Status is a project that was initiated by Status Research & Development GmbH in Zug, Switzerland. In very simple terms, status is software that enables a person to use the Ethereum network with ease. Status does this by offering a platform on which decentralized mobile applications can run in order to make maximum use of the blockchain technology employed by the Ethereum network. Status is designed in order to be used on any device, including different versions of mobile OS software. At present, it is available for use on the iOS and Android mobile operating systems. Status has been designed such that it can also be used as an open source messaging platform mobile interface (as mentioned).
It is expected that Status will stay a strong entity, one to be reckoned with, as long as the Ethereum Network exists. The Ethereum Network has posed some strong competition to the rise and influence of Bitcoin. It is exists as a better and more decentralized version of bitcoin which is riding on a massive popularity wave owing to its reputation as the first cryptocurrency. The Status Network Token is the cryptocurrency used by the Status Network. This currency cannot be mined.
Why is Status significant?
Status is significant because it runs side-by-side with Ethereum which is shaping up to be a major competitor to Bitcoin. Ethereum is popular owing to its advanced technology and the fact that it allows other coins and tokens on its network. Status uses SNT that is one of the tokens that Ethereum does support.
History of Status
The Status Network was founded by Carl Bennets and Jarrad Hope. They funded the initial implementation of the project. The work for the porting of the Ethereum Java implemention to Android was begun some time in 2014. The initial plan was to develop a mobile browser for DApps (distributed and decentralized applications). Then, in 2016, the decision to change Status into a Go Ethereum product that makes use of a light client and whisper protocols was made. This decision changed the face of Status by improving its adoption rate.
What is it?
In order to ensure that people could interact, Status was developed as a messaging application. This was based on a study that indicated that more and more people prefer to communicate through instant messaging over other forms of communication. In addition, trends around the United States of America and even globally, indicated that instant messaging applications have a higher number of active users compared to social networks. Status aims to build a messaging platform that will help its users interact with smart contracts.
The user interface (UI) used by Status is intended to make it more appealing to the Ethereum developer community. The stated mission of Status is to ensure that more people can visualise Ethereum better. This is to be done by highlighting the genericity and flexibility that Ethereum has and offers.
The features of the initial release version are as follows:
- It was aimed at ensuring that there was a facility that would ensure that encrypted communication through messaging was possible.
- The version was also supposed to include an Ether Wallet. Since it was designed for people who might choose to socialise, it also included something called Discover. Discover was a hashtag-based search that would allow people to find other users of Status, search for other D Apps, and discuss ideas and exchange goods and services. In order to protect the privacy of the user, Status allowed individual users to make a decision regarding whether they would prefer to keep their profiles either private or discoverable.
- A local P2P (peer-to-peer) Exchange facility was also to be part of the initial version that was released.
Status Network Token (SNT)
- The Status Network Token (SNT) is a crucial component of Ethereum and the token has its own value. It is what fuels the network.
- The SNT allows users to check their digital wealth and its value in real money.
- There is a higher level of control over digital identities contained within online accounts while using SNT.
- Status has created a policy that only users with accounts that hold SNTs will get a username. This has been done in order to avoid the creation of spam accounts thus ensuring that the entire network is filled with trustworthy accounts.
- Badges are awarded to trustworthy accounts and these are assigned only after users deposit SNT for their usernames. The badge will contain information that will indicate the value or backers associated with the account.
- SNT also allows the user to vote on changes that may be proposed for the network. The decision token that a user has will be allocated on a 1:1 basis depending on the number of SNT they have but the user does not need to use their SNT in order to vote on a decision.
- In the event that a Status user requires a person to contact them from outside the network, the user needs to deposit a set amount of SNT with the stakeholders.
Where to buy SNT?
Status is coming up with a feature called the Status Teller Network. This is a facility that will allow stakeholders to find users who are nearby to exchange cash for digital assets. That is, anyone with a smartphone will be able to obtain the SNT currency by paying cash. At present, SNT can be exchanged on Changelly, a website that facilitates cryptocurrency exchanges. Binance and Bittrex are other websites that allow trading of SNT.
Status was supposed to create an Ether Wallet that would allow the users to perform transactions, view the logs for the same, and would also contain a QR reader and also allow ETH storage. In November 2017, Status released the beta version of the Status Hardwallet. This wallet allowed users to store, send, and receive Ethereum tokens. NFC or Near Field Communication technology was implemented for the wallet in order to facilitate contactless mobile transactions. This removed the need for a wired connection. It is a mobile-ready facility and it is open source. The three main tokens that the wallet works with are the ETH, SNT, and the ERC20 tokens.
SNT cannot be mined since it is a token based on the Ethereum blockchain via smart contracts.
SNT price trend
The currency gained a lot in price around the last week of July 2017. It touched a high of about $0.086 and this was followed by a period of lull during which the price dropped gradually. By the second half of December 2017, the stock had begun to gain again and this led to a high of about $0.56 but the price dropped again after that. The price spiked during the second half of December 2017 owing to the fact cryptocurrencies were trading at very high levels during that time. It was during that time that investor interest peaked and the public began to learn about this investment opportunity. This led to a strong demand for cryptocurrencies. Then the price dropped off later as interest waned.
The historical price trend for SNT is as given here.
Risks associated with SNT
From the table containing historical data, it can be seen that the price changes with SNT have been random and volatile. Also, governments have banned or are in the process of banning cryptocurrencies owing to the fact that there are no regulations concerning cryptocurrencies for the time being. Some governments are considering restrictions on cryptocurrencies in general. In light of such developments, it is not clear to what extent cryptocurrency values will appreciate.
Instead, when considering investments for the long-term, it is advisable to look at traditional avenues like mutual funds . It is strongly recommended that one look at proven mutual funds that have shown a good return on investment over a period of time. Investing a little amount every month in such mutual funds would show a better return compared to the chance that one will have to take with cryptocurrencies.