What is Status (SNT)?
Future of SNT Cryptocurrency and know how to buy SNT

#1 - What is Status(SNT)?

Status: The Basics

  1. Ethereum allows different tokens and coins to be used and spent within its network. Status Network Token(SNT) is one among Ethereum's many tokens used across platforms while serving multiple other benefits beyond being just a token.
  2. The Status Network Token is a modular utility network token that runs on the Ethereum network serving as an open source messaging platform and mobile interface to access various decentralized apps that are able to do a number of things for the users.
  3. It is built entirely on peer-to-peer technologies, and acts as a platform allowing the Ethereum community members to interact with each other, use applications and more.


#2 - What are the Benefits of Status?

Status is not just a token, it serves as a platform for users within the Ethereum ecosystem to do much more than that.

  1. It works as an open source platform enabling messaging through Ethereum.
  2. It is used as a mobile browser meant to connect the users with decentralized apps available and active within the Ethereum network allowing users access from anywhere to interact with other parties and work in or on programs they are searching for through Status.
  3. Being one of the crucial components of Ethereum, it allows users within the ETH network to assert complete control over their digital identities within accounts and control personal data and wealth as seen through digital coins and real money. The uPort plugin feature allows users to declare digital independence.
  4. SNT also enables users to gain access to a decentralised job marketplace allowing users to work or hire someone to work for them with no fees included.
  5. It also allows artists to share and create their content with the rest of the community, buy insurance policies and create companies without borders or limits inter alia.

SNT Transactional Processes

  1. Users on the Status network are each given a public key (of an SECP256k1 type). This is their unique identifier. Of course, this could be hard to memorise. Which is why the Statu team is collaborating with Nick Johnson (the man behind ENS - the Ethereum Name Service), to link alphanumeric usernames to SECP256k1 public keys.

  2. To do this, users will need to own at least some SNT tokens. This will help prevent spam and fake accounts on the network.

  3. Users that own SNTs will also get a say in development decisions for the Status network.

  4. They will also be able to promote or reject posts (similar to upvotes/downvotes on Reddit). This curation process will be called ‘Signalling’.


#3 - How to Buy and Store Status?

  1. Create an account with a crypto exchange where SNT is listed and which allows you to trade your chosen currency for SNT. Sign up for an account and comply with KYC requirements if need be. Ideally, enable two-factor authentication to ensure the security of funds.
  2. Search for the coin pair you want to trade and initiate the transaction after studying the market price. You can choose a limit or market order, specify the amount and proceed with the order once satisfied.
  3. It is not directly possible to purchase most cryptocurrencies directly with currency. One has to purchase Bitcoin, Bitcoin Cash, Ethereum and Litecoin first in order to exchange them for SNT tokens.

Exchanges SNT is listed on:

SNT is available to be bought on a wide range of popular cryptocurrency exchanges such as Binance, Bitfinex, Indacoin, Changelly, Huobi, Bittrex, Kucoin etc.

  1. The exchanges mentioned above are only platforms on which you can trade SNT,prices of the tokens differ slightly on each of them. CoinSwitch, the best cryptocurrency exchange out there, helps you choose which platform to buy from. Supporting more than 140 coins and 45,000 pairs of cryptocurrencies, it displays the prices of WeTrust tokens on the exchanges it’s sold in, all at one place, helping you compare the exchanges. You can choose any pair you want with your token, and choose the best deal with the help of CoinSwitch!
  2. What’s more - with CoinSwitch, you do not need to create wallets on the exchange you’re buying from. Instead, all transactions can happen to and from your very own private wallets.

SNT Wallets:

Status has its own wallet software available for download on its website. For maximum possible security however, a dedicated hardware wallet such as a TREZOR wallet or a Ledger Nano S may be used. Mobile wallets that can be used to store multiple cryptocurrencies while availing some added security benefits include Jaxx or Coinomi among others.

SNT is an ERC20 token on the ETH blockchain, so SNT will have to be stored in an Ethereum-compatible wallet. Others on the list include MyEtherWallet, Ethereum Wallet inter alia.


#4 - What is the future of Status?

Current Status

As of July 2018, SNT has been trading at $0.09 on major cryptocurrency exchanges. The total market capitalisation of all SNT stands at USD 308.76 million.

Also Read: Complete Analysis of Status | Live Status (SNT) Price Charts And Predictions

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Why Status looks promising in the near future

  1. Status is likely to reinvent social networks given how it breaks the unbalanced architecture of the legacy of social media platforms which give almost all control to owners and advertisers, leaving little to none with the users. Status seeks to empower the users, making them stakeholders in the network they participate in.
  2. With the release of the new version Status 0.9.14, things look even more promising as the newer version allows full-screen mode for DApp browser since most DApp browsers presently available in the market are not exactly user-friendly.
  3. The new DApp browser by Status eliminates this problem since it is easy and simple to use. The new and functional wallet could also help boost value in the time to come.


#5 - How is Status different from other cryptocurrencies?

  1. The fact that SNT serves as a utility token and the value it brings to the users is what sets it apart.

  2. Additionally, its messenger form-factor makes it familiar to the average smartphone user.

  3. In tandem, this very feature makes it a flexible platform for DApp developers to be able to maximise the regular use of the Ethereum public blockchain.


#6 - Should you Invest in Status?

  1. A major move that can work in favour of Status is the incubation program it launched in April 2018. It has been launched to promote blockchain technology and fund blockchain-based projects including but not limited to - storage, governance, blockchain-based computing. The idea is to make the Web3 ecosystem far more functional and powerful for users interested in SNT and its tech.

  2. However, all of that will not be possible if Status doesn't adopt a better marketing strategy to garner more exposure for its Web3 related ventures and Status Incubate.

  3. On the other hand, as long as Ethereum lives on as a promising platform, SNT will be valuable and should it achieve the vision it has in mind as a user-empowering social network unlike the legacy networks, it could become an extremely profitable investment.

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