An introduction to Status (SNT) token

An introduction to Status (SNT) token

The blockchain tech has taken the world by storm, and it is considered as one of the hottest technology after the emergence of the internet which has gained enough traction since its inception. Bitcoin is the first digital currency project and it successfully laid the foundation for many other cryptocurrencies solving unique problems. According to a report in May 2018, there are more than 3 thousand cryptocurrencies available in the market and the number is growing every single day while more and more companies are jumping in. 

 

There are a lot of reasons for this congestion and high frequency in the crypto related projects launched today, but there is one common point they all make, i.e. the original bitcoin lacks sustainability and other key features that should be implemented in a sustainable decentralized platform. Regardless of the congestion, they all are working together to achieve a common goal of bringing interesting and innovative ideas to the market, and SNT token is aiming to do just that. 

 

 

Introducing the Status blockchain

 

 

The Status Project is behind the development of Status (or SNT) token. Carl Bennetts and Jarrad Hope who are the co-founders of this project managed to raise almost a $100 million worth of Ethereum in an ICO held in June 2017. 

 

The Status is an open-source project and offers an app where the user is presented with a store (much similar to Google Play) where the users can select any dApp from a list of 1700 decentralized applications. 

 

All the applications can work on Ethereum Blockchain. The app is still in its early stages and being offered on both Google’s Play Store and Apple’s App Store. The app also features a messaging service that is much similar to a social media platform.

 

 

Key features

 

 

By using the messaging app the user can easily send and request ETH and other textual data but can’t send any video or photos as the app is still in its early stages.

 

The UI of the app is simple and it gets the job done pretty well. There are a lot of fun apps available on the platform. One discouraging thing is that the app is on the premium model which means to unlock some of the app’s key features (like push notifications), the user will have to pay in the form of micro-transactions.

 

The user can also download the official wallet from the website but can also use any other ERC-20 wallet to store the SNT token. The official wallet also offers NFC support which can be a plus point for some users.

 

Besides the traditional use of cryptocurrency, the Status token holder gets the voting rights on the platform. The tokens can also be used to make micro-transactions on the platform and use it as gas. The tokens are not mineable, it is only rewarded when someone contributes to the Status community. 

 

Half of the supply was released at the start while the other half is divided for core development (50%), security (15%), legal expenditures and marketing (10%), and remaining for the founding team members.

 

 

Conclusion

 

 

Very few projects emerging in crypto space promise to bring something new or interesting. The Status (SNT) can be one of those few projects provided that they iron out a few flaws in their project. They should focus on the user’s privacy from the start and should not require any micro-transactions for features that are otherwise free in many applications out there. 

 

The investing entities would be more than willing to contribute if some of the core issues are addressed and eliminated. If we talk about its market cap, it stands at $43,905,808 USD. The Circulating Supply is 3,470,483,788 SNT while the total supply is 6,804,870,174 SNT. The all-time high price was $0.675945 USD on Jan 04, 2018.

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