Full List of Status (SNT) Use Cases

By M0davar | Token World | 20 Jun 2020


SNT or Status Network Token is the native crypto token of Status Network. Status Network has evolved to something bigger recently. Apart from being the secure mobile messaging app, Status has also built its own crypto wallet app for ERC-20 tokens, Web3 browser, and other blockchain-based services. The potential is big here as Status Network promotes a peer-to-peer and decentralized ecosystem for its features. And of course, SNT is at the center of all these features of Status Network. SNT token was natively designed to have growing natural demand when there are more users of Status Network. 

Token Details:

Type: ERC-20
Underlying Blockchain: Ethereum 
Smart Contract Address: https://etherscan.io/token/StatusNetwork
Total Supply: 6,804,870,174 SNT
Distribution: ICO
Total $ Raised: $107M

Use Cases Quick List:

1. Network Incentivization
2. Teller Network Participation
3. ENS User Name
4. Sticker Packs
5. DApp Discovery And Navigation
6. Decentralized Voting

1. Network Incentivization

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First and foremost, SNT is utilized to incentivize Status Network participants whenever they choose to run nodes. As mentioned above, Status Network relies on peer-to-peer protocol, and it needs various node owners to decentralize the platform. 

In return, node owners are incentivized in the form of SNT token for their efforts and resources. Forwarded and offline messages are also operated by the same nodes and incentivized in the form of SNT.

2. Teller Network Participation

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SNT token is also used if someone wants to become a merchant in the network of “Teller Network.” The Teller Network is a decentralized application, built by the community, that presents a fiat-to-crypto opportunity for its users all over the world. 

The idea of Teller Network is for everybody to be able to convert their fiat currencies to crypto tokens peer-to-peer. This Teller Network requires SNT to participate as a merchant.

3. ENS User Name

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ENS is an Ethereum Name Service and it works exactly like how domains work. The idea of ENS is to make an Ethereum wallet address become readable by humans. For example, if John.eth is an ENS user name, it would redirect to a certain personal wallet address or smart contract. People don’t need to copy-paste the usual ETH wallet address if they want to transact multiple times with “John.eth”.

Status provides this type of service for its users. If you would like to register an ENS with them, you would have to pay 10 SNT tokens. The contract would last for one year and can be extended, just like how domain registration works.

4. Sticker Packs

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Status Network offers a way to chat with each other with end-to-end encryption and without any centralized entity getting in a way. However, for a long time, it was criticized for being too bland and too basic. For this reason, Status Network chat service now offers sticker packs to make the chat session looks more attractive, especially to the youngsters. And the sticker packs can be sold and bought by using SNT tokens in the marketplace

5. DApp Discovery And Navigation

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Status Network also has its own list of Dapps on their sub-project called Dap.ps. This website, Dap.ps, lists different DApps that are curated by its community members. For Dapp developers who want to get bigger visibility on the website, they would be required to use SNT tokens.

6. Decentralized Voting

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Another important use case of SNT token is to be used as the voting power at the Status Voting DApp. Status wants to achieve a fully decentralized state in the future with a community-focused governance mechanism. 

For this reason, Status believes that a decentralized voting app is the first step toward decentralized governance. The number of SNT tokens in your crypto wallet defines your influence in the votes.

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M0davar
M0davar

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