Status Network Token (SNT) Status is an open-source messaging | Crypto Great | Bitcoin | DeFi

Status Network Token (SNT)

Status is an open-source messaging platform and mobil interface that allows users to interact with applications running on Ethereum. It works like the App Store for mobile applications, except it’s built entirely on peer-to-peer (P2P) technologies.

The Status Network naming system allows users to replace the long string of random numbers and letters that make up an Ethereum address with a recognizable name. It does so by leveraging the Ethereum Name Service (ENS).

The Ethereum Name Service is a protocol that issues nonfungible tokens that can represent Ethereum addresses and web domains. The Ethereum Name Service makes it easier for others to find your wallet address and send funds to a unique username instead of a chaotic string of random characters.

On November 8, ENS air dropped its token to early users of the service. Because Status is an early adopter of the ENS Status received 46,296 ENS tokens now valued at $2 million.

Status is leaving the decision up to the community on what should be done with the funds. A public form has started and is proposing different options that will soon be voted on.

This is just one of many examples of early adopters being rewarded for testing applications. And because of Status, users are able to test out services like ENS with minimal effort.

As more users flock to Status to take advantage of what web3 has to offer, demand for the SNT token will grow as well. That is because SNT is the main utility that is required to power the Status Network