What is Status?
Status is an Android and IOS messenger app that allows its users to send payments. Its architecture is based on Ethereum (ETH) protocols, which is different from Bitcoin (BTC) and Litecoin (LTC). This means all the messages in the chat box and payments are fully encrypted. The apps user interface is appealing and should significantly help with adoption.
Status cryptocurrency, SNT, is a token used by the community members to pay for transactions fees. As of now, this token is doing the rounds on the internet for gaining some figures like other major players are doing. Its total worth is estimated to be above $2.0 billion thus gaining entry to the list of the top 30 cryptocurrencies.
Is The Technology Behind Status Valuable?
The blockchain that SNT is written on is quite interesting. This Singapore-based platform serves two things; it’s an open source, private and secure messaging community and a Mobile Ether-OS (mobile Ethereum operating system). As an Ethereum network-based dapp, SNT can engage with any other app in this community. Status’ main goal is to enhance accessibility. It enables the average people to use cryptocurrency and decentralized apps on their mobile devices.
Each user has complete control over their data. Despite the fact that SNT looks like a less lustrous technology, it’s indeed a powerful intermediary offering what the big crypto players have overlooked or are too busy to think about. SNT has the potential to change traders’ lives. It may not be the pack leader, but it sure is the eyes, ears, limbs or any other smaller, but an essential part of the whole organism.
What is Status token (SNT) Used For?
Here are some of many use cases for Status as a utility token. Please check out their website for more information.
- You will be able to buy/sell/create Stickers which are usable inside the Status Client. You will even be able to back Stickers by value i.e. a Status-Icon Sticker with the value of 1000 SNT.
- Can browse through Dapp directory which are available in Status. This is similar to the google play store and apple store.
- Allows user to receive push messages.
- Token is required to create chatrooms which requires a specific amount of a token to join. That is set by the chatroom owner.
- Voting power which allows you to contribute to the way the project will go.
- Username registration.
- Specific amount of status tokens which people pay you to message and talk to you such as celebrities or freelancers.
Pros of Status
Private and secure – every transaction or communication that happens through SNT network is masked from prying eyes. With the top security features offered by ether blockchain, it’s impossible for a hack to happen.
Makes life easy – with SNT, you don’t need to carry your laptop or look for your wallet to transact. It’s a wallet, a messaging community and still lets you send money securely through your smart phone.
An active community and a strong team – Carl and Jarrad are the two co-founders of Status and have been involved in cryptocurrency projects before. This platform’s community is very active compared to most crypto coin projects out there. Their marketing team as well floods Twitter, Facebook, and Reddit with frequent posts regarding new establishments.
Cons of Status
A nascent cryptocurrency– sure, SNT is seeing some major improvements in its price, but it’s still far down on the list. Status needs to market their product and bring in partnerships before competition arises.
Where to buy Status
Binance and Kucoin list SNT as an exchange asset on their platform under SNT ticker.
You can find the Status wallet on their website. Currently, it is in beta so you must sign up by email and notifications will come out when it is ready.
A cryptocurrency with real-world value has more to gain than those that solely depends on the speculative market. Most shrewd investors look at what service the digital asset offers first and then leave the rest to chance.
Status is definitely one of those crypto coins with real-life value and hence destined for great fortunes. Nevertheless, it’s one of the new kids on the block so don’t go testing the waters with both your feet.