What Is Status Coin (SNT)?

Status Coin (SNT) is the cryptocurrency of the dApp platform of Status.

The platform is a light client for Ethereum, which serves as a messenger, browser and gateway.

Status Coin currently has a total market capitalisation of 98-135 million US dollars, of which 2-7 million US dollars are traded daily.

Status is a project of Status Research & Development GmbH from Switzerland.

Status Coin – The Platform

The platform is based on the Ethereum blockchain.

This means that users can design their apps via Smart Contracts. Status is thus also connected to the Ethereum peer-to-peer network and can exchange data via the decentralised network.

Status’s Light Client offers a good opportunity for many users to work with the Ethereum Blockchain without having to download it completely.

Ethereum works with a proof-of-work algorithm, which will be replaced by a proof-of-stake algorithm in the future.

The difference between the two algorithms is that the more ethers in a block, the faster the PoS user finds it.

The status platform sees itself as a community project that functions via an open source system.

Anyone who wants to participate can work on the platform.

This ensures that users ensure the network design. Status sees itself as a new form of social media platform.

Status Coin – Functions

First and foremost, it is possible to receive, send and save via the Light Client Ether or other cryptocurrencies.

Status has an eWallet. Also, users can also trade in Ether or use it as a means of payment in shops.

Then Status is a platform for dApps (distributed applications). uPort ID is an app based on status.

The app provides the service to use its own encrypted and mobile identity to make digital interactions more secure.

Another dApp based on the status platform is Etherisc, a platform for decentralised insurance.

The dApp aims to make the acquisition and sale of insurance policies more efficient, cheaper and more transparent. UJO, another dApp of status, protects artists.

The app is a platform for musicians to distribute their music without losing control of it.

Artists can use this platform to decide at any time how much they want to earn for download, streaming or synchronisation.

In the overall picture, Status is working on a decentralised economy, but also wants to play a major role in the social media sector.

The core of this economy consists of an encrypted messenger, which can be used to send or receive Ether, complete Smart-Contracts and simply chat.

Messenger is based on a peer-to-peer protocol.

The website of Status is simply structured and provides besides the presentation of its platform even its wiki.

Interested parties can also find more information on Status’s blog. All important innovations are published there.

Conclusion

The status platform has its cryptocurrency, which serves as a token.

The platform itself offers an encrypted social media platform with the possibility to exchange cryptographic currencies, send encrypted messages and even manage Smart-Contracts via Messenger.

Furthermore, interested parties can program their dApps on the platform.

Overall, the platform makes a serious impression, although a whitepaper is not available, and could add a little bit to the social media world.

You can’t buy it directly for fiat on any exchange. You can choose the best crypto exchange for your region and but BTC there, then trade it for SNT on exchanges. Learn here how you can instantly convert altcoins to bitcoin and vice versa.

Our recommendation is always check if Coinbase is available for your country and buy there – as it is by far the safest and best regulated bitcoin exchange. Coinbase is legit and safe cryptocurrency exchange.

Don't miss out on important news and useful guides - Join Our Telegram Channel

If your country is not available on Coinbase – check for exchanges that are good Coinbase alternatives (such as Cex.io or Indacoin) and buy BTC on one of those exchanges. You can always exchange your coins on Changelly (see our review of Changelly here), instantly and directly to BTC.

Best and safest option to store your coins is to download an official coin wallet and store it on a hardware wallet – our recommendation is just go and purchase Ledger Nano S, it is the safest option. Check out other top hardware wallets here.

loading...
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner.

We will be happy to hear your thoughts

      Leave a reply