as a mobile operating system that incorporates:

• A private messaging system using peer-to-peer encryption
• A cryptocurrency wallet for storing and transacting with Ethereum and ERC-20 tokens
• A Web3 browser for accessing decentralized applications
• A governance mechanism powered by SNT

The Status Network uses a client-to-client protocol that eliminates the need for centralized servers, enhancing both security and privacy. By utilizing the Whisper protocol (a peer-to-peer messaging protocol) and Ethereum's blockchain, Status creates a decentralized platform where users can communicate securely without relying on central authorities.

Status (SNT) Staking and Mining: Understanding the Mechanics

Status (SNT) does not offer traditional proof-of-work mining like Bitcoin or proof-of-stake validation like many newer cryptocurrencies. Instead, the Status Network employs a unique approach to network participation:

Staking SNT: While not offering staking rewards in the traditional sense, SNT can be "staked" or locked in various platform features to unlock functionality or participate in governance. For example:

• Users can stake SNT to register usernames on the network
• SNT can be staked to create and participate in decision-making for community features
• Staking SNT allows users to curate content and promote dApps in the Status ecosystem

Mining: Status Network does not support traditional mining. The SNT token supply was pre-mined during its initial token generation event, with no additional tokens being created through mining operations.

What is SNT Used For?

Status (SNT) serves multiple utilities within the Status ecosystem:

1. Governance: SNT holders can vote on proposals that affect the future development and direction of the Status Network
2. Username Registration: Users stake SNT to secure unique usernames within the platform
3. Push Notification Market: Users can set a price in SNT for receiving push notifications from specific contacts or dApps
4. Curation: Users stake SNT to recommend and promote quality dApps and content in the Status directory
5. Community Creation: SNT enables the creation of specialized communities within the Status Network
6. Transaction Fees: SNT can be used to pay for various transaction fees within the ecosystem

These use cases create natural demand for SNT within the ecosystem, giving the token utility beyond speculative value.

SNT Token Distribution and Launch

Status (SNT) was launched through a token contribution period (ICO) in June 2017, which was one of the most successful token sales at that time. The distribution of SNT tokens happened as follows:

• Public Sale: Approximately 41% of the total SNT supply was sold during the public ICO
• Team and Founders: Around 20% allocated to the founding team and future employees, with vesting periods to ensure long-term commitment
• Status Network: About 29% reserved for the development of the Status Network and ecosystem
• Early Contributors and Partnerships: Around 10% allocated to early contributors and strategic partnerships

The ICO raised approximately $100 million in ETH, with a hard cap set at 300,000 ETH. The total supply of SNT was set at 6.8 billion tokens, with no mechanism for creating additional tokens in the future.

Additional Information About Status (SNT)

Status (SNT) has evolved since its launch with several noteworthy developments:

• Nimbus Development: The Status team has been working on Nimbus, an Ethereum 2.0 client implementation designed to run on resource-restricted devices
• Community Focus: Status places strong emphasis on community governance and decentralized decision-making
• Privacy Features: The platform incorporates advanced privacy features, including end-to-end encryption and the ability to control personal data sharing
• Open Source: The entire Status codebase is open-source, allowing for community contributions and transparency

Trading Status (SNT) with Cryptohopper

Investors interested in Status (SNT) can easily trade this cryptocurrency on various exchanges using Cryptohopper's automated trading bot. Cryptohopper offers advanced trading strategies, portfolio management, and market analysis tools that can help optimize your SNT trading experience. The platform connects to all major exchanges where SNT is listed, allowing you to automate your trading strategies and potentially capitalize on market opportunities 24/7 without constant monitoring.

Whether you're looking to accumulate SNT for long-term holding or engage in more active trading, Cryptohopper's automated solutions provide flexibility and efficiency for traders of all experience levels.