Status (SNT) is a cryptocurrency that has recently attracted the attention of many investors. But what exactly is the Status project and SNT coin? Does it have potential in the future? Should you invest in SNT coin? Let’s explore more details in the content of the article below.
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What is SNT coin, should you invest in it?
When we think about the most valuable assets in the world, most people would think of money, gold, oil, or similar things. However, that’s not necessarily the correct answer, especially in today’s age. The most precious asset in the world is information – which is always the truth – and most businesses need information for market research and understanding their customers.
Knowing how people work, what they think, and what they want means you can create products and services that appeal to everyone. Unfortunately, user data that is highly sought after is dependent on large tech corporations like Google, Facebook. They simply analyze data and run ads, and that allows them to climb to the top and become the most powerful corporations in the world.
With decentralized Internet, or Web3, blockchain will gradually change this principle. Information will be empowered to users and give them better control over their personal information. In this way, users will be able to choose who can and cannot see their data, and those who want it will have to pay to get that data. One way to do this is to use decentralized browsers equipped with appropriate privacy features, and one of the best examples here is a project named Status (SNT).
What is Status – SNT coin?
Status (SNT) is a fast and secure messaging application for PC, Android, and iOS, hoping to compete with applications like WhatsApp and Signal. It is a new open-source messaging app that combines secure end-to-end encrypted messaging, a cryptocurrency wallet for storing ETH and ERC20 Tokens, and a Web3 browser designed to allow you to access DApps – and search the web without being tracked by Google.
Specifically, Status (SNT) will allow users to send encrypted messages, access decentralized applications (DApps), and a cryptocurrency wallet. The main goal of Status is to be widely adopted for applications on the Ethereum network.
The Status app is currently available for both iOS and Android devices. By downloading this app, you can:
- Access, browse, and interact with over 2000 Ethereum DApps
- Send and receive encrypted P2P messages.
- Use it for payments and smart contracts.
- Store and manage your private cryptocurrency assets in the Status wallet.
In addition, Status uses the SNT token, which is the platform’s own currency.
Who is part of the Status (SNT) team?
Launched in 2020, Status.im is the result of a project involving developers from all over the world. Despite the collaborative nature of the project, Status officially has its headquarters in Switzerland – a location considered advantageous in terms of privacy.
The Status (SNT) team includes over 70 full-time members and experienced advisors. Most of the staff are developers focused on core development and creating DApps. The rest of the staff are responsible for daily operations, marketing, and business development.
Jarrad Hope and Carl Bennets are the two key figures behind the creation of Status. Before co-founding the Status Network, they worked together on various software products for six years.
Additionally, the company’s COO is Nabil Naghdy, a former product manager at Google, who also managed Google Maps and Google Flights products for 7 years.
The Status team has had the application audited twice. The first was conducted by Deja vu Security in Seattle before the beta release of Status in 2018, and another audit was carried out by Trail of Bits prior to the release of v1. These audits identified issues that have since been rectified. Of course, many vulnerabilities may still exist, but it is evident that Status is working hard to deliver the best application for its users.
How Does Status (SNT) Work?
Status is designed to interact with DApps on the Ethereum network. At the same time, it also functions as a messaging platform and a web 3.0 browser. Anyone with Internet access can use the Status app for free transactions, P2P payments, and encrypted P2P communication. The platform uses the Whisper V5 protocol to empower nodes and support decentralized chatting.
Here is a brief overview of the main aspects of the Status (SNT) network:
♥ Decentralized Push Notification Market: Unlike traditional social networks with free notifications, Status does not generate revenue by selling customer data or advertising. Instead, it creates a notification market for service providers. If users want to receive notifications from DApps, they must deposit SNT with the provider. Although paying for notifications initially seems counterintuitive, Status developers present it as a feature rather than a drawback. (Their idea is that such a feature also gives users the choice to maintain privacy and not be disturbed by opting out of any service).
♥ Status Platform Governance: Status is a deeply community-oriented application. It democratizes the management of the platform using SNT tokens. SNT owners can propose solutions, vote, and make decisions related to the development of the Status project.
♥ Ethereum Name Service Usernames: Status users are allowed to set their usernames. However, to do this, they must own SNT coins. Remember that if users decide to leave the network, they can withdraw their SNT, and their username will not be stored.
♥ Tribute to Talk: is an economically-based anti-spam filter, protecting users from receiving spam messages. The sender has to deposit a minimum amount of SNT. If the recipient responds, the SNT tokens will be refunded.
♥ Status Teller Network: is a DApp within the main application, allowing app users to discover nearby people to exchange cash for digital assets. This feature could take market share from LocalBitcoins and similar services. It requires SNT payment to become a seller.
♥ DApp Directory: Like Appstore or Google Play, the Dapp Directory helps users find and discover useful dapps on the Ethereum network. Developers must hold a certain amount of SNT for their dapps to gain more user attention.
Of course, there are many other features in the Status application, but we only mention a few that we find impressive.
Beyond the application, Status also builds infrastructure tools that allow people to participate in the community and together build a better ecosystem. The main components of the platform are Incubate, Embark, Studio, Nimbus, and Keycard.
- Incubate: Provides support for early-stage open-source startups, including funding, technical support, mentoring, legal and regulatory compliance, product design, marketing, and communications as well as other resources.
- Embark: A simple, easy-to-use development framework that allows you to build and deploy DApps.
- Studio: An integrated environment for developers and those who want to learn more about Dapp development.
- Nimbus: A research and application client implementation project for Ethereum 2.0. It is designed for embedded systems and resource-constrained hardware.
- Keycard: A state-of-the-art hardware wallet in the form of a card. It can be used for smooth, secure, and contactless transactions. It works with SNT, ETH, and many ERC-20 tokens. Its code is open source, so everyone can use and modify it for their personal needs.
About SNT Token
- Ticker: SNT
- Contract: 0x744d70fdbe2ba4cf95131626614a1763df805b9e
- Decimals: 18
- Blockchain: Ethereum
- Token Standard: ERC20
- Token type: Utility Token
- Total Supply: 6,804,870,174 SNT
- Circulating Supply: 3,960,483,788 SNT
With a total supply of ~6.8 billion tokens, SNT is allocated by the Status development team as follows:
- 41% sold to the market in the token sale round
- 10% allocated to Early Contributors
- 20% held by the Core Dev team
- 29% used as a reserve fund for future Stakeholders
Should you invest in Status (SNT coin)?
Having learned about what SNT coin is, it’s evident that Status (SNT) shows great potential as it provides both a social network and blockchain features. Status is an open-source and community-based project, taking a unique approach that allows its users to decide how its platform will be managed and further developed in the future.
The potential of SNT coin will depend on how popular the Status application becomes and how many users it attracts. As the demand for activities and services of Status increases, the demand for SNT token will also rise.
However, there are still many challenges for Status (SNT) such as:
- The current user base is not really large.
- The Status project and SNT coin are not too prominent, and many investors are still unaware of them.
- The demand for self-sovereignty over personal information related to Ethereum is not very high.
- Although Ethereum is the largest ecosystem, many other platforms are competing with it and Status will also be affected. Will Status (SNT) be able to expand to other blockchains?
- Status competes with major players like Kik (KIN), Telegram (GRAM)…, and even familiar names like Facebook, Google…
In my personal opinion, Web 3.0 is starting to emerge and it’s developing very quickly. Blockchain still has issues to resolve before it can fully appear, but decentralized tools, features, and services have been fully developed and many people are here waiting for Web3. Status (SNT) is an example – a blockchain-based, decentralized browser that will allow you to browse the web, use messaging, wallet, and more, on almost any device.
This is a good project, cautiously moving forward step by step and planning for the future. Therefore, it deserves consideration if you are looking for an investment/speculation opportunity.Although the core of Status (SNT) is a mobile application, the functions and features it offers make it much more than that, and the development of new features in the future is virtually limitless thanks to its open-source nature. The development seems promising, but no one knows for sure what the future may hold.
However, from the perspective of a typical cryptocurrency investor, looking to invest in a project with high profitability potential in the near future, Status (SNT) coin is not too suitable. Because Status still has a long way to go, too much work to do. Just afraid that its roadmap is so far away that no longer there are patient investors.
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Above is the information about Status (SNT). I hope that through this article, you have somewhat understood what is SNT coin, as well as the potential of the Status (SNT) project. Any investment decision should be carefully considered, thoroughly research the project and importantly find the right time to enter the market, avoiding FOMO. I wish you wisdom and successful investments.
