Contrary to many opinions, Bitcoin is not the sole cryptocurrency in circulation (even though it is the most famous apart from Ethereum). Various currencies are increasing in popularity, such as Status.IN (SNT). This is mainly due to its ties to the Ethereum network.
What is Status.IN?
Even if you are unfamiliar with SNT, you probably know Ethereum (one among the top five cryptocurrencies worldwide). This open source messenger platform is part of the Ethereum network, and bears some similarities with Bitcoin (such as the use of blockchain technology).
The differences com in because Ethereum allows you to use various coins and tokens within the network. SNT is among these tokens, and its purpose is to act as an open source platform that enables messaging through Ethereum. It also acts as a mobile browser that connects users to decentralized applications that are available on the network. The CEO is Jarrad Hope.
Why is Status.IN different?
The blockchain technology of Ethereum acts as a basis of improving Status.IN. Since it is among the vital Ethereum components, it allows users to exercise total control over their identities and personal data.
It is an exciting prospect to work with because it enables users to access various applications and programs in Ethereum networks – this allows for easy access and interaction with other parties. The platform also has uPort, a plugin feature, which enables you to show your digital independence.
In addition, it allows you to trade with other Ethereum tokens or even job marketplaces where you can get someone to work. In the end, SNT is not just a currency token – it has a greater purpose beyond that.
Alternative coins to use
Status.IN has the potential for increasing popularity with time. However, other coins provide viable alternatives, and we have put a list of some of them.
Lisk – founded in 2016, it aims to simplify development of blockchain technology, therefore allowing for faster transactions.
Bitcoin/XBT – the most famous cryptocurrency, from 2009. It is similar to Status.IN because of blockchain application system.
Ripple/XRP – based on open-source internet protocol currency, and formed in 2012.
Cardano – thought to be an open-source digital currency, and constantly evolves itself from research and scientific philosophies.
Ethereum/ETH – this is a 2015 decentralized software platform allowing smart contracts to operate without interference from third parties.
NEM – this is another blockchain currency from 2015, and utilizes Java script in its coding.
How Status.IN works
Overall, Status.IN is a good long-term investment. Even if it has low popularity now, it has the potential to expand greatly in the future. One thing to note is that you cannot mine the coin, but it acts more like a messaging network.
The system works in an interesting way, the coin allocation follows a formula, which we will outline.
41% of SNT made during Contribution periods is distributed to the Public Contributors, and these send Ethereum tokens (ETH) to the smart contract addresses.
10% of SNT made in the Contribution Period goes to Status Genesis Token Holders.
20% of SNT made in the Contribution Period is given to Status core development team (the founders and the team)
29% goes into the SNT reserves for future contributors.
Some features of this platform include:
Aragon – allows you to make strong companies and build your value regardless of borders
Ujo – this is an artists’ haven. It allows you to make and control your creative content, even how you share it with the rest of the world.
uPort – a self-sovereign identity system, allows you to control your identity
Ethlance – is the decentralized jobs market. You get to work or hire for cryptocurrency with no extra fees involved
Gnosis – allows you to make complex predictions and future trends through crowd wisdom
Oasis exchange – lets you enjoy near-immediate decentralized digital asset exchanges (between ETH and ERC20 tokens).
Status.IN prices and trading history
Since the platform is recent, it does not have an extensive history – but so far, the indications have been positive in terms of its value and the security it gives its users.
In the beginning of January 2018, the value of the coin rose by 58.21%, resulting in a value of $0.103 per token. Its complete net worth has achieved 6.8 billion coins, each being $0.28 per token. The coin gained significantly within the last six months, but has also suffered its share of slight decreases, as with any other digital currency platform.
Is it worth trading in it?
This answer to this question is complicated, since even experts generally see investing in cryptocurrency as a risky venture with low returns.
The success of investment will however, depend on the uptake by individuals and businesses. This platform offers you a wide range of services, so we consider it a wise investment to make, provided you conduct your research properly.
Status.IN gives its users (particularly Ethereum users) a better choice than prediction markets that are more centralized. This gives it high potential because it allows anyone to thrive, especially in the gambling and financial sectors.