✔️ Information reviewed and updated in February 2024 by Pedro Martínez González
Cryptocurrencies like Status have become an important part of the digital world, posing a new path for the financial world. This is because the technology behind this virtual currency has allowed to revolutionize the way in which the economy is sustained.
Status is a cryptocurrency and platform which was created with the aim of integrating a large number of functions and information in a single site. This in order to create an ecosystem that allows to exploit virtual currencies. That is why here we will tell you everything you need to know about Status.
➡What is Status? ✨
We could say that Status is a platform that was developed to have different types of functions related to Ethereum. The objective is to use the blockchain as a way to integrate all the tools, thus making the most of the base of one of the most stable cryptocurrencies.
By using Blockchain technology, it is possible to guarantee the operation of the platform, in addition to integrating a P2P system with open source. Thanks to the use of the Ethereum Blockchain, a better operation was achieved with more precise optimizations.
While the Ethereum data block network was used, Actually Status has its own network which allows users to be owners of their own information, in addition to allowing investment in their SNT token. In this way it allows the user to take advantage of the network of both platforms.
As for the functions, we find the integration of your own browser, Wallet and a payment system. We also find the use of mobile features on Blockchain which allows users to use Dapps easily from any Smartphone. This makes it much more accessible.
➡Advantages of Status✨
- Number of functions offered: Undoubtedly this is one of its great advantages, since Status includes a large number of functions such as Wallet, payment system, its own browser, use of Dapps, information storage, and even use of NFC in its future updates.
- Use of mobile devices: Comparing Status with Bitcoin has the disadvantage that, in order to use it, you need a high-powered computer. Instead, Status has an optimized design which allows you to use this cryptocurrency on mobile devices, making it much more accessible and easier to use.
- Third party network: Although Status does not have a Blockchain network like other virtual currencies, it does have an optimized design. The Status platform works through the Ethereum blockchain which makes its operation much more stable thanks to the technology supported by Ethereum.
- Speed in transactions: One of the great advantages of using the Ethereum blockchain is that it has a very good transaction speed. Status has this same benefit, which stands out for being very fast in the time it takes to process all operations.
- Stable coins: Another difference that needs to be taken into account is the number of cryptocurrencies or coins available in the market. This because it can be said that Status is in the middle, it does not have many or few coins in circulation. More than some currencies, but less than others.
- One coin within another: Lastly, it is worth mentioning that Status operates as an Ethereum client, that is, it is a cryptocurrency within another cryptocurrency system. Of course, the operation of both is completely independent, as well as its value and its tools.
While it could all be summed up as Status operates on the Ethereum Blockchain, this is not as simple as it seems. To carry out this collaboration, it was necessary to use a Hardwallet which allows managing Ethers, Status Coins, among other tokens based on ERC20. Everything from your mobile, even without an internet connection.
By focusing on mobile devices, This platform includes a series of optimizations to its code and operation. Also, by having a connection to the Ethereum blockchain, Access to different types of applications is guaranteed, such as:
- Governance system: This allows users to make decisions related to the future of the network using a free voting system.
- Push Notifications: There is nothing more annoying than receiving unwanted notifications on your mobile. This Dapp allows you to manage push notifications to choose which ones to receive.
- Voting system "signaling": In order to simplify the process, this function allows you to vote on the content through likes.
- Discovery Features: This function acts as a kind of radar which allows you to find nearby Status users.
- Messenger service: In addition to making payments and sending smart contracts, you can use it to chat with other users.
➡How can I get them? ✨
You should know that SNT mining is not possible because the maximum amount of token has already been set, selling a part in ICO. Similarly, a series of currencies were distributed to the market, in addition to other currencies were kept in reserves to be released little by little.
The best way to have your own SNT coins is by buying these cryptocurrencies. Being quite popular, you can easily find them in different Exchange Houses. Also, it supports different pairs such as ETH and BTC, although it does not support fiat money.
➡Is it a good option? ✨
Although Status could be a very prominent option in the world of cryptocurrencies, especially due to its optimization for mobile phones, this currency remains unknown.. And the fact is that the experts still cannot determine if the outlook is good or bad, especially due to its upward trend.
For now, and seeing the tools they offer, it turns out to be a good option for those who are looking for a virtual currency that is managed with simplicity and from the mobile. That is why the ideal is to follow up on Status to see how it develops.