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Status price today, SNT to USD live price, marketcap and chart | CoinMarketCap

us price today, SNT to USD live price, marketcap and chart | CoinMarketