Now that we have a better understanding of what is Status, let’s explore how Status works. The Status protocol is designed to give users everything they need to interact with the Web3 world and blockchain technology. The Status team aims to be the leading gateway that enables encrypted, secure communication and p2p payments to anyone with a mobile phone. What’s great about Status is that not only is it completely free to set up and use, but it’s also free from complicated KYC procedures.
- Using Status, your conversations are guarded by end-to-end encryption and records of exchanges are not stored on centralized servers.
- There are currently SNT in circulating supply, while there are exactly tokens in total supply right now.
- However, this doesn’t change the fact that their legal status varies from country to country.
- The Status Keycard is an innovative smartcard and open source API that doubles as a hardware cryptocurrency wallet.
- SNT allows holders to access all of the premium features the app has to offer.
You must only download the application from official sources and never give anyone your seed phrase or private keys. The tool suite provided by Status Embark offers developers a unique command line interface that features a rich dashboard that allows them to monitor services and code bugs actively. The latest update introduced many subtle https://cryptolisting.org/ changes to the app, including performance boosts and bug fixes. After completing early funding rounds in 2017, the Status Network team quickly expanded and now has over 150 employees, according to their LinkedIn page. After several years of development, the Status app, the primary product of the ecosystem, was released in February 2020.
SNT, or Status Network Token, is the utility token of the Status platform. With SNT users can unlock a wide range of features within the Status platform, like registering usernames and buying Status Sticker Packs. SNT is also used as a governance token within the Status ecosystem, giving holders the right to vote on governance proposals that shape the future development of the protocol.
SNT Tokenomics
They have taken steps in the right direction to allow everyone to benefit from their network and apps. In any case, remember that the crypto world is volatile so it is no big surprise that experts are divided on the future of Status… If you want to invest in Status, make sure you only invest an amount you are willing to risk. To utilize Status you will need to download their dApp first, and this can be done though your mobile phone, either via App Store or Google Play.
About Status
However, keep in mind that there is a network fee that is always included and it covers the cost of gas required on the Ethereum network. The gas fee is something that can vary depending on the number of transactions happening at that moment. When it comes to trading SNT on any of the major exchanges expect a trading fee between 0.1 and 0.75%, while withdrawal fees are upwards of 60 SNT.
Status Incorporates Private Profile Pictures
With Status, users can also instantly send cryptocurrency to each other via blockchain payments. In the true spirit of cryptocurrency and Web 3 technology, Status is censorship-resistant and allows users to communicate wallet-to-wallet using pseudonymous usernames. The maximum total supply of SNT tokens was fully minted at the genesis launch of the Status Network protocol.
However, they’re notoriously difficult to set up so please ensure you read the instructions thoroughly. Also, take care when withdrawing your tokens to your hardware wallet, if you make a mistake or your wallet is not configured with the correct networks, you risk misplacing your tokens. While many consider Status to be a web3 social network, the reality is far more impressive.
The current yearly supply inflation rate is 11.67% meaning 404.96M SNT were created in the last year. In terms of market cap, Status is currently ranked #87 in the Ethereum (ERC20) Tokens sector. Yes, if you believe the price of SNT will drop, you can open a short position in OKX’s margin or futures trading markets. Please note that this is only recommended for experienced traders as price volatility could mean your position is liquidated. If you want to invest in Status and buy SNT tokens then look no further, OKX has you covered.
Status (SNT) is designed as a mobile browser that makes it easy for users to access the Ethereum network and the world of decentralized apps. Status was launched following an ICO in June 2017 which raised over $100 million in less than three hours. Status allows users to buy and sell Ether locally and exchange goods and services built using decentralized apps. Anyone can list their DApp on the Status platform, which includes such decentralized services as freelancing site Ethlance and crowd-sourced wisdom platform Gnosis. Status is intended to be part of a decentralized economy in which services, ideas and currencies can be freely shared, with users holding the power. If you prefer, you can store your SNT tokens in the crypto wallet provided by the Status Network app.
What was the highest price of Status Network Token?
This helps to give a human readable name to users when engaging in wallet-to-wallet communication while still remaining anonymous if the Status user wishes to. This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Status’s current circulating supply is 3.88B SNT out of max supply of 6.80B SNT.
The Status Keycard uses NFC technology to allow users to sign transactions and store, send and receive cryptocurrency across mobile devices like a contactless credit card. The Status Keycard integrates seamlessly with the Status app to enable offline private key management and two factor authentication. Status Network is not the only cryptocurrency project in the status network token price industry looking to provide secure, decentralized messaging services and protect users’ data on the internet. Another project that aims to bring messaging services to the masses through blockchain technology is the Celo network. For experienced long term investors, you can also store your Status holdings in a secure hardware wallet like a Ledger or Trezor.
Once you do download it you will need to sign up which is a simple process and after that connect your wallet. The dApp also offers you the option to download and install a new wallet if you don’t have one already. When you complete these tasks you will see the homepage on the app, to use different features it offers you will need to click on “+” in the upper right hand corner. There you will see everything the protocol offers like starting your own chat or joining one already in progress. You can also open any of the dApps connected with the protocol through there and even invite friends to join you.
The Brave Web Browser has over 15 million daily users which is significantly more than the Status Network app. However, the Status app arguably offers a wider range of features and primarily functions as a decentralized messaging service, of which the Brave web browser has no integration. Status serves as a messaging platform created to interact with Ethereum dApps. It is also open sourced and it aims to connect people through peer to peer transactions and offer secure communication between them. They want to allow their users to be in total control of all their assets through their messenger app, their web3 browser and their crypto wallet. The network is powered by its native ERC-20 token called the Status Network Token.
It’s a great way to make passive income off your Status investment, regardless of movements in SNT price. Join our community of crypto traders and stay ahead of the curve with our newsletter! Sign up now to receive weekly market briefings delivered straight to your inbox. If you’re interested in downloading the Status app, head to the official website.
To get started, simply click ‘Basic Trading’ under the ‘Trading’ tab in the dropdown menu at the head of the page. Status Embark is a complete platform that gives developers the tools and resources they need to build and deploy dApps effectively. Using Status Embark, developers can easily build, test and deploy blockchain smart contracts while taking advantage of powerful debugging tools. Status Network Token has 83,243 Holders that have done — txs since launch with current liquidity pool of $0. Through Status Assemble, investors can also participate in private sales before the tokens are publicly traded.
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