Status (SNT) cryptocurrency review: characteristics, roadmap and prospects

Cryptocurrency Status – when it appeared and who created it

A short excursion into history. The developers began actively creating this add-on for Etherium immediately after the decision was made to launch the project. The first public version of the application for smartphones on Android and iOS appeared quite quickly. And the final version was presented to the public on June 20, 2017.

The creators did not skimp on advertising. This helped raise $100 thousand for the ICO (initial token release). This is eight times more than what was originally planned by the Status developers. More than 20 thousand people became investors in the new project. Among all the ICOs held last year, this system raised a record amount of funds.

In the first year of its existence, 11 people worked on the platform. Today the number of developers has increased to 40 people. They work under the supervision of Operations Director Nabil Naghdi. Before joining Status, Nabil worked on Google services: Maps and Flights.

Other creators:

• J. Hope. Has extensive experience in the software industry. Helped former Opulence company earn $20 million;
• R. Volosovsky. Before Status, he worked on the Symphony2 project;
• A. Pantyukhov. Application developer for the Android operating system;
• A. Shovkoplyas. Previously worked as technical director at Dadcan;
• G. Nuns. Creator of products in Clojure language;
• A. Mironov. Developer of the visual component of interfaces.

The road map (development plan) of the project is on the Status Wiki page, as well as the currency movement chart, news, official review and description (in English).

Briefly about the project

The team began developing this platform almost immediately after Ethereum appeared. The first public version was launched in 2020 (for Android and iOS smartphones). But the final version was released to the world on June 20, 2020.

The initial coin issue became one of the most successful of 2020, breaking all records. And the secret is that the developers did not skimp on advertising. As a result, the ICO raised 100 thousand dollars. This figure seems even more impressive considering that the developers planned to get eight times less. More than 20 thousand people became investors in the Status application. But at the same time, the developers created the product itself with their own money and distributed coins for a ready-made project.

Status is not just another decentralized platform running on Ethereum technology. If we make a comparison, we can say that this project is practically a new type of Internet. Its network will feature an open software interface, where anyone can implement the startup they need, becoming a co-owner of the site.

Let's look at the features of the project:

• According to the developers, this is a mobile operating system operating on the third generation Blockchain. This platform has a built-in browser and tools for financial transfers using SMART contacts,
• The account in the system is under reliable protection provided by a special cryptographic key,
• You can transfer anonymous messages between network participants,
• Any product can be purchased for local currency,
• The open API allows each participant to independently add their own functionality to the system.

If we draw an analogy, Status can be called a cryptocurrency analogue of the Telegram messenger. In addition, you don’t even need a mobile phone to register online. It is enough to simply generate a cryptographic key, which is issued during authorization. The application has its own browser, software interface, trading platform, etc. At the same time, it performs two main tasks:

1. Works as a decentralized messenger.
2. Used as a platform for hosting dApps.

Although the application enhances user freedom and does not require training to use it, it does have some disadvantages:

• High level of volatility. But it is inherent in all cryptocurrencies. That is, the exchange rate changes several times a day, and sometimes quite dramatically,
• There are no guarantees regarding transactions. There are no bodies on the crypto market that could regulate relations between users, so in this case the problem is global,
• Low bandwidth. There are two options for solving this problem: Ethereum developers will solve it or you will have to switch to another platform.

But all these shortcomings are conditional and do not interfere with users much.

What features does the Status (SNT) project have?

The developers of Status call their project a decentralized mobile operating system operating on a third-generation blockchain. The platform has a built-in browser and tools for transactions on smart contacts.

You can protect your account in the system using a cryptographic key. Thanks to the open API, each participant in the system can add their own functionality.

Although the developers conducted one of the most successful ICOs in the world of cryptocurrencies, they created the product with their own money. This is what influenced them to raise so much money. After all, they held this event not to start developing a project, but for a finished product.

Status cryptocurrency. Forecast 2020 - rise or fall?

Analysts give a positive outlook for the SNT cryptocurrency. This is due to the fact that the coin does not have a decentralized analogue. The platform's growth opportunities are limitless through customized tool development. The application itself is convenient and does not raise any questions.

The advantages of the messenger include:

• This is the only decentralized application today. You can not only communicate in it, but also easily work with smart contracts without fear of revealing your identity.
• A development team with extensive experience in the blockchain field. They have a couple of successful projects under their belt. The implementation of the messenger did not require the involvement of outside funds. The ICO had a ready-made product that simply offered to become a participant.
• Development of solutions for IOS and Android. On both OSes the system works stably, without failures or shortcomings.
• Functional. No other messenger can boast of such fast-growing functionality. Thanks to the developers' users, Status receives regular updates, which enable rapid development of the company.

