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About Status (SNT)
Status is a secure messaging app, crypto wallet and Web3 browser built on the Ethereum ledger. SNT is Status’ native token. It’s used to facilitate governance, incentivize network participants and provide access to various functionalities across the platform.
Billed as mobile gateway to Ethereum’s burgeoning decentralized ecosystem, Status combines a suite of technological ingredients designed to provide a streamlined Web3 interface and powerful peer-to-peer messaging solution.
With user security at its core, Status’ proprietary mobile and desktop application serves as a means through which platform users can communicate, manage funds, and interact with Ethereum’s global network of decentralized applications.
Status’ messaging platform leverages both end-to-end encryption and a peer-to-peer architecture to cultivate a decentralized, censorship-resistant communication network.
Within this framework messages are broadcast to a global set of nodes rather than centralized servers, ensuring there is so single point of failure prone to censorship or government/corporate controls. Likewise, all private correspondence is first encrypted with a unique public key, meaning only the sender and receiver can view the message and its contents. All accounts within Status’ messenger are fully anonymous as well, no name, email, or phone number is required during the registration process.
Another core piece of functionality is Status’ Web3 browser which enables users to interact with various Ethereum-based decentralized applications. Per documentation the browser adheres to a decentralized curation model which allows users to stake SNT tokens to the applications they deem most useful.
The final piece of Status’s three-pronged service offering is a mobile Ethereum wallet providing users with the ability to send, receive and store digital assets. Per Messari, users can access the wallet within Status’ decentralized messaging platform, granting them the ability send cross-border payments as they would a text or other form of digital correspondence.
Status’ native token SNT provides access to various features across the platform. Notably, users are required to hold an SNT token balance to receive push notifications, register a unique username via the Ethereum Name Service, deploy public group chats, and participate in the Teller Network, Status’s P2P cash-to crypto marketplace. SNT also confers voting rights within the Status DAO, and grants holders the ability to propose new changes to the platform.
When was SNT created and how much was it worth?
Status is the brainchild of Carl Bennets and Jarrad Hope who created the platform in 2017.
Currently based out of Zug, Switzerland, Status’ development team consists of more than 70 full-time employees and advisors with prior experience at the Ethereum Foundation and Aragon, among other entities. Both Bennets and Hope remain involved in Staus’ development as well serving as CEO and CCO, respectively.
Shortly after launch Status held a $100 million ICO that priced its native token, SNT, at roughly $0.04.
Data from CoinGecko shows SNT recognized a near five-month consolidation following its public distribution before making a parabolic move up to a record high of $0.68 in early January of 2018. But SNT’s rally ultimately proved to be short-lived with the token losing nearly 70% of its value within a matter of weeks.
Apart from a brief resurgence in April of 2021, SNT has struggled to regain positive momentum.
How is the price of SNT determined?
A deflationary asset, SNT’s supply is capped at 6.8 billion tokens, of which 3.9 billion are currently in circulation. In terms of tokenomics, some 44.1% of supply was distributed via SNT’s intial coin offering (ICO), while another 20% was allocated to Status’ core development team. An additional 6.9% of supply was granted to the project’s cohort of genesis token holders, and the reaming 29% reserved for future use.
Why does SNT have value?
Status provides a mobile gateway to Ethereum’s burgeoning decentralized ecosystem. Additionally, the platform’s steadfast commitment to privacy and censorship-resistance could see the platform carve out a niche within a tech world dominated by large firms known for disregarding the privacy of their users.
Is SNT secure?
A standard ERC-20 asset, SNT is supported by a number of leading Ethereum wallets and exchange-based storage solutions.
Status’ mobile application was audited by leading blockchain security firm Trail of Bits in November of 2019.
What are the main benefits of SNT?
- Its proprietary mobile application provides an all-in-one gateway to Ethereum’s decentralized ecosystem.
- The project’s messaging protocol utilizes a censorship-resistant peer-to-peer architecture that allows users to communicate without a reliance on centralized intermediaries.
- Status’ streamlined Web3 browser enables users to interact with a range of Ethereum-based applications.
What do critics say about SNT?
The platform has not made enough headway working with large commercial banks.
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