Status the Social Media Cryptocurrency — Market Mad House

Status (SNT) is a social-media oriented cryptocurrency. In a similarity to Brave and the Basic Attention Token (BAT), Status’s creators are betting average people will pay for privacy.

To explain, Status is building a platform; the Status Network, that could enable secure messages, secure browsing, and secure financial transactions. The Status team claims its “generated cryptographic keypair” and password protection will ensure privacy and security.

Amenities the Status platform could theoretically offer include; a “secure identity,” peer-to-peer (P2P) severless messaging, default end-to-end encryption, perfect foreward secrecy, and serverless account creation.

For instance, you could create new accounts with nothing but an email address or a phone number with Status. In addition, Status claims it can protect your email from phishing attacks with a three-word randomly generated signing phrase.

Status is a Data Collection Mechanism

They designed the Status cryptocurrency (SNT) to power and incentivize participation in the Status Network.

One reason Status is encouraging participation is that it conducts research on “cryptoeconomic models” and P2P technologies. Thus; in another similarity to BAT and Brave. Thus they designed Status is a data collection mechanism.

One tool Status plans to use for data collection is the Teller Network. The Teller Network is a decentralized application (DApp) that helps Status Stakeholders locate businesses and individuals who accept Status (SNT). A DApp is a digital robot that operates in the blockchain.

Another data collection tool at Status is the Ethereum Name Service (ENS) addresses or domain names. ENS tries to human-readable names for the blockchain. Essentially an ENS address is a domain name in the Ethereum Blockchain.

How the Status Network Collects Data

Status is offering several interesting DApps including Tribute-to Talk an economics based anti-spam filter. In addition, there is the status DApp Directory that allows stakeholders to find new DApps fast.