Status Network Token Coin: A Decentralized Platform for Web3 Communication and Access

Status Network Token Coin: A Decentralized Platform for Web3 Communication and Access

Status Network Token Coin (SNT) is the native token of Status Network, a decentralized platform that combines a secure messaging app, a crypto wallet, and a web3 browser. SNT is used to access and power various services and features on the network, such as registering user names, voting on network governance, and rewarding validators. In this post, we will explore the coin’s introduction and features, market analysis and trends, project updates, investment analysis and recommendations, and outlook and community response.

Coin Introduction and Features

Status Network Token Coin was launched in June 2017 as part of the Status Network project, which aims to make the adoption of Ethereum decentralized applications (DApps) faster and easier. Status Network is an open source project that anyone can use and contribute to, and is verified by the Messari Disclosures Registry1.

SNT is an ERC-20 token that runs on the Ethereum blockchain and has a circulating supply of 3,876,517,863 SNT and a total supply of 6,804,870,175 SNT. There is no maximum supply for SNT. The fully diluted market cap of SNT is about $443 million as of April 20232.

SNT is a modular utility token that fuels the network and enables users to access and enhance the decentralized services on the platform. Some of the main features of SNT are:

• User name registration: Users can register a human-readable name on the Ethereum Name Service (ENS) using SNT. This allows them to send and receive messages and payments without relying on long and complex addresses.
• Network governance: Users can participate in the decision-making process of the network by voting on the future development priorities and proposals using SNT. This ensures that the network is aligned with the interests and needs of the users and stakeholders.
• Validator rewards: Users can run nodes and relay messages on the network using SNT. This helps to secure and maintain the network and earn rewards for their service.
• DApp discovery: Users can discover and access over 2,000 DApps on the Ethereum blockchain using the Status web3 browser. SNT can be used to rank and curate the DApps in the Status Community Directory, which is a user-generated list of DApps.
• Sticker market: Users can create and sell custom stickers on the Status sticker market using SNT. This allows them to express themselves and support their favorite artists and creators.

Market Analysis and Trends

SNT has experienced significant price fluctuations since its launch, reaching an all-time high of $0.90029 on January 4, 2018 and an all-time low of $0.00825 on March 13, 20202. As of April 2023, SNT is trading at around $0.05538, with a 24-hour volume of $146 million and a market cap of $252 million2.

SNT has shown a positive trend in the past year, increasing by over 600% from its low point in March 2020. Some of the factors that may have contributed to this growth are:

• The increasing popularity and demand for decentralized communication and web3 access platforms, especially in the wake of privacy and censorship concerns on centralized platforms.
• The continuous development and improvement of the Status Network project, which has released several updates and features, such as the Status desktop app, the Keycard hardware wallet, and the Waku protocol.
• The growing adoption and integration of SNT by various partners and platforms, such as Binance, Kyber Network, Uniswap, and Aave.
• The active and engaged community of SNT users and contributors, who participate in the network governance, validation, and curation, as well as create and share content and feedback.

Project Updates

Status Network is a dynamic and evolving project that constantly releases new updates and announcements for its users and supporters. Some of the recent and upcoming updates are:

• Status v1.11: This is the latest version of the Status mobile app, which was released on March 31, 2023. It includes several improvements and bug fixes, such as faster message delivery, better performance and stability, and enhanced security and privacy. It also introduces new features, such as the ability to send and receive NFTs, the support for EIP-1559 transactions, and the integration of WalletConnect.
• Status desktop alpha: This is the alpha version of the Status desktop app, which was launched on February 23, 2023. It allows users to access the same features and services of the Status mobile app on their desktop devices, such as messaging, browsing, and transacting. It also supports multiple accounts and devices, and syncs with the mobile app.
• Keycard v3: This is the third generation of the Keycard hardware wallet, which was announced on January 28, 2023. It is a contactless, open source, and secure device that can store and manage crypto assets and keys. It can also be used to access the Status app and DApps, as well as sign and verify transactions. It is compatible with NFC-enabled phones and computers, and supports multiple cryptocurrencies and tokens, including SNT.
• Waku v2: This is the second version of the Waku protocol, which is a fork of the Whisper protocol that powers the Status messaging system. It is designed to improve the scalability, reliability, and resource efficiency of the network, as well as enable new features and use cases, such as offline and asynchronous messaging, group chats, and push notifications. It is currently in development and testing, and is expected to be deployed in the near future.

Analysis and Recommendations for Investments

SNT is a promising and innovative token that offers various benefits and opportunities for investors. Some of the reasons why we recommend SNT to investors are:

• SNT is the gateway to the Status Network, which is a leading platform for decentralized communication and web3 access. It has a large and growing user base, as well as a diverse and vibrant ecosystem of DApps and partners. It also has a strong and committed team of developers and contributors, who constantly improve and expand the network and its services.
• SNT is a utility token that has multiple use cases and functions on the network. It enables users to access and enhance the decentralized services, such as user name registration, network governance, validator rewards, DApp discovery, and sticker market. It also creates a positive feedback loop, where the more users and activity on the network, the more demand and value for SNT.
• SNT is a governance token that empowers users and stakeholders to shape the future of the network. It allows them to vote on the network development priorities and proposals, as well as influence the network parameters and settings. It also aligns the interests and incentives of the network participants, and fosters a sense of ownership and community.
• SNT is a potential token that has room for growth and appreciation. It has a relatively low market cap and price compared to other similar tokens and platforms, which indicates that it is undervalued and has a lot of upside potential. It also has a positive trend and momentum, driven by the increasing popularity and demand for decentralized communication and web3 access platforms, as well as the continuous development and improvement of the Status Network project.

Outlook and Community Response

SNT has a bright and optimistic outlook, as it is backed by a solid and innovative project that aims to make the web more open, secure, and accessible. It has a clear and ambitious vision, mission, and roadmap, which outline the goals and milestones of the network and its services. It also has a loyal and enthusiastic community, which supports and engages with the network and its features.

The community response to SNT and the Status Network has been generally positive and supportive, as evidenced by the following indicators:

• The social media presence and activity of SNT and the Status Network, which include over 110,000 followers on Twitter, over 30,000 members on Telegram, and over 10,000 subscribers on Reddit. The social media platforms are also used to share news, updates, and feedback, as well as to interact with the users and supporters.
• The user reviews and ratings of SNT and the Status Network, which are mostly favorable and complimentary. For example, the Status app has an average rating of 4.5 out of 5 stars on Google Play, and 4.6 out of 5 stars on App Store, based on thousands of reviews. The users praise the app for its features, functionality, and design, as well as its privacy, security, and decentralization.
• The media coverage and recognition of SNT and the Status Network, which are mostly positive and respectful. For example, SNT and the Status Network have been featured and mentioned by various reputable and influential media outlets and platforms, such as Forbes, CoinDesk, Cointelegraph, and Decrypt. The media outlets and platforms highlight the achievements, innovations, and potentials of SNT and the Status Network, as well as the challenges and opportunities they face.