The world of cryptocurrency has undergone major advances since the introduction of Bitcoin. Each new coin that was introduced afterwards, has in some ways helped in the perfection of the crypto world. The cryptocurrency realm started with the idea of having a coin that is not controlled by any third party for example the local banks. Even though this idea is almost fully successful, it is not without a bumpy roadmap.
Some people don’t support the idea of a decentralized currency and the anonymity aspect in the digital currency market. Critics of the crypto currencies argue that the anonymity part encourages illegal activities which somehow has grown since the introduction of cryptocurrencies. While this might not be entirely true, the fact that anonymity is a basic thing in the crypto world is an advantage rather than a disadvantage. This is because no one likes the idea of publicizing their daily financial transactions to the entire world. We all love privacy especially in financial matters.
Over the years, each new cryptocurrency tries to perfect on the failures and successes its predecessors by offering something totally unique. That has led to new advances in the cryptoworld. Some of the new ideas includes the introduction of the DApp platforms and smart contracts. Platforms like Ethereum offer its users the ability to create online applications and run them with the backing of the Ethereum system. This in turn has led to a new age since this gives developers the chance to explore their talents and come up with an application that will change the future as we know it.
For instance, the Status (SNT) coin is an operating system that is designed in the Ethereum network. This application aims at lowering the threshold of understanding so that new users can easily adopt the Ethereum based crypto currency. In this article therefore, we are going to discuss the history of the Status coin, its founders and its features. This will be aimed at giving a better understanding of it the crypto coin.
History of Status Cryptocurrency
As discussed earlier, Status is a cryptocurrency based on the Ethereum platform. The first time the crypto world heard about this coin was in September 2016 at an annual conference known as DevCon2 which is made up of Ethereum blockchain developers. In this conference, the co-founder Carl Bennetts and Jarrad gave a presentation to the entire Ethereum developers stating their plans for the Ethereum light client.
On May 2017, the application officially announced itself to the public. Since then, over fourteen thousand people have downloaded the Status alpha while over fifty thousand are currently in the wait list. By the end of 2017, the SNT (short form of status) announced their partnership with Enterprise Ethereum Alliance and Sirin labs. These partnerships are aimed at making the most out of the Status DApp application.
Both the co-founders, that is Jarrad and Carl have been working on this project for close to 6 years. The core team is made up of about 55 members working together from all over the world to ensure the uttermost efficiency of this platform. It was initially started in Singapore with about 8 core members.
Functions of Status Cryptocurrency
- Through this platform, users are able to receive, send and save through the Light Client or even any other cryptocurrency
- The Status platform has an eWallet. Additionally, users are given the chance to trade in Ether or even use it as a means of payment at selected shops
- The app provides its users with the ability to use its own encrypted and mobile identity to make digital transactions hence it is even more secure
- The platform also includes another DApp application known as Etherisc which is a decentralized insurance. The DApp plans to make the acquisition and sale of insurance policies cheaper and efficient to its users.
- The platform also offers a distribution place of music for musicians without having them worry about losing control of their product. Moreover, artists can use the Status system to decide when they want to earn their money out of downloads, synchronization and streaming.
Understanding the Status Cryptocurrency
The founders of this cryptocurrency aimed at creating a decentralized life. Status basically combines a browser and a messenger that allows smartphone users to use this decentralized application, DApp. Status is now available in both android and iOS devices.
Status users are able to send, receive and store Ether safely and also any other additional Ethereum based asset on their phones. They have the chance to discover other nearby Status users and they can exchange ideas, currencies and services locally. Status is an open source platform which means that anyone can list their DApp for download.
Status is supported by any wallet that supports ERC20 tokens for example MyEtherWallet. This means that most of the wallets that support Ethereum will comfortably support Status but not all will allow its trading to take place.
The team behind the Status wallet are however working on a Status wallet to perfect it so that it can support status and at the same time assure you of its security. It will also allow countless transactions of Ethereum and ERC20 tokens. As of now, the wallet is still at beta testing. We are hopeful this will become a reality soon enough.
In conclusion, I hope with the above description, you now have a better understanding of the cryptocurrency. It is clear that with every new technology presented in the crypto world, developers will always try and introduce something different. We still have a lot to see with the development of the DApp platform in Ethereum. With this vast competition, try not to get confused before opting to trade using a given coin. Research more about it and I’m sure you will be safe.