Article

What Is Status (SNT) crypto?

Published on Jan 12, 2023

Updated on Apr 25, 2024

While many consider Status to be a web3 social network, the reality is far more impressive. So what is Status? Status (SNT) is a decentralized and fully open source application that offers users a suite of tools like instant peer-to-peer messaging, a convenient crypto wallet and a web3 browser.

Status aims to return data sovereignty back to users. The innovative platform allows users to interact directly with applications on the Ethereum network while providing a secure framework for peer-to-peer instant messaging. Status messaging is hosted on a decentralized network and features end-to-end encryption, so you can be sure your conversations are private.

With Status, users can also instantly send cryptocurrency to each other via blockchain payments. In the true spirit of cryptocurrency and Web 3 technology, Status is censorship-resistant and allows users to communicate wallet-to-wallet using pseudonymous usernames. This is a unique feature that users love about Status.

SNT, or Status Network Token, is the utility token of the Status platform. With SNT users can unlock a wide range of features within the Status platform, like registering usernames and buying Status Sticker Packs. This helps bring buying pressure and supports SNT price. SNT is also used as a governance token within the Status ecosystem, giving holders the right to vote on governance proposals that shape the future development of the protocol.

What Is Status: Key Highlights

Status is a decentralized platform that allows users to access a range of tools in Web3.
The Status application offers secure peer-to-peer messaging via decentralized servers.
The Status Web3 browser permits users to interact with applications on the Ethereum blockchain.
SNT is the native token of the Status ecosystem and is used to unlock features within the platform and for matters of governance.
Status aims to give users greater freedom, privacy and protection of data when using the internet.

How Does Status Work?

Now that we have a better understanding of what is Status, let’s explore how Status works. The Status protocol is designed to give users everything they need to interact with the Web3 world and blockchain technology. The Status team aims to be the leading gateway that enables encrypted, secure communication and p2p payments to anyone with a mobile phone. What’s great about Status is that not only is it completely free to set up and use, but it’s also free from complicated KYC procedures.

Let’s take a look at some of the key technologies in the Status Ecosystem.

The Status App

The Status app is the flagship product of the Status ecosystem. It is a decentralized, secure p2p messaging platform, web3 browser and crypto wallet all rolled into one indispensable tool. With the status app, users can interact with dApps on the Ethereum blockchain, store, send and receive cryptocurrency and instantly send messages to other users. The Status app features end-to-end messaging encryption between wallets.

Status Nodes

In order for messages to be transmitted across the Status Network, the network requires operators to run nodes. Status nodes are responsible for different functions. For example, Status relay nodes are responsible for carrying messages between other nodes and data points like mobile apps or desktop clients. On the other hand, history nodes have a similar function to mail servers in centralized messaging services. They store historical messages.

To operate a Status Node, node operators must stake the required amount of SNT tokens. This helps to power and further decentralize the network while also helping to stabilize Status price. Node operators are rewarded for their commitment to the network with emissions of SNT tokens.

What Is SNT Used?

SNT is an ERC-20 token on the Ethereum network. The SNT token is the native utility token of the Status network. Thus it has valuable functions within the Status ecosystem. So what is Status Network Token (SNT) used for?

For users who want to spice up their messages in the Status app, SNT can be used to purchase a wide range of fun sticker packs that help to add some color and personality to in-app conversations.

SNT can also be used to register usernames within the Status App. This helps to give a human readable name to users when engaging in wallet-to-wallet communication while still remaining anonymous if the Status user wishes to.

Status node operators require SNT tokens to successfully run a node that helps power and secure the Status Network. Another key utility of the SNT token is that investors can also use their tokens to vote on governance proposals that help guide the future development decisions of the Status network team.

More Than Just an Exchange, SNT at OKX!

Here at OKX, we continue to provide a wealth of extra features for our customers that will help you make the most out of your SNT investment. For example, you can stake your SNT tokens in our one stop staking solution OKX Earn. It’s a great way to make passive income off your Status investment, regardless of movements in SNT price.

We also offer a wide range of financing options through OKX Loan, our dedicated lending and borrowing platform. With OKX Loan, you can lend out your SNT tokens to earn interest or even take out a loan backed by collateral you’ve provided in SNT.

Status Network History

The Status Network was originally founded in 2017 by Carl Bennets and Jarrad Hope, the headquarters of the enterprise are currently based in Switzerland. Bennets and Hope are vastly experienced in the software distribution industry and have previously worked together for over six years on developing startups.

In today’s world, data security and internet privacy are constantly under threat, and Big Tech companies earn millions by exploiting the privacy of internet users. The Status network was born from Bennets and Hope’s desire to provide an alternative that seeks to protect users and safeguard their data online.

