Status Network is host to an evolving decentralized social application. Crypto social platforms have been expanding exponentially over the past two years, with the Status app offering a seamless experience combining secure Web3 browsing, peer-to-peer payments, and a private messaging service. Moreover, the native multi-utility Status Network token (SNT) secures the Status crypto ecosystem using a model with extensive and evolving crypto economic research. The SNT token is designed to incentivize all participants and honest behaviour on the network. Moreover, the native SNT token features utility outside of the Status app within the Status crypto ecosystem.
In this article, we’ll dive deep into Status Network. We’ll look at the Status crypto ecosystem, exploring the variety of services available. Moreover, we’ll explore the various use cases for the multi-utility Status Network token (SNT).
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What is Status Network?
Status Network aims to facilitate secure communication and the free flow of information to enable private conversations and individual sovereignty. Also, the Status app is free to install and use, and is based on open-source (libre) software. Plus, creating a Status app account requires no bank details, email address or phone number.
One of the key value propositions of the Status app is that it is resistant to censorship from third parties.
Crypto Social: Web2 vs Web3
Status Network is a Web3-based protocol tackling the shortcomings of Web2 community platforms. Web2 offers centralized applications that often prioritize profit over privacy. Moreover, Web2 companies are known for selling their users’ personal data for profit in return for personalized, targeted ads to encourage users to spend more.
Centralized Web2 platforms are vulnerable to a single-point-of-failure and therefore to user data manipulation. Also, authoritarian governments can control data with censorship powers of users’ speech. However, none of the above are issues for Status Network, as a decentralized blockchain-based protocol. Status is supported by a global network of distributed nodes, eliminating these risks.
With Web3 development, privacy is a core feature. Also, security and transparency are synonymous with blockchain, making this technology a perfect foundation for the Status Network application and Status Network token (SNT). Status defines privacy as "the power to selectively reveal oneself to the world”. Further, Status has developed the app so that, should one choose to, they can still share personal data, but the choice lies with the user, not the community application provider.
Status Network Token (SNT)
The Status Network token (SNT) is the utility token at the heart of the Status crypto ecosystem. Many features of the Status app rely on the SNT token, which is an essential component of the Status Network open-source, decentralized economy. As such, the SNT token is a necessary medium of exchange for different services offered by Status Network. This includes the Sticker Market and the Tribute to Talk protocols. Tribute to Talk is an “economics-based anti-spam filter” provided by Status. Users set a minimum amount of SNT tokens for other users to offer before receiving cold messages from unknown senders outside of their network. We discuss the Sticker Market further in the article.
Another use case for the SNT token is governance. SNT token holders who stake their tokens with the platform receive voting rights 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. Plus, it doesn’t cost stakeholders anything to participate in project governance.
The tokenomics surrounding the SNT token is a continued work-in-progress. The project welcomes a global network of Community Contributors presenting research on crypto-economic models best suited for Status Network. Anyone is encouraged to review, critique, and explore different avenues for SNT token development alongside network incentivization.
Status Crypto Ecosystem
The Status crypto ecosystem includes various other community networks and crypto projects that have integrated or partnered with Status Network providing further use cases of the native SNT token This includes:
Teller Network
As a peer-to-peer community-based decentralized application (dApp), Teller Network offers stakeholders the opportunity to facilitate local fiat-to-crypto transactions. Through Teller Network, users can exchange their fiat currency cash for secure digital and cryptocurrency assets. In order for a user to become a seller, they must hold Status Network’s SNT token as a requirement.
ENS User Names
ENS stands for “Ethereum Name Service”, offering crypto wallet addresses with human-friendly easily-readable address lines ending in “.eth”. For example, someone could use the wallet address “myname.eth” to send crypto to. Also, ENS usernames can be searched for within the Status app, either for the wallet, Status chat, or browser.
Moreover, Status Network offers their app users the opportunity to reserve their own “stateofus.eth” names. For example users could reserve “myname.stateofus.eth” for just 10 SNT tokens. Furthermore, the SNT tokens are locked in a registry contract for 12 months allowing users to choose to either renew their username or release the username alongside staked SNT tokens after the 12 month period is up.
Sticker Market
The Status app offers a decentralized Sticker Market as a fun way for users to interact with each other across the network. Moreover, anybody can design and sell their own sticker designs, allowing anyone to become a digital artist.
Further, this could be a great alternative way to make a passive income with crypto! Status Network has made the process as easy as possible: the artist designs and puts up a sticker pack for sale, with the artist setting the price of the sticker pack. Users can then purchase these sticker packs for use, with users able to place stickers in the chat.
Status App
The mobile download Status app incorporates private, end-to-end encrypted messaging, a Web3 browser, a crypto wallet, and much more. Also, users of the Status app can create public channels, groups, and private chats.
Private Messenger
The Status encrypted messaging service uses a peer-to-peer network in place of centralized servers to provide users with much greater privacy than other messaging apps. Plus, only the sender and intended recipients can view messages sent via Status.
Furthermore, the Status private messenger uses an adapted version of the double ratchet key management algorithm. This means that all messages are secured and protected, even if private keys are compromised.
Status Wallet
Status Wallet enables users to send and receive global payments directly through chats from anywhere in the world. The non-custodial crypto wallet puts users in control of their funds. This means that funds are secure and resistant to censorship, even from Status!
Furthermore, the Status crypto wallet allows users to store, send, and receive Ethereum-based assets, including non-fungible tokens (NFTs). Also, users can create multiple accounts for interacting with decentralized applications (dApps), storing funds, and sending payment.
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Keycard
Part of the Status Network ecosystem includes the cold storage hardware device, Keycard. As the size and shape of a traditional credit or debit card, Keycard offers a secure and convenient way to store SNT tokens and other digital assets off line.
Moreover, for greater security and protection around your investments, Keycard can also offer a PIN entry requirement as a two-factor authentication when accessing your Status Network accounts. Keycard uses an open-source API to seamlessly facilitate integration with other crypto wallets or decentralized applications (dApps).
Web3 Browser
The integrated Web3 browser makes interacting with decentralized applications (dApps) simple and frictionless. With the Status app, users can access a plethora of dApps, decentralized exchanges (DEXs), games, and marketplaces, all from one convenient place. Moreover, downloading the Status app makes it easy for smartphone users to access decentralized applications (dApps) and funds on the go.
Status Node
For users, traders, or investors interested in supporting the everyday running of Status Network, it is possible to run a Status Node with no cost (at the time of writing, this is subject to change). To incentivize participation, Status rewarded the first 100 users who signed up to run a Status Node with $100 of SNT. For those who missed out on the sign-up offer, Status has hinted at potential future rewards for early Status Node participants. Moreover, to encourage a wide audience to partake, Status has ensured the process of setting up a Status Node is as smooth as possible. Plus, the project offers tutorials and support sessions alongside their support chat operating 24/7 for anyone who has questions.
Furthermore, the actual running of a Status Node does not require any special mining gear or equipment. Status Nodes require low resource-intensive activities, suitable for maintaining requirements across mobile devices and low-end laptops. This drastically reduces the barrier for entry for participating in cryptocurrency networks.
The Status Node software offers multiple functionalities. Firstly, a Status Node is to relay the messages of Status app users privately and securely. Plus, Status Nodes provide periodic offline historical messages for peers. Moreover, communication with peers is done so in a decentralized manner.
This is the first step towards a decentralized node solution that won’t require a sign-up application that can automatically reward the full network. Most node network incentives rely on in-dApp economic activity to reserve a percentage for rewards. However, as Status Network offers a free service, this presents a challenge. The team is encouraging anyone to evaluate and present node incentivization models for future application. In the meanwhile, Status Network will continue with an application-only initiative, with the ability to reward all network participants.
Exploring Status Network & SNT Token Summary
Users can download the Status app compatible with iOS, Android, GooglePlay, and F-Droid. Status Network is offering a Web3 alternative to centralized Web2 community platforms. Moreover, the Status app is a one-stop-shop solution including a decentralized web browser, crypto wallet, plus an encrypted peer-to-peer messaging service amongst other features.
The native SNT token holds various use cases throughout the Status Network ecosystem. This includes eligibility for becoming a seller on the Tellor Network, in-app purchases through the Sticker Market, in addition to governance rights. SNT holders who stake their funds can receive voting rights on update proposals at no cost.
Moreover, in line with the Status Network ethos of decentralization, this year the project introduced the Status Node software. This allows anyone with a mobile or laptop to apply to become a Status Node supporting the network and receiving SNT tokens in return. Through its streamlined approach to various online community services, Status Network is presenting an attractive alternative to centralized Web2 social platforms.
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