Trade SNT - SNT Markets, Exchanges, Broker

The platform is based on the Ethereum blockchain. This primarily means that users can create their own apps using Smart-Contracts. Status is thus also connected to the Ethereum peer-to-peer network and can exchange data via the decentralized network.

Status, with its Light Client, offers a good opportunity for many users to work with the Ethereum blockchain without having to download it completely. Ethereum works with a proof-of-work algorithm, which will be replaced by a proof-of-stake algorithm in the future. The difference between the two algorithms is that the more ethers PoS users have, the faster they will find a block. The status platform sees itself as a community project which functions via an open source system. Anyone who wants to participate can work on the platform. This ensures network design by users. Status sees itself as a new form of social media platform.

Status coin - functions

First and foremost, ether or other crypto currencies can be received, sent and stored via the Light Client. Status has an eWallet. In addition, users can trade ether or use it as a means of payment in shops. Then Status is a platform for dApps (distributed applications). uPort ID is an app based on Status. The app provides the service to use a proprietary, encrypted and mobile, identity to make digital interactions more secure.

Another dApp based on the status platform is Etherisc, a platform for decentralized insurance. The dApp aims to make the purchase and sale of insurance more efficient, affordable, and transparent. UJO, another dApp of Status, protects artists. The app is a platform where musicians can distribute their music without losing control. Artists can use this platform at any time to decide how much they want to pay for downloads.

Want to earn stream or sync

Overall, Status is working on a decentralized economy, but would also like to play a strong role in the social media sector. The core of this economy consists of an encrypted messenger, via which ether can be sent or received, smart-contracts can be concluded, and chatting can simply be done. The Messenger is based on a peer-to-peer protocol.

The website of Status is simply built up and provides beside the presentation of the own platform even an own Wiki. Interested parties can also find more information in the Status blog. All important innovations are published there.

Conclusion

The status platform has its own crypto currency, which serves as a token. The platform itself offers an encrypted social media platform with the possibility of exchanging crypto currencies, sending encrypted messages and even managing smart contracts via the messenger.

Interested parties can also program their own dApps on the platform. Altogether the platform makes a serious impression, although a Whitepaper is not to be found, and could mix up the Social Media world a little.