After completing early funding rounds in 2017, the Status Network team quickly expanded and now has over 150 employees, according to their LinkedIn page. After several years of development, the Status app, the primary product of the ecosystem, was released in February 2020.

SNT Tokenomics

The SNT token has a maximum total supply of roughly 6.8 billion tokens. At the time of writing, approximately 3.4 billion SNT tokens are circulating. This figure represents around 50% of the total supply.

The Status Network conducted its ICO token sale in June 2017. During this event, the protocol raised an impressive $107 million USD. According to the Status Network Whitepaper, the initial supply of SNT tokens was distributed to contributors in the following allocations:

Status Genesis Token holders - 10%
Status Core Development - 20%
Reserve for future stakeholders - 29%
Public contributors - 41%

What is Status Network planning to do with the capital raised from the ICO? The proceeds of the original token sale will be distributed amongst the team and wider Status Network enterprise as follows:

Core Development - 50%
Security - 15%
Operations - 15%
Marketing - 10%
Legal - 10%

How Is SNT Created?

The maximum total supply of SNT tokens was fully minted at the genesis launch of the Status Network protocol. This means that no more SNT tokens can be minted and added to the supply. Because of this tokenomics structure, Status Network is a cryptocurrency with a fixed supply.

Status Competition and How It Stacks Up

Status Network is not the only cryptocurrency project in the industry looking to provide secure, decentralized messaging services and protect users’ data on the internet. Another project that aims to bring messaging services to the masses through blockchain technology is the Celo network.

Celo aims to onboard millions of users to Web3 by allowing them to instantly send and receive cryptocurrency using their mobile phone numbers as private keys. Like Celo, Status Network is providing mobile-first blockchain solutions to transactions. However, the added security and infrastructure underlying the Status protocol are key differences. Instead of using your mobile phone number, Status Network allows decentralized communication and transactions from wallet to wallet. This gives users increased privacy and anonymity when using the Status application and is one of the key features users love about Status.

In terms of adoption, the Status mobile app has over 1 million downloads on the Google Play Store. In contrast, Celo’s messaging app Valora only has around 500,000 downloads, despite Celo being a much larger project in terms of market capitalization.

Status network is not the only project that protects users' data online while providing a complete crypto wallet that is functional with a range of Web3 applications. Basic Attention Token and its primary product, the Brave Web Browser, also offer this service. The Brave Web Browser has over 15 million daily users which is significantly more than the Status Network app. However, the Status app arguably offers a wider range of features and primarily functions as a decentralized messaging service, of which the Brave web browser has no integration.

Status Investors

Status Network is a disruptive project that seeks to provide decentralized, blockchain-based solutions to everyday problems. So naturally, it attracted plenty of interest from institutional investment firms. These companies are equipped with the experience and resources to assist the Status Network project to achieve its ambitions and develop an innovative platform. As per data provided by Messari, some of the recognizable names that invested and supported the Status project are:

Advance.fund
BlockAsset Ventures
Fabric Ventures
Fundamental Labs
HyperChain Capital
SNZ

Status Strengths, Weaknesses, Opportunities, and Threats

Strengths

The greatest utility of the Status Network ecosystem is the ability to communicate secure messages through a decentralized network instantly. Using Status, your conversations are guarded by end-to-end encryption and records of exchanges are not stored on centralized servers. Beyond this key feature, the Status app also provides a Web3 browser and wallet with full dApp interaction. Status is the ultimate tool for protecting your privacy online.

Weaknesses

Currently, to receive mobile push notifications when using the Status app, users need to deposit a qualifying amount of SNT tokens. This requires users to buy SNT tokens before unlocking the full functions of the app. While this helps to increase the Status price, it could be seen as a hurdle to increased adoption because receiving push notifications for free is an industry standard across messaging apps.

Opportunities

For the time being, the Status platform is only compatible with applications that are built on the Ethereum blockchain. While this helps Status to grow by leveraging Ethereum’s network effect, there are still plenty of growth opportunities by updating the Status app and wallet to be multi-chain compatible. By expanding to a wider range of networks, Status will be able to service users you are put off by issues with the Ethereum network.

Threats

One of the risks associated with the Status Network is that its main product is relatively simple. From a development standpoint, a messaging app can be built and deployed relatively quickly. However, suppose any of the cryptocurrency industry’s larger companies, like the Brave Web Browser or Metamask, integrate a wallet-to-wallet messaging app. In that case, the Status platform could quickly be forgotten and replaced.

Fortunately, even if its competitors release messaging apps, there is still no guarantee that the service will be completely decentralized.

Status Roadmap

The Status Network application is currently live and fully operational. So what is Status working on? The Status team posts regular updates through their blog. The latest update introduced many subtle changes to the app, including performance boosts and bug fixes.

