Status is an Open Source decentralized application that provides ranges of functionalities to cryptocurrency enthusiasts and internet users as a whole. These functionalities include a peer-to-peer messenger, a secure cryptocurrency wallet and decentralized web browser through which we can explore the latest DApps in the blockchain space.
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Today, we have tens of thousands of highly-functional decentralized applications competing with one another in the cryptocurrency and blockchain market. There are various things that differentiate these DApps from one another. The most significant one is the distinct functionality possessed by each of the DApps available on the internet. In my subsequent post, we discussed deeply, one of the greatest features of Status.im which is the security. Security is the strongest feature of any cryptocurrency wallet as it determines how safe users' assets can be on the platform. Despite being a non-custodian of its users' tokens, Status focuses and spent a lot of resources around security. In this post, we will continue from where we stopped in the previous post and discuss other features that set the standard for this exceptional DApp.
Features of Status.im (Continued from the previous post)
Decentralized push notification
Push notification is nothing special when dealing with messaging applications that are built and managed by centralized firms. For example, push notification is usually automated by default on most social media networks. That is not the case in the decentralized world. In fact, getting a push notification to store messages offline in a peer-to-peer network requires extra work. Status messenger does not store messages in any designated server. Instead, messages are encrypted and are only accessible to the sender and receiver. This is to ensure total privacy and security. Getting a push notification when your recipient replies to your message while you are offline required the developers to go the extra mile. The latest Whisper protocol – Whisper5, however, makes this an easier task for the developers. This does not come without a charge. Users are charged with a little amount of Status Network Token (SNT) to enjoy this service.
Internal Token (Status Network Token)
Most Blockchain projects out there have network protocol token around which the ecosystem economy is built. These tokens usually power most of the functionalities of the project. This is the same on Statu.im. The internal token, Status Network Token (SNT) fuels various functionalities and users activities within the app. Among these are push notification service, username registration on the network, semi-public token-based group chats on the messenger, curation mechanisms opt-in, curation and signaling in the teller network and sticker market. As well, the SNT is required to become a seller in the acquisition engine.
Status Teller Network
The cryptocurrency was able to gain mass adoption due to its monetary benefits to business-minded individuals. Crypto enthusiasts usually buy tokens when their values are very low. As the bull-run commences, these tokens are exchanged for fiat currencies. In a nutshell, it is all about buying, selling and making profits. The Status Teller Network allows stakeholders to exchange their tokens for fiats and vice versa instantly by selling them to nearby users. This gives the crypto owners full control over their digital assets.
User acquisition engine
Starting so bright does not always guarantee long-term success for a business entrepreneur. It is important to grow the user base and work on continued mass adoption of the product being offered. This is why Status has a designated business model that focuses on user acquisition. The more the holder of SNT, the more the value for the token grows. This has a positive effect on the entire ecosystem. The Status team provides various incentive structures to aid the mass adoption of SNT and increase Status platform users.
Let us talk about the SNT market statistics and history
The Status Network Token (SNT) was launched in June 2017 with an initial price of $0.067706. It got a 24hrs market volume of $8,128,870 on that same launch day. The token value remained almost the same while other cryptocurrency tokens were experiencing continued rise on value towards the end of 2017. However, on January 2nd, 2018, SNT rose to its all-time highest value of $0.6+ USD with a market cap of $2,112,473,070 and a volume of $502,957000 in 24hrs.
SNT is currently ranked 74th among the world's cryptocurrencies based on market capitalization. Its current value is $0.028518 USD, 0.00000339 BTC and 0.00011075 ETH signifying -2.82%, -4.80% and -1.85% all drop in value in 24hrs respectively. As at press time, SNT has a market capitalization of $98,969,707 USD and a 24hrs market volume of $17,895,060 USD. 3,470,483,788 SNT out of the total supply of 6,804,870,174 tokens are currently circulating in the market.
Various benefits of Status.im and how to get started using this decentralized application have been extensively discussed here. I suggest that you check it out.
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