When reviewing the SNT cryptocurrency, professionals noticed some disadvantages:

• Coin instability. Its rate can drop and rise 2-3 times in a few hours. Clients have great doubts about investing in such projects, so after a while such mistrust can ruin the development;
• Possible loss of funds. The team does not guarantee high income from applications and deposits, so the client himself calculates the company’s risk factor.
• The Ethereum network is not capable of providing high throughput. Considering that, by design, this is a messenger with a large number of clients, this is almost a decisive factor. The developers have not yet dealt with the problem, since there are not yet enough users to overload the network. If the team can cope with the challenge, then the success of the project will probably be greater than that of Telegram.

Overview of services on the Status platform

Experts believe that Status could become very popular in the future. Today there is a trend of user outflow from popular social networks and instant messengers. And in this regard, the system will help fill the niche and allow users to communicate with each other without access to third party correspondence.

Other system services may also affect the growth of Status.

Today the developers managed to launch:

1. Gnosis. The ability to create financial forecasts and earn money from them.
2. Oasis Exchange. Fast ETH and ERC-20 exchanger.
3. Aragon. A platform for creating companies to operate anywhere in the world.
4. ethlance. Job search service with payment in Ethers.
5. Etherisc. Insurance system with decentralized operation.
6. Ujo. Creation and distribution of creative content on the Internet.

All these services significantly expand the functionality of the system and make this ecosystem very interesting for investment. But the value of Status can be negatively affected by two factors: the general decline of the cryptocurrency market and the low throughput of the Etherium network.

Advantages of SNT cryptocurrency

The Status platform is a project with the following advantages:

• simple and convenient interface;
• possibility of encrypted communication;
• payment for any product using your own currency;
• development of decentralized products within the platform

All these advantages help to lift the curtain of secrets from the world of cryptos for ordinary users.

You can find out more about this product on the following official resources:

1. status.im is the official website of the platform.
2. @ethstatus is the project’s Twitter account.
3. @ethstatus – Facebook page.
4. @statusim – YouTube channel.

To communicate with the service, you can use the Riot service - chat.status.im.

This project can be compared to Windows. Before Microsoft created a user-friendly interface, only programmers and specially trained people could use computers. The Windows operating system has opened up great opportunities for bringing computers into every home.

The creators of Status are planning to do the same. They created a product that will help ordinary people use crypts and the technologies that came with them.

Investment in SNT

Today, many experts strongly recommend paying attention to this asset to replenish a multi-currency portfolio. Those who are interested in this project can get more detailed and up-to-date information on its official website status.im.

To purchase SNT coins for USD, PUB, EUR or other fiats, you first need to buy Bitcoins (Bitcoin, BTC), and then exchange them for Status on the Binance, Liqui, Bittrex or KuCoin exchanges. Status coins can be stored in the Status e-wallet.

Online rate of status to dollar and ruble. Schedule for a day, a week, a month, six months, a year.

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“Achilles’ heel” of the Status cryptocurrency – an overview of the main shortcomings

Experts believe that the Status crypt has three main disadvantages:

• high level of volatility;
• lack of guarantees during transactions;
• low throughput.

High volatility is inherent in all virtual coins - the exchange rate of these coins against the ruble, dollar and other fiat money changes several times a day, sometimes dramatically. Like any other young market, it is subject to dramatic changes. But over time, everything will stabilize and then one of the shortcomings will be leveled out.

There are two ways to solve the low bandwidth problem. Wait until the Etherium developers do this or by switching to another platform. Many people choose the Stellar platform as an alternative to the Ethereum ecosystem.

As for the lack of guarantees, here, too, everything may change over time. A body is already being created in the United States that will be used as a regulator in the crypto market. Russia and China have announced that they will also strictly regulate this area. This means that this drawback may soon disappear.

Which cryptocurrency is the main competitor? Status

It is impossible to name a specific competitor of this digital currency. Some projects provide the possibility of encrypted communication. Others are trying to create platforms with a user-friendly interface. But no one has yet succeeded in making a smartphone a light node of the Etherium network.

Many industry analysts believe that a possible competitor to Status could be the cryptocurrency of the Telegram network. Pavel Durov has been nurturing the idea of ​​creating it for a long time. He has experience developing a popular product and a team of experienced specialists. And thanks to the release of the TON currency after STN, its creators will be able to “close” all the errors and shortcomings of the earlier version.

Where can I buy Status cryptocurrency?

There are 2 ways to purchase Status platform tokens:

1. Exchange offices . Altcoin SNT is inferior in popularity to the top ten digital currencies. This means that it can be purchased for fiat money in a small number of exchangers. Russian sites do not exchange SNT at all, while Western ones often use Bitcoins or Ethers for this. The advantage of purchasing SNT tokens through exchangers is the high transaction speed. Cons: unfavorable rate and low security.
2. Cryptocurrency exchanges. Exchanges are considered the most optimal tool for working on the crypto market. Every day the number of resources trading cryptocurrency is increasing. To purchase the SNT altcoin, you just need to register on any of the exchanges that support Status and deposit fiat money or other cryptocurrencies there. After that, all you have to do is find a pair and purchase SNT.