Status Highlights

Status Network $ENS Airdrop

Using the Status Network app carries a host of benefits, including being eligible for certain airdrops! In June 2022, the Status team announced that any user who had used the Status app to register an ENS domain name that met certain criteria would be eligible to receive an airdrop of ENS tokens.

Status Incorporates Private Profile Pictures

What’s unique about Status is the projects ongoing commitment to user security and privacy. In a recent update, the Status Network team announced that picture messaging would be added to the app while maintaining user privacy. On traditional messaging platforms, your profile picture is publicly visible and available for anyone to save, use and exploit. With Status only your registered contacts can see your profile picture by default. This is an optional feature that is completely at each individual user’s discretion.

The Wider Status Ecosystem

While the Status app is the main product and platform under the Status umbrella, the Status network is continually expanding and bringing new utilities to SNT holders. Beyond the Status app, the team is also working on several other products, tools, and infrastructure.

Status Keycard

The Status Keycard is an innovative smartcard and open source API that doubles as a hardware cryptocurrency wallet. The Status Keycard uses NFC technology to allow users to sign transactions and store, send and receive cryptocurrency across mobile devices like a contactless credit card. The Status Keycard integrates seamlessly with the Status app to enable offline private key management and two factor authentication.

Status Assemble

Status Assemble is a decentralized incubator and launchpad that aims to assist startup crypto projects attain open and transparent funding. This helpful product helps founders to fund innovative products while also receiving guidance and assistance from the Status Network team. This could be in the form of technical support, legal and regulatory compliance, and designing successful marketing strategies and community development.

Through Status Assemble, investors can also participate in private sales before the tokens are publicly traded.

Status Embark

Status Embark is a complete platform that gives developers the tools and resources they need to build and deploy dApps effectively. Using Status Embark, developers can easily build, test and deploy blockchain smart contracts while taking advantage of powerful debugging tools.

The tool suite provided by Status Embark offers developers a unique command line interface that features a rich dashboard that allows them to monitor services and code bugs actively.

What’s impressive about Status is the exceptional diversity of tools and products available in the wider ecosystem. To find out more about the full range, please visit https://statusnetwork.com/.

How Can I Buy SNT?

If you want to invest in Status and buy SNT tokens then look no further, OKX has you covered. You can buy SNT in the OKX spot market. To get started, simply click ‘Basic Trading’ under the ‘Trading’ tab in the dropdown menu at the head of the page. This should open the OKX trading page.

Next, search for SNT using the search function on the left of the page and click the appropriate trading pair. Then, scroll to the bottom of the page and submit a market order to buy tokens at the market price instantly.

Where Can I Store SNT?

After buying SNT, you can store your tokens securely in your OKX account. Every OKX account comes with a fully functional free crypto wallet. We take customer security seriously at OKX, so you can be sure your assets are protected by the best security measures in the industry. Your account is also protected by two-factor authentication and SSL encryption of the highest standard.

If you prefer, you can store your SNT tokens in the crypto wallet provided by the Status Network app. To download the Status app, please visit the official website and download the application. Then withdraw your SNT tokens to the unique address provided by the Status app.

For experienced long term investors, you can also store your Status holdings in a secure hardware wallet like a Ledger or Trezor. Hardware wallets offer the best security in the cryptocurrency industry. However, they’re notoriously difficult to set up so please ensure you read the instructions thoroughly. Also, take care when withdrawing your tokens to your hardware wallet, if you make a mistake or your wallet is not configured with the correct networks, you risk misplacing your tokens.

How Do I Stake SNT?

If you want to stake your SNT tokens and earn generous crypto rewards on your holdings, please visit OKX Earn. Our complete staking solution is the easiest way to stake your SNT and organically grow your investment.

To stake SNT, navigate to OKX Earn and search for SNT using the search box as indicated below to see available staking subscriptions. Then, hit ‘Subscribe’ and deposit your tokens to start earning SNT rewards.

FAQs

What’s Special About Status?

The Status app is special because it provides a network that allows users to instantly send wallet-to-wallet messages and cryptocurrency instantly across a fully decentralized network. The app also functions as a Web3 browser and can be used to interact with dApps on the Ethereum blockchain.

How Can I Download the Status App?

If you’re interested in downloading the Status app, head to the official website. You must only download the application from official sources and never give anyone your seed phrase or private keys.

What’s the Minimum Order Value When Buying SNT?

At OKX, we want to make cryptocurrency investing available for everyone, no matter the size of your wallet. When buying SNT tokens in the OKX spot trading market, the minimum order value is just 10 SNT tokens.

Can I Short SNT?

Yes, if you believe the price of SNT will drop, you can open a short position in OKX’s margin or futures trading markets. Please note that this is only recommended for experienced traders as price volatility could mean your position is liquidated.