Status (SNT) price

What is Status?

Status (SNT) aims to be the Operating System or Window Manager of the Ethereum World Computer. It aims to be the visual expression of the Ethereum network, a user-friendly interface between people and machines alike that removes the technical barriers to joining and participating on the Ethereum Blockchain.

Status strives to solve the problem of discovery on decentralized networks – aiming to make it much easier for people and applications to find and connect to the things that are useful and valuable to their particular needs and context.

Status builds networks where users are the true owners of their data. The platform provides tools that aim to preserve one of the most basic human rights: the right to privacy. These tools will let users take back control of their digital identity and transact without involving any third party.

Status allows you to:

• Send, receive, store Ether
• Browse decentralized apps
• Buy and sell Ether locally
  
  

Status is built using the ClojureScript, React, and Golang programming languages. Status includes a Geth node on your device that uses the Light Ethereum Sub protocol (LES) to validate and sync with the Blockchain. It uses Whisper (shh) as its messaging client and aims to integrate Swarm for storage.

By using Status, any mobile device enables access to the entire Ethereum ecosystem by acting as a light node in the Ethereum Network. As this platform is based on Ethereum, it works with a Proof-of-Work algorithm, which will be replaced by a Proof-of-Stake algorithm in the future.

The Status Coin

Status Coin (SNT) is the token of Status’s DApp platform. It is possible to spend, transfer, and save via Ether or other cryptocurrencies using the Status wallet. Also, users can trade in Ether or use it as a payment method in shops.

Users can find other users and DApps by using the Discover feature. Some of the most interesting DApps in the platform right now are:

• uPort: Offers digital independence by working as a self-sovereign identity system.
• Gnosis: Allows users to make complex predictions with an easy to use prediction platform.
• Oasis Exchange: Offers a fast and decentralized asset exchange for ETH and ERC20 tokens.
• Ethlance: Allows users to hire or work for payments made with cryptocurrencies, with no fees involved.
• Aragon: Allows users to create international unstoppable companies and organizations.
• Etherisc: A decentralized insurance platform. Buy a policy that pays claims automatically.
• Ujo: Aims to enable artists to create and control their creative content, and share it around the world.

ICO

Status raised over $60 million during its initial coin offering campaign. However, as soon as the sale started, the network became congested, and the Status team was unable to provide everyone with their promised tokens immediately.

The coin generation event ran into some issues because too many transactions were sent to the Smart Contract address simultaneously. While this event occurred, more individuals tried to purchase more tokens, causing the network to become cluttered and unusable, which led to many transactions stalling or failing. A myriad of token buyer complaints flooded the company.