Status functions as a mobile and desktop operating system fused with a decentralized browser and messaging platform. With Status, you can connect with a network anytime, anywhere. It first made its debut in June 2017.
Acting as a lightweight Ethereum client, it enables access to all Ethereum decentralized applications (DApps) through an app on your smartphone or tablet. Users can send encrypted messages, use decentralized applications, and manage a cryptocurrency wallet directly from the app.
Who Founded Status?
Carl Bennetts and Jarrad Hope are the minds behind the Status network. Prior to establishing Status, they ran a software distribution company.
They collaborated for over six years on various projects, with three years dedicated to running a software distribution network, which resulted in over 20 million software installations. The profits from this venture were invested in future projects. Through their experience, they gained insights into how online personal data is traded and how users are acquired and maintained.
What Distinguishes Status?
Status, or SNT, is a unique open-source messaging platform and mobile interface that allows users to engage with Ethereum blockchain DApps. Users have access to over 2,000 DApps, can exchange encrypted messages peer-to-peer, and handle payments, including smart contracts.
The platform's native currency is the Status Network Tokens (SNT). Status aims to accelerate and streamline the adoption of Ethereum DApps.
Additionally, it features a user-as-stakeholder model that aligns the network's behavior and software with individual user interests. Contributors research crypto-economic models, and peer-to-peer technologies ensure the network's sustainability.
How Many Status (SNT) Tokens Are in Circulation?
Currently, there are 3,470,483,788 SNT tokens circulating without a maximum supply cap. As of February 2021, the market cap is approximately $187,525,492 USD.
SNT is an ERC-20 token that powers and provides access to decentralized services within the Status Network. It’s an open-source project available for anyone to tailor to their needs, and it is verified by the Messari Disclosures Registry.
How Is the Status Network Secured?
The Status network aims to be a fully decentralized communication tool, eliminating third parties and reducing vulnerabilities to malicious attacks over time.
Messages can be sent without censorship and are pseudo-anonymous if the user opts for it. Users can send, store, and receive cryptocurrencies within the Status wallet, keeping private keys hidden.
You browse the Web3 with the assurance that your data and browsing habits remain private from third parties.
A locally generated cryptographic keypair, secured by a password, initiates a user’s identity within Status. It employs the Waku protocol for peer-to-peer communication, using a peer network to route messages.
End-to-end encryption is standard, with perfect forward secrecy based on Open Whisper Systems’ X3DH and Double Ratchet specifications. The cryptocurrency is stored in a non-custodial wallet, and a signing phrase is used to guard against phishing attacks.
Where Can You Purchase Status (SNT)?
The Status Network Token is a versatile utility token that powers the network. While using the platform is free, accessing features of the Status Mobile Ethereum Client requires SNT.
Leading crypto exchanges for buying, selling, and trading Status (SNT) include:
