Status is the world’s first decentralized mobile and desktop client for Ethereum. It’s an open-source messaging platform and a web 3.0 browser that allows users to interact with DApps running on Ethereum (ETH) blockchain.
Status allows peer-to-peer payment and secure communications within one network.
Status (SNT), an Ethereum token, powers Status Network.
Continue reading to find out everything about Status, where it is, how it can be purchased, and what to do to get it.
Let’s get right to it!
Status There are pros & Cons
Pros
- Secure:Provides secure and encrypted messaging platforms.
- Transfers are easyCross-border transfers can be done quickly and easily between wallets in just a matter of minutes.
- The Responsive App It’s accessible as a mobile and web application.
- A better monitorThis increases market surveillance and control.
- Digital Independence:The uPort plugin allows users to be digitally independent by connecting.
- Community-based: It’s a community-based platform.
Cons
- You do not need to back it:SNT tokens cannot be backed by any back commodity.
- For Notifications, PayPush notifications require that you pay a fee.
What’s the Status of a Person (Status)?
Status (SNT), an open-source messaging platform that can be used to communicate with DApps on Ethereum (ETH), is a mobile interface and open-source messaging system.
Peer to Peer (P2P), Peer to Peer (P2P), technology is used to build the Status Platform. This platform allows access to more than 2000 Ethereum DApps through an app on your tablet or mobile phone. There are three major parts to the Status platform:
- Open-source messaging platform for sending and receiving encrypted messages P2P
- Mobile interface: Use the mobile app to connect and interact with thousands upon thousands of DApps
- Status Wallet: Manage and store private crypto-assets.
Status Network Token (SNT), is a utility token which powers the network. The SNT token is used to elect-in to access Status curation (e.g. DApps or content), to list DApps and get exposure in DApp Directory. You also have the ability to select and receive push notification, vote for Status governance, and to propose and vote.
The Status team encourages decentralized web adoption while adhering to principles like privacy, transparency, security, inclusion, and censorship resistance.
Status’s main objective is to accelerate the widespread adoption of Ethereum DApps by making DApps discovery and usage straightforward for the fast-expanding smartphone user group. The Status community provides infrastructure tools that enable anyone to join the community to create better websites. Incubate and Studio are the primary components of Status’s platform, which work together to ensure that it is accessible and secure for everyone.
Incubate:The program offers technical assistance, funding, coaching, regulatory compliance, legal and administrative compliance, product design and marketing, as well as other resources for open-source startup founders in the early stages.
Studio:A collaborative environment that allows developers to share their knowledge with others interested in DApp development.
Embark:This framework is simple to use for developing and deploying DApps.
Nimbus: This project is an Ethereum 2.0 research and client implementation. It’s intended for embedded systems as well as hardware that has limited resource.
Keycard: It is a status hardware wallet that allows for secure and frictionless contactless transactions. It accepts ETH, SNT and many ERC-20 tokens. The code of the project is freely available, and anyone can modify or use it.
Why is status unique?
Status, the first mobile and desktop decentralized client built on Ethereum allows you to instantly connect to all of the Ethereum networks from the comfort of your smartphone. Users can communicate with more than 2000 DApps on the Ethereum network through the Status interface. Status allows you to make and send P2P encrypted payments and messages as well as create smart contracts.
Status uses state-of-the-art technology and a P2P decentralization model to ensure users’ data and a private, secure method of communication.
Status employs a users-as-stakeholders network, where users are in control of what information they share and can vote on the network’s future development.
The platform’s design allows the behavior of its social network and software to be aligned with the interests of its users in contrast to legacy social network models that only empower the owners and advertisers.
Status Founders
Status was established by Jarrad hope and Carl Bennets in Crypto Valley, Zug (Switzerland) on January 4, 2017. Status has more than 70 full-time team members and experienced advisors, and the company’s current COO is Nabil Naghdy, a former product manager at Google.
Status was founded by Status users in order to encourage public adoption of Ethereum and DApps.
Both have collaborated on numerous blockchain projects.
Status has been fully self-funded by the project’s founders, except for an early Development Grant from the Ethereum Foundation.
Status’ Initial Coin Offering (ICO) collected 182,000 ETH and generated about 1.63 billion tokens on the network. But not all went according to plan. Before the official sale began, many customers sent payments to the smart contract. As customers tried to finish their transactions as quickly as possible, the backlog increased. Many had to pay extra fees and fail to make transactions.
SNT continues to be a highly-popular cryptocurrency despite the fact that it was launched incorrectly at first.
What is the Status Network?
Status is based on Open Whisper Systems’ X3DH/Double Ratchet standards. It features complete forward secrecy and end-to–end encryption. Whisper is an open source, Peer to-Peer protocol. It also provides end-to–end decryption and storage services. Status employs Whisper V5 to support decentralized chat and delegate nodes.
The user’s identification in Status begins with a locally produced cryptographic keypair that is password secured. Status employs Waku for peer-to-peer (P2P), communications. Waku relies on the network of peer peers to relay messages.
Status (SNT) Tokenomics
The current status SNT circulating supply is currently at 3.940.483,788. This compares to a total of 6.804-870.174 SNT. Market cap as at June 2022 was $111.9 Million.
The SNT Price, 24 hour trading volume, market capital, market cap and total supply can all be viewed on CoinStats. On CoinStats you can view historic statistics as well as supply and receive real-time updates about the Status SNT current prices.
SNT is an ERC-20 token used to access and power the Status Network’s decentralized services. It is verified by the Messari Disclosures Registry as open-source and available to anyone for any purpose.
How to Purchase Status
Binance, KuCoin and Upbit are two of the most well-known cryptocurrency exchanges for purchasing Status. Huobi Global is another exchange where Status SNT can be purchased.
SNT is listed on various crypto exchanges. However, unlike major cryptocurrency, you cannot directly purchase it with fiat currency. Status can be purchased by purchasing Bitcoin on any fiat to crypto exchanges, then transferring to an exchange offering to trade it.
Before choosing an exchange, perform your own research and check the exchange’s reputation and if it offers the features you want, such as low fees, an easy-to-use platform, and 24-hour customer support. You should also consider whether you can buy cryptocurrency with the preferred deposit method, like a bank transfer or credit debit card.
Many exchanges ask you to complete the KYC procedure. You will need to provide your personal information like your name and email address.
The Best Cryptocurrency Exchanges for Buying Status
Below, we’ve listed the top 5 exchanges where you can purchase Status (SNT) with a credit card, debit card, or Bitcoin (BTC).
Binance
The largest cryptocurrency exchange in terms trading volume is Binance. Binance’s low fees and high liquidity make it a great place to buy Status SNT. This allows you to rapidly purchase and sell digital assets in order to profit from market opportunities.
US customers aren’t permitted to buy Status on this platform; instead, it’s best suited to users from Canada, Australia, the United Kingdom, Singapore, etc.
KuCoin
KuCoin offers a low-cost cryptocurrency exchange with a variety of services and fees. Since its inception, KuCoin has offered many services including debit or credit card purchase and crypto-tocrypto trading. KuCoin allows users to purchase Status (SNT), and more than 500 tokens including new tokens.
The exchange is currently open to residents of the United States.
Coinbase
Coinbase, a NASDAQ-listed cryptocurrency exchange, is one of the most highly sought-after exchanges here in America. It has users from more than 100 countries including Canada and Singapore.
Coinbase has traded more than 500 billion US dollars worth of volume to over 70 million users. Coinbase places security first, and cold storage is used to store 98%. It is easy to use, and it supports the trading of over 200 cryptos including Status (SNT). It’s accessible on iOS, Android, and PC.
Coinbase has not been registered with either the US Securities and Exchange Commission, or the US Commodity Futures Trading Commission. The exchange accepts US citizens, with the exception of Hawaii.
Paybis
Paybis, a worldwide cryptocurrency exchange is located in Glasgow (Scotland). The exchange supports more than 50 currencies, as well as STATUS. It is currently available in 180 countries. Paybis can be a great option for travelers who want to buy or sell cryptocurrency on-the-go.
Paybis is a broker that acts for customers. It doesn’t presently offer a cryptocurrency wallet but intends to do so in the future. It is important to have a good understanding of cryptocurrency and how to send funds to external wallets.
WazirX
WazirX is next on the list, an Indian cryptocurrency exchange that was established in 2018. It became available for users all over the globe in 2019.
Binance bought it.
WazirX has an easy-to-use and safe platform. There are over 150 crypto currencies available on WazirX, which also includes Status (SNT) and other cryptocurrencies. UPI and bank transfers are the most commonly used payment methods.
WazirX works on desktop, Android, and iOS smartphones. WazirX is not available to US citizens.
How to Purchase Status (Status).
To buy Status immediately, follow our steps-by-step instructions below!
Step 1. Choose a Crypto exchange
Status is available for purchase and sale on various cryptocurrency exchanges. To find the right trading platform, you must evaluate them all. Make sure the crypto exchange allows you to pay using your preferred payment method. This could be a debit or credit card, another cryptocurrency, or a bank wire transfer. Some exchanges offer advanced trading tools, such as limit orders and market orders. You can buy Status with a limit order when its price reaches the value you have entered.
Step 2: Register
Once you have chosen a trusted exchange, it is time to create a password and register a trading accounts with your email address. Personal information such as your name, email address, contact number, social security number, home address, and a copy of your driver’s license, passport, or government-issued ID is required for most purchases on centralized exchanges. To be able to trade Status in fiat currencies, this information must be provided.
After submitting the account creation application, check your email to find the account verification code. Enter the code in order to verify your account. To protect your digital assets, we recommend two-factor authentication (2FA).
Step #3: Fund Your Account
After your account is verified, deposit funds in order to purchase SNT tokens or other cryptocurrency. You can choose your preferred payment method, including e-wallets or credit card. Your preferences and platform will influence which payment option you choose.
Bank Account
While a transfer of funds from your local bank account to your bank account may be cost-free, it is worth checking with the exchange before you deposit.
MasterCard Credit Debit Card
Simply link your card to top-up your account. You can link your card to your debit and credit cards for recurring or one-time payments or a purchase. However, you should know that using your credit card to buy Bitcoin or other cryptocurrencies may entail additional fees.
Cryptocurrency
Status can also be purchased by buying and trading other major cryptocurrency like BTC or stablecoins. Since this varies between exchanges, you’ll need to look for SNT on the spot market to view the available trading pairs.
Step 4: Purchase Status S
You’re now all set to buy Status SNT. It is very similar to purchasing other cryptos across all platforms. On the top menu, search for the Status SNT token in the search box, then check the SNT price before clicking the “Buy SNT” button.
You will need to enter either the SNT quantity to be bought or the Fiat currency amount that you want to use. Many exchanges will convert this amount to let investors know the Status they’ll get. It may be easier to use the percentage buttons below the input box, i.e., press 50% if you’d like to exchange 50% of your Bitcoin for SNT. Once you’re happy with the amount, click confirm and press the green button marked ‘buy SNT.’ Your order will be filled immediately.
If you don’t already own a CoinStats account, register one to buy Status from CoinStats.
How to store SNT
Once you’ve completed your Status purchase, the following step is to choose a secure wallet to store your tokens. While your coins may be stored in your brokerage wallet wallet, we recommend that you make a secure private wallet using your private keys. Based on your investment preferences, you can select between hardware and software wallets.
CoinStats Wallet is one of the best software wallets for managing all your DeFi and crypto in one place – a single crypto wallet for buying, selling, swapping, tracking, and earning on your crypto!
Because they provide secure offline storage as well as backup capability, hardware wallets are often called cold wallets. This is the best option for those who are experienced and have large amounts of tokens.
Selling Status
Follow these steps to cash your SNT at the exact same place you bought it:
1. Log in to the Exchange account for SNT
Compare crypto exchanges to decide where to sell your Status SNT if you’ve stored it in a digital wallet.
2. Sell an order
Choose the SNT amount you wish to sell.
3. Finalize your transaction
Finalize the SNT Sale by agreeing to the price and cost of the sale.
Are Status Investments a Good Idea?
If you’re considering purchasing SNT, keep the following points in mind:
DApp availability: The DApps hosted on the network account for the Status platform’s most use-cases (and resulting popularity). Anybody can sign up for Status DApps. The Status website allows you to stay up-to-date about DApps.
Competition:Status can compete with other smartphone-based IM service on the blockchain as well as those found on the old web such Facebook Messenger and WeChat. Status is also competing with apps stores like Google Play and iOS Store. These app stores have a greater brand presence and offer millions of applications.
Push Notification PaymentStatus’ ecosystem relies on how push notifications are transmitted, stored, and stored in a decentralized way. To receive a decentralized notification, a user has to either watch an advertisement or make a microtransaction. This is an important barrier because most push notifications sent from central applications are not charged. It could have an enormous impact on social media users who use it regularly.
Closing Thoughts
Status allows you to have access to the entire Ethereum network from your mobile device. Status users can access any decentralized application that runs on Ethereum, both existing and new. This opens up a world of possibilities.
Status is an open-source project driven by the community. Everyone can contribute to its operational system and help shape the future of decentralized websites. Status has reinvented social networking by allowing its members to choose how it will regulate and evolve.
To learn more about cryptocurrency exchanges and portfolio trackers as well as tokens, visit the CoinStats blog. You also have access to our detailed buying guides for how to purchase various cryptocurrencies such as How do you buy Floki Inu? What is DeFi? How can I Buy Cryptocurrency.
Information about Investments Information on this site is for your informational purpose only. CoinStats will not advise you to sell, buy or hold any security, financial product or instrument. This guide does not endorse any particular provider or service. It also doesn’t constitute trading advice or investment advice.
The market for cryptocurrency can be volatile and it is susceptible to secondary activities. Be aware that your portfolio could be lost. It’s important to conduct due diligence and get independent advice. Only invest the amount you can afford. Trading stocks and CFDs can be risky. CFDs can result in losses between 74-89% for retail investors accounts. Past performance cannot be predicted and future results can vary. Before making an investment, you should carefully consider your personal circumstances. You should also verify the nature of any product or service (including its legal Status and relevant regulatory requirements) and consult the relevant regulators’ websites before making any decision.