Status (SNT) is the first decentralized client for mobile and desktop PCs built on Ethereum. SNT, founded in 2017, allows users to interact with decentralized applications( dApps), send encrypted messages, and also functions as a cryptocurrency wallet. The project was designed to make Ethereum users feel as comfortable as possible on the network, while providing flexible functionality for developers.
The goal of Status is to create equal users as stakeholders in the socio-economic network. By eliminating the mismatch of incentives, the creation of puppet bots, and other malicious activities commonly found on social networks, Status (SNT) can work as a platform where stakeholders have a real voice and the ability to influence the direction of software development.
Who are the founders of Status?
Status was founded on January 4, 2017 by Jarrad Hope and Carl Bennetts after 6 years of working together on various projects. With the exception of the initial development grant received from the Ethereum Foundation, the project was completely self-funded by the founders. The first public alpha version of Status was released on January 4, 2017 for Android and iOS.
The initial coin Offering (ICO) for Status raised 182,000 ETH, and created about 1.63 billion tokens on the network. However, not everything went smoothly. Several users sent transactions to the announced smart contract before the official start of the sale. The delay increased as more users rushed to complete their transactions for fear of missing out, causing many users to pay extra fees or fail transactions.
Despite claims that the initial launch was flawed, SNT remains a popular cryptocurrency to this day.
What is unique about Status?
Status is unique as the first decentralized mobile and desktop client built on Ethereum. It uses state-of-the-art technology and a peer-to-peer decentralization model that prevents third parties from controlling user data, and provides a confidential and secure way to communicate. Status doesn't know who you're contacting or what you're talking about.
How many Status Tokens (SNT) are in circulation?
Status (SNT) has 3,470,483,788 coins in circulation with a maximum supply of 6,804,870,174 coins of SNT. Additional SNT tokens can be earned by future stakeholders who place the tokens on the stack. At the moment, SNT is trading at 0.078772 USD, with a daily volume of 28,042,361 USD and a market capitalization of 273,376,949 USD.
How is the Status (SNT) provided?
Status uses an open source peer-to-peer protocol and end-to-end decryption service called Whisper, which requires a special type of Ethereum node to store and transmit messages.
Status is currently the only instance of Whisper that is used in practice. Thanks to this, Status hosts a set of unique nodes to support its users. This provides additional security and flexibility for network users.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.