Cryptocurrencies have been available for over a decade now and have yet to become widely adopted. The mainstream has heard of Bitcoin and crypto but barely anyone is using the stuff.
In addition to cryptocurrencies, we have innovative blockchain technologies and smart contract platforms that enable the development of decentralized applications (dapps).
These dapps present individuals and businesses with unique and decentralized peer-to-peer (P2P) models of doing things which can be faster, more secure, and open up a new realm of never-before-seen possibilities.
However, like crypto, the adoption of these new applications and technologies is rather slim. This is largely due to their ease of use, as crypto and dapps are relatively difficult to use and understand for the average joe.
To combat this accessibility problem and increase adoption, the crypto-blockchain industry needs user-friendly cryptos and dapps. Therefore, this industry needs more projects that build viable blockchain-based solutions that resonate with and onboard the mainstream to crypto.
In the following article, I provide a comprehensive and subjective look Status (SNT) so that you can fundamentally understand what Status is and see the value proposition of its cryptocurrency SNT. I delve into its unique characteristics, its history, purpose, partnerships, as well as the issues and controversies surrounding it.
So buckle up and enjoy this comprehensive guide to understanding this innovative crypto project focused on accessibility for the mainstream – Status (SNT).
History of Status (SNT)
Status was first introduced to the world in September 2016 at DevCon2, an annual Ethereum conference for developers. During the conference, Status co-founders Carl Bennetts and Jarrad Hope gave a presentation revealing their plans for a new private and secure messaging platform and Web 3.0 browser that would act as a gateway to Ethereum dapps.
Then just 1 year later, Status launched its ICO on June 20, 2017, which was intended to run for weeks but sold out in just 1 day. The Status token SNT was distributed at a rate of 10,000 SNT per 1 ETH. Within a few hours of the token sale, the project raised a total of $99 million.
Status (SNT) launched as an ERC-20 token and remains one today. The total supply of Status is 6,804,870,174 SNT and the circulating supply is 3,470,483,788 SNT.
Of the supply held by the Status Foundation, 50 percent of the SNT cryptocurrency is allocated to core development, 15 percent to security, 10 percent to marketing, 10 percent to legal, and the remaining 15 percent is held by the founding team.
When Status first began trading on exchanges, it was traded at roughly $0.05 and reached a peak price of $0.608697 on January 3, 2018. The token’s price has since collapsed, as with the rest of the crypto market, and has continued to make new lows in 2019.
Purpose of Status (SNT)
“Status strives to be a secure communication tool that upholds human rights. We enable community money, community law and through privacy, preserve culture.” – Status Team
The Status cryptocurrency project is a multi-purpose project enabling users to harness the power of Ethereum in their pocket (on a mobile phone). It’s a secure and private messaging platform, a decentralized cryptocurrency wallet, and a Web3 browser providing access to decentralized applications.
Status can be thought of as a crossover between WeChat and an app store that allows you to connect to the entire Ethereum network right in the palm of your hand. As for SNT, the native utility token of Status, it’s the ERC-20 token underpinning the Status network.
The SNT token provides holders with voting rights on the Status network and is also used as gas to fuel transactions on Status. While Status is free to use and communicate with, you need SNT to access a variety of features such as reserving a user name, navigating the dapp directory, listing dapps, and more.
Now let’s take a look at the unique features Status offers its users:
Status Private and Secure Messenger
One of the primary use cases of Status is its private and secure messenger.
Status offers truly private messaging by using the peer-to-peer protocol Whisper, end-to-end encryption, and the ‘Double Ratchet’ algorithm on top of Whisper, making it impossible for anyone to know anything about you or the people you’re communicating with.
The Status messenger app is quite versatile as well, enabling users to join any number of public channels or send private 1:1 or group chats. Also, crypto payments can be sent and received directly from within the chats, which is a major feat for bringing the mainstream to crypto.
Decentralized Web3 Browser
In addition to the messenger, Status features a Web3 browser that enables users to access an immense ecosystem of Ethereum dapps directly from your smartphone. Users can browse decentralized exchanges, marketplaces, games, social networks, and more.
Also, Status employs the same privacy and security measures for their Web3 browser as they do with their messenger. Therefore, users can browse dapps in a safe environment free from tracking and data collection.
Additionally, Ethereum dapps can be extended with Status to create a seamless user experience directly in Status.
Secure Crypto Wallet
Another powerful feature Status has integrated to drive mainstream adoption is a secure Ethereum wallet.
The wallet is non-custodial, meaning you have full control of your funds without the use of a centralized server. A user’s private keys are encrypted and stored on their personal device and all transactions require a signing phrase to protect the user from phishing attacks.
Regarding usage, not only can the Status wallet securely store SNT, but it can also store other ERC-20 and ERC-721 tokens on the Ethereum network. Even more, the Status wallet integrates with the messenger and browser so that users can interact with other peers and dapps.
To summarize the purpose of Status:
- Users can securely and privately message and transact with one another on a P2P basis.
- Users can browse and access a plethora of decentralized applications on the Ethereum network.
- Users can store and manage crypto assets with the built-in non-custodial Status wallet.
Status (SNT) Issues and Controversies
While Status is a legitimate open-source cryptocurrency project with a real working product and lofty goals and ambitions, the biggest issue plaguing Status is a lack of adoption. The fact of the matter is that the mainstream is not yet using decentralized applications.
Therefore, the SNT token does not have much utility because not enough people are using the Status app. Status and the SNT token depend on a thriving cryptocurrency and dapp ecosystem where demand is high to interact with dapps.
Without adoption and usage, the SNT token is useless and its price which was initially driven up by speculation will fail to recover to where it once was.
Another issue with Status is its lack of recent development. The Status app is fully released and works well, but the project appears to have come to a standstill. Some features which were proposed 2 years ago are still in “development” or even still in “research” phases.
For instance, Teller Network – which is supposed to be a dapp within Status that provides a borderless, peer-to-peer, fiat-to-crypto ‘Teller Network’ where nearby users can exchange cash for digital assets – has been in “development” for 2 years and doesn’t appear to be launching anytime soon.
Other proposed dapps/use cases for Status that have yet to launch despite being announced years ago include:
- Tribute to Talk (in development): an economics-based anti-spam filter requiring SNT to send a message.
- Sticker Market (in development): a market enabling users to create and sell stickers for SNT.
- Network Incentivization (in research): a framework and incentivization structure for people to deploy and use Status nodes.
- DAO & Governance (in research): the Status network’s voting system is still being researched.
- Acquisition Engine (in research): a cryptographically provable and transparent means of growing the user base.
All in all, the Status project and team are desperate to find a way to promote the value of SNT as it’s current utility token model within the Status app is not working.
Status (SNT) Working Products
While Status is struggling to gain adoption and support for its SNT token, the cryptocurrency project does have a working product – the Status App.
As described above in the “Purpose of Status” section, the Status app features a secure and private messenger, a Web3 browser for dapps, and a non-custodial crypto wallet. The Status app is available on iOS and Android devices and can be downloaded for free from the Apple App Store and Google Play Store.
Additionally, the Status app can be downloaded and installed on Mac, Linux, and Windows desktop computers.
Ethereum dapps supported in the Status App include:
- Totle Swap
- Name Bazaar
- The Bounties Network
- The Bounties Network
- Origin Protocol
- Super Rare
- Clovers Network
- Crypto Kitties
- MakerDAO - CDP Portal
- DeFi Saver
- SNT Voting DApp
- Compound Finance
- BTU Hotel
- Ethereum Name Service
- Status Kudos
Crypto and the blockchain industry is still very much in its early days and has struggled to achieve widespread adoption just yet. Status, however, was created with a vision to drive mainstream adoption and onboard new users to crypto. Unfortunately, this vision has not yet been fulfilled and Status is far away from being everything its creators envisioned it to be.
However, despite the lack of adoption and a declining SNT token price, the project has a good working product and is researching ways to give its SNT token more utility. Perhaps when the crypto market enters a new bull run, Status will be able to onboard new users and get things rolling once again.
What do you think about Status (SNT)? Will this crypto project find new utility and achieve widespread adoption in the next bull market?
Let me know what you think in the comment section below.