Exchanges, unlike exchangers, offer the best rate. But you need to take into account that they charge commissions for depositing and withdrawing funds, as well as for performing transactions between participants.

The most popular exchanges where you can purchase the SNT token:

• Binance.com;
• LiveCoin.net;
• Bittrex.com.

Unlike most cryptocurrencies, the SNT token cannot be mined. All issued coins were distributed after the ICO.

Exchanges where you can buy Snt

Exchanges are places where users can buy or sell crypto assets. You can also exchange or purchase SNT tokens here. On some sites, these coins can be purchased both for other cryptocurrencies and for fiat money.

Crypto exchanges operate in the same way as traditional exchanges, so traders who are familiar with the principles of regular trading will find it easy to figure out how to proceed. For example, in order to be allowed to use trading instruments, you need to register. Namely, indicate your username, password and email address. But some sites also require verification - confirmation of identity.

The SNT token is currently quite actively traded on cryptocurrency exchanges. It ranks 49th in the list of cryptocurrencies by capitalization, according to data from coinmarketcap.com. Trade volume is 40 million US dollars per day.

List of the most reliable exchanges where you can buy tokens of this cryptocurrency:

1. Upbit is an exchange that is distinguished by a large assortment of cryptocurrencies and high daily turnover of one and a half billion dollars. The pairs are as follows: SNT/KRW, SNT/BTC, SNT/ETH. Almost 49% of the total daily turnover of this cryptocurrency is traded on this South Korean platform. And this despite the fact that the exchange itself was founded only in 2020.
2. Binance is another new exchange that has already become popular. Huge volumes of cryptocurrencies are traded on it - about two billion dollars in daily turnover, although fiat does not trade on this Chinese platform. The following pairs can be exchanged on the exchange: SNT/BTC, SNT/ETH. An excellent bonus is that depositing and withdrawing money is free.
3. OKEx is one of the old-time exchanges. It was founded in 2013 and is one of the most popular. Its daily turnover is $2.3 billion. On this site they trade with the following pairs: SNT/USDT, SNT/BTC, SNT/ETH.
4. Livecoin is an exchange that has a large range of cryptocurrencies. But its main advantage is not this, but the ability to exchange cryptocurrency for fiat money. At the same time, the exchange commission for trading operations depends on the transaction volume: the maximum commission is 0.18%. SNT is sold for Bitcoin, Ether and dollars.

The full list of platforms where these coins are traded is quite large, so the table shows the ten largest exchanges:

Where to store SNT altcoins?

To store SNT tokens, you must have an Ether wallet. Since the Status ecosystem can be considered an add-on to the Etherium platform, these coins are directly related. This opens up wide opportunities for SNT holders to store coins.

Coin storage options:

1. On the exchange. You have the right to buy and not withdraw coins from the exchange. This method is good because you do not have to pay commissions for withdrawing funds. But there is also a negative: exchange accounts are often hacked. If you don’t want to lose funds when attacked by hackers, withdraw tokens from the exchange.
2. Online wallets. They have a user-friendly interface and are easy to use. To log into your online wallet, you must undergo two-factor authentication.
3. Hardware wallets. They have the most reliable protection. But to work with such a wallet, you need some knowledge and tools to maintain it.

You will not be able to use SNT tokens to buy pizza or pay in stores. The popularity of this crypt is not yet the same as that of Bitcoin or Ethereum, although these coins are also not accepted in ordinary supermarkets.

But Status coins may be needed for:

• Investing. Some projects raise funds using various altcoins. Including SNT;
• Games on the stock exchange. Are you sure that SNT will increase the cost? Try to make money by investing in cryptocurrencies and then selling them;
• Creating a faucet. Do you want to increase the recognition and popularity of your resource? Distribute SNT tokens to users.

Each of the methods presented above is designed to multiply funds. If you don’t have the desire or time for such work, then leave the SNT tokens in your wallet. Who knows, maybe after a while they will become the second Bitcoin.

Is it worth investing in SNT – exchange rate forecast and development prospects

There is now a planned capital outflow from the cryptocurrency market. Bitcoin fell from $20,000 to $8,000. Altcoins followed suit. Analysts believe that by mid-2020 everything will be restored, which means there will be another increase in value.

And with them the value of the SNT token will increase. But solving Etherium's bandwidth problem is much more difficult. We all already remember how playing cats could significantly slow down the work of the entire platform.

Crypto review Status in video format:

https://youtu.be/pDo6DnCrPpY

SNT rate: