What Is Status (SNT)?
Status is categorized as a mobile and desktop operating system and decentralized browser that incorporates a messaging system. As such, Status allows you to interact with a network at any time, from anywhere. It was originally released in June in 2017.
It is a light client Ethereum node, and has the ability to give you access to all Ethereum decentralized applications (otherwise known as DApps) from an app that is installed on your mobile phone or tablet. This means that users can send encrypted messages as well as access decentralized applications, including a cryptocurrency wallet.
Who Are the Founders of Status?
The Status network as a whole was founded by Carl Bennetts and Jarrad Hope. Both of them ran a software distribution company prior.
They had a previous work relationship of over six years on various projects, and three of those years were committed to operating a software distribution network, which drove over 20 million installs throughout many software offerings. All of the profits were used to fund their future projects. During this time they were in a unique position to see how personal data on the internet is bought and sold, and how users are acquired and retained as a result..
Primary features of Status
- Receive P2P encrypted messages over the messaging client.
- Promote the use of Ethereum dApps.
- Allows the user to control the various digital currency transactions.
- Provides the user better access over smart contracts.
- It develops infrastructure tools that attract users to create a healthy community.
- Provides the option of being used as ERC-20 tokens.
- Provides better access to the Sticker market.
What Makes Status Unique?
Status, or SNT, is an open-source messaging platform as well as a mobile interface. This interface allows its users to interact with DApps running on the ETH blockchain. In return, users get over 2,000 DApps, can send and receive encrypted messages on a peer-to-peer basis and can make payments as well as utilize smart contracts.
The network itself uses Status Network Tokens, or SNT, that are the native currency on the platform. The goal of Status is to make the adoption of Ethereum DApps quicker and more efficient.
There is also a users-as-stakeholders network that allows the behavior of the network and its software to become aligned with the interests of a specific user. The contributors conduct research on a crypto economic model, and peer-to-peer technologies can ensure a healthy Status Network.
Pros & Cons of Status coin
PROS
- Secure: Provides a safe and encrypted messaging platform.
- Responsive App: It is available as both a phone application and a web application.
- Create users: Allows users to create an audience that is not limited by borders.
- Better Monitor: Allows better control and monitoring of the marketplace.
- Digital Independence: Provides digital independence to the users by using the uPort plugin.
- Community-based: It is a platform that is community-based.
CONS
- No Backing: Any supporting commodity does not back the SNT coin.
- Pay for Notifications: To get push notifications, you’ll have to pay a small fee.
How Is the Status Network Secured?
When it comes to the Status network as a whole, it has a main goal of being a truly decentralized communication tool that over time can remove all third parties and minimize any attack vectors for malicious actors.
Messages are not blocked or censored, and they are pseudo-anonymous when the user chooses this as an option. You can send, store and receive cryptocurrencies and tokens within the Status wallet, as the private keys are never exposed.
You browse through Web3, where the end user data and browsing information is not accessed by any third parties.
The user’s identity in Status starts with a locally generated cryptographic keypair, which is protected with a password. Status also uses the Waku protocol for peer-to-peer or P2P communication, and Waku itself relies on a network of peers to route the messages to each other.
It has end-to-end encryption by default, and perfect forward secrecy which is built on the X3DH and Double Ratchet specifications from Open Whisper Systems. The cryptocurrency is stored on a non-custodial wallet, and there's a signing phrase to protect from any phishing attacks.
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Cryptocurrency