Status Network Token

The Status Network Token (SNT) was created in 2017 as a utility token to fuel transactions on the Status Network. Status is a decentralized mobile and desktop client built on Ethereum, allowing users to interact with decentralized applications (dApps), send encrypted messages, and manage cryptocurrency assets. The network was founded by Jarrad Hope and Carl Bennets on January 4, 2017, with the goal of creating a socioeconomic network where users are stakeholders with equal footing.

The initial coin offering (ICO) for Status took place on June 20, 2017, and it raised $99 million in just a few hours. During the ICO, 1 ETH was exchanged for 10,000 SNT tokens. The total supply of SNT tokens is 6,804,870,174, with 3,470,483,788 tokens currently in circulation.

Initially, SNT traded at $0.05 when it was first listed in July 2017. The token experienced significant price fluctuations, reaching a high of $0.65 in December 2017 before dropping during the 2018 bear market. As of May 2018, the price of SNT was $0.96628, representing a nearly 100% return in less than a year.

SNT is an ERC-20 token and can be stored in any ERC-20 compatible wallet. The token is necessary for accessing certain features on the Status Network, ensuring that the network's goals align with those of its users. SNT holders have voting power and can influence the direction of the network.

Today, SNT remains a popular cryptocurrency, with a market capitalization of $140,902,608 and a circulating supply of 3,883,511,802 tokens.

The Status Network Token (SNT) is the native cryptocurrency of the Status Network, a decentralized mobile and desktop client for Ethereum. It is an ERC-20 token built on the Ethereum blockchain, which means it can be stored in any Ethereum wallet that supports ERC-20 tokens.

1. Utility Token: SNT is a utility token that fuels transactions on the Status Network. While the network is free to use and communicate through, SNTs are necessary to access some features on the mobile Ethereum client.

2. Governance: SNT token holders have the ability to help shape the development and direction of the Status project. They can participate in governance by staking their tokens and voting on update proposals to the network. Each SNT token is "cloned into a separate decision token," with each vote equating to a weight of one vote. The more SNT tokens a user has, the more voting power they receive towards the decision of an update proposal.

3. Anti-Spam Filter: SNT tokens are used in the "Tribute to Talk" protocol, which is an economics-based anti-spam filter. Users set a minimum amount of SNT tokens for other users to offer before receiving cold messages from unknown senders outside of their network.

4. Sticker Market: SNT tokens are also used in the Sticker Market, where users can purchase stickers to use in their messages. This feature is part of the platform's effort to incentivize honest behavior and provide a seamless user experience.

5. Username Registration: To eliminate spam accounts, Status has made a policy that only accounts holding SNTs will be able to reserve a username. Users can deposit SNT against their username as a bond of sorts, and badges will be distributed to show account trust.

• Decentralized Push Notification Market: Users must deposit SNT with a provider to receive push notifications from a DApp. This model recognizes that users are no longer the product and makes the costs explicit to the user.

• ENS Name Registration: Users can lock up SNT to generate their ENS subdomain, providing a personalized and easy-to-use address.

• Research and Development: The Status community continuously considers new uses for the token, such as SNT staking, and encourages research on possible future use cases for SNT.

Overall, the Status Network Token (SNT) plays a central role in the Status ecosystem, enabling various features and services while promoting user engagement and governance.

The Status Network Token (SNT) has several strengths that contribute to its utility and value within the Status Network ecosystem:

1. Governance and Voting Power: SNT token holders have voting rights on update proposals to the network, with each token equating to a weight of one vote. This allows stakeholders to participate in project governance without incurring additional costs.

2. Utility and Access: SNT is necessary for accessing and powering decentralized services on the Status Network, including the Sticker Market and Tribute to Talk protocols. It is also used for microtransactions, such as paying for notifications and storage.

3. Incentivization and Rewards: SNT is used to incentivize and reward network participants to run nodes, ensuring the smooth operation of the platform even if all nodes in the Status-hosted cluster are offline.

4. Anti-Spam Mechanism: The Tribute-to-Talk process, which requires users to deposit SNT tokens as collateral to message out-of-network users, discourages spam messages and fake accounts.

5. Reputation Model: Users can deposit tokens to boost another user’s reputation, contributing to building trust among users on the Status Network.

6. Decentralized and Open-Source: As an ERC-20 token, SNT is part of an open-source platform, allowing for community-driven development and the creation of new DApps.

7. Security and Recovery: Status creates a unique public key username for every user and provides a method to recover accounts using five recovery keys, ensuring account security and preventing single points of failure.

These strengths collectively contribute to the utility and value of the Status Network Token, making it a crucial component of the Status Network ecosystem.

The Status Network Token (SNT) carries several risks. According to InvestorsObserver, SNT has an average risk score due to price volatility in relation to volume and market capitalization. This means that the token is susceptible to manipulation by limited trading activity, which could lead to significant price swings. Additionally, SNT is used for governance and decision-making within the Status Network, which can be influenced by the quantity of tokens held by stakeholders. This could lead to unequal voting power and potential manipulation by large token holders.

• Carl Bennetts: Co-founder of Status Network Token (SNT) along with Jarrad Hope. They previously ran a software distribution company together and used the funds from that venture to bootstrap Status until its ICO in June 2017.
• Jarrad Hope: Co-founder of Status Network Token (SNT) along with Carl Bennetts. They have a long work history together and have been involved in various projects before founding Status.
• Nabil Nahdy: Former Google executive who joined the Status team as Chief Operating Officer. He led the Google Maps and Google Flight products while at Google and brings his experience in developing products with a user base in the billions.
• Nick Johnson: Co-creator of the Ethereum Name Service, working with the Status team to develop a public key resolver that will allow for the use of regular usernames on the network.