Status is both a cryptocurrency and a blockchain-based platform. The platform reacts as a browser that allows users communicate with each other via the “messenger” application. The project was launched in 2017 and is promising a lot. It comes with a fresh innovation that will approach for sure, a lot of enthusiasts.
The platform is connected with Ethereum network and is available to install on Android and iOS systems. The company that gave birth to this project is Status Research and Development GmbH, based in Switzerland.
Status’ cryptocurrency tokens has the symbol SNT.
How does the Status platform work?
As I said, the platform is working on the Ethereum blockchain. It uses a peer-to-peer protocol, just like Ethereum. It is a decentralized platform and allows developers design their own Smart Contracts. It’s a great opportunity for users, because they do not need to download the full version of Ethereum’s blockchain, but at the same time they are being assured of high functionality and security.
The designers see Status as a new advanced social media platform. Anyway, it works as a blockchain-based network and allows us to buy, store and sell Ethereum cryptocurrencies.
Status’ platform works with dApps – distributed applications. One of these is called uPort ID. It provides a strong security when a user gets connected with other traders. It encrypts the devices identity and allows more digital interactions. Beside the application mentioned above, it is approaching the Etherics, which provide a decentralized high insurance.
All distributed applications make possible to secure the browser more efficient, to make it cheaper for use and more transparent.
How can you buy Status tokens?
There are over 3 billion SNT circulating on the global market. But how can you get them? Unfortunately, it is not possible to buy cryptocurrency tokens directly with fiat currencies. First, you need to buy some Bitcoins using services like Coinbase or Localbitcoins and then exchange with the help of Bittrex or Poloniex platforms into SNT tokens.
Where can you store SNT tokens?
For keeping the SNT tokens, we recommend you the official wallet, called Status Hardware Wallet. You can keep, sell and receive Ethereum, Status tokens as well as other major cryptocurrencies that circulate globally. All you need to do is make a request by entering your e-mail on Status’ official website and try the wallet. This one promises a strong security and a new technology level for crypto wallets.
The Advantages of Status platform
– It is a decentralized platform;
– It is a browser that allows users interact with other traders;
– It is built on Ethereum blockchain. This means we can trust it is not a scam;
– You can keep cryptocurrencies using an advanced wallet, called Status Hardware Wallet;
– It has a strong security and privacy due to dApps and peer-to-peer algorithms;
– It allows developers to create Smart Contracts.
The Disadvantage of Status platform
– You can’t buy SNT tokens directly with fiat currencies.
Status is quite a promising platform. It provides both social media and blockchain features. It is still in its young ages, but maybe it will rule the crypto markets in the future. Who knows?
At the time this article was written, 1 SNT = $0.479798 US.