Needs to achieve mass adoption which can be difficult, Similar apps with almost the same functions exist on the market already (which means a very tight competition for the project), The hidden cap may be larger than what investors anticipated
Jun 01, 2017
Status is a messenger, crypto wallet, and Web3 browser built with state of the art technology.
Carl Bennetts and Jarrad Hope
With a very ambitious goal, Soothes the real need for a decentralized solution, Has a strong team with reputable advisors within the blockchain world, Been showing good results based on its roadmap
Status is an open source application for Android and iOS systems using the platform Ethereum which provides the appropriate ecosystem conditions for decentralized application. Thanks to the Status network services, our portable device are becoming a node in the Ethereum network, which gives us access to the entire Ethereum ecosystem from anywhere in the world.
It is worth adding that everyone is able to add their decentralized application to the Status network. The platform supports many popular decentralized applications, such as Gnosis, Oasis Exchange, Aragon, and Ethlance.
The main purpose of the Status application is to provide easy access to the Ethereum ecosystem. It is also characterized by a very simple and transparent interface, making it very easy to get access to all DApp posted in it. Status is appreciated by the community as there are no intermediaries and servers are fully centralized.
The status platform offers a decentralized "medium" through which users are able to communicate without intermediaries and developers can create additional tools using a transparent and understandable system that guarantees privacy enabling the use of smart contracts in a very simple way.
The Status platform has many useful functions, to find decentralized applications or other network users, enabling currency exchange, and the sharing of services and ideas to promote decentralization. You can also send payments to friends and include smart contracts using chat rooms that have properly encrypted messages and use the protocol Peer-to-peer network.
One of the basic functions offered by the Status platform is Status Teller Network, a decentralized application that allows users to exchange FIAT currencies for cryptocurrencies. Due to its usefulness and many applications, it has gained a lot of popularity.
For example, using SNT, people from abroad can send money to their families without incurring huge fees with each transfer. Some people who live in places where the currency is very unstable can buy gold value using Digix (DGX) tokens with the help of SNT tokens to secure the funds. Others living in countries with large restrictions in the financial and network sectors can bypass government restrictions through the use of decentralized sales agents. People leading their own blogs or YouTube channels that are highly popular can earn by posting their work on the status platform where users can reward them with special stickers.
Status is led by the co-founder Jarred Hope and Carl Bennetts who is also the director of communications and marketing. The team encourages users to support the project in various ways, as developers, community managers, writers or translators. In addition to Jarred and Carl, the team also includes Roman Volosovskyi, a Clojure developer and leads a team of developers. Alexander Pantyukhov is also a developer of Clojure, as well as Java and Android. Other team members are as follows, Andrey Shovkoplyas, Gustavo Nunes, Victor Farazdagi and Andrei Mironov. A full detailed description of the team and responsibilities of each member can be found within the official site of Status.
The company responsible for the Status platform, whose official name is, Status Research & Development GmbH, has its headquarters in Zug, Switzerland. This region is fast becoming the leading place in Europe for blockchain projects.
The system has a lot of applications and great usability, this is the main factor that attracts users. To put it theoretically, the status software has a good chance to become even more popular than Bitcoin and Ethereum.
The project is also great in terms of marketing, the team provides many updates on social networks like Twitter, Facebook, and Reddit. They can also freely communicate with users, which certainly helps in establishing a strong relationship with the community. Their YouTube channel is great, and their videos are very interesting, though, for people unrelated to the world of crypto, they may seem too technical. In addition, the founders and team leaders often participate in various events devoted to the subject of blockchain and the world of cryptocurrencies, which confirms their credibility and make the project more recognizable around the world, not only by users but also investors or entrepreneurs.
Looking from an investment point of view, the Status platform also looks great. People all over the world began to massively move to mobile platforms, enabling the development of more and more applications for Android and iOS systems while more and more people are leaving the use of laptops and computers. Currently, there are a lot of decentralized applications available, although they are still lacking in effective ways that allow for their remote control or communication. In addition, even older people are slowly becoming more and more in favor of micropayments, however, complex systems and opaque interface still reject a large part of potential users. That is why we can be almost sure that the Status platform will take root because it is a real and much-needed solution.
Where to buy SNT
SNT Tokens can be purchased on exchanges such as Upbit, Bittrex, Huobi, and Binance. Upbit (SNT / KRW) is characterized by the highest turnover of 92.66%. Trading on the other stock exchanges is much lower, only 0.89% on Bittrex (SNT / BTC), and 0.79% on Huobi (SNT / USDT). Even Upbit in SNT / BTC pair accounts for only 0.87%.
Where to keep SNT
SNT tokens can, of course, be kept on the stock exchange, although this is not a recommended solution, due to possible hacking attacks. It will be much effective to use wallets like MyEtherWallet which you can easily use as SNT tokens are based on Ethereum blockchain. The best and the safest solution will be to purchase a hardware portfolio, the most popular is Ledger Nano S. To add SNT tokens to your wallet, you must first install the application, then in the settings set "contract data" to "True / Enabled". The instructions for registering tokens can be found on eos.io and it is the same as in the case of MyEtherWallet.
Status is very interesting, with its open-source nature, the development of new features is nearly unlimited. There is also a high chance that Status might be a big name in the future as it taps into all the Dapps created in the Ethereum network. Everything looks good so far, but there is still a lot to accomplish to secure success for this platform.
Pros & Cons
- With a very ambitious goal
- Soothes the real need for a decentralized solution
- Has a strong team with reputable advisors within the blockchain world
- Been showing good results based on its roadmap
- Needs to achieve mass adoption which can be difficult
- Similar apps with almost the same functions exist on the market already (which means a very tight competition for the project)
- The hidden cap may be larger than what investors anticipated