What is Status Network Token (SNT) and how does it work?
Status Network Token (SNT) is an ERC-20 standard token based on the Ethereum network, which is used on dApps. Status is a social media platform which keeps information about individuals and can be used to transfer cryptocurrencies between individuals. It is private and secure, and it can also be used along with other dApps.
The founders of Status are Jarrad Hope and Carl Bennets. They used to work together in developing a variety of softwares for a very long time. The COO of their company is Nabil Naghdy who used to work with Google maps and Google Flights for 7 years.
Status’s ecosystem allows users to use SNT for different activities or services as follows.
1. Using a given name instead of an address.
In Status, users are able to use 10 SNT to register their name as their address, which lasts for 1 year. This allows them to be searched by other users easily.
2. Play a role in their decision making process.
SNT holders have the access to suggest solutions and play a role in their decision making process by voting.
3. Joining a discussion group.
Only those who hold a certain amount of SNT are able to join a discussion group, which helps to filter certain people who may be eligible.
4. Buying Stickers
Users may buy stickers for messaging using their SNT. If users are able to create their own stickers, they can also sell their stickers on the platform.
Prominent Points of Status Network
1. Sending and receiving messages securely
Messages that will be sent and received will be encrypted through a Peer-to-Peer network, which will ensure its users that no one else can go through the messages. Since all of this is happening on a decentralized platform, no mediators will be able to control the messages either.
2. Ability to work with a variety of dApps
Status is able to work with a variety of dApps on the Ethereum blockchain with convenience.
3. A wallet to keep cryptocurrencies
Status can also be used as a wallet to keep cryptocurrencies. It could also send and receive like any other wallet conveniently like sending stickers.
Status Network’s Technology
Status uses a Tribute-to-Talk system to prevent spams, in which users who want to send messages must deposit SNT as a collateral in sending messages.
If the recipient of the message validates it, the SNT will be sent to the recipient. If the recipient denies the message, it will go back to the sender. This system is therefore secure from fake users with bad intentions.
1. If user A creates a condition that people who wish to message them have to give 200 SNT as a collateral, user B won’t be able to open a conversation with user A unless user B gives 200 SNT as collateral.
2. If user A replies to user B’s message, the SNT used as collateral will be given to user A where the conversation begins.
3. If user A doesn’t reply to user B’s message, or if user B changes his mind, user B will be able to cancel the conversation. User B can only offer to converse with user A for a limited amount of time. In the situation where the conversation doesn’t occur, user B will receive the SNT back automatically.
4. If user A denies user B’s request to converse, the SNT will be returned to user B and user B won’t be able to request to converse with user A for a specified amount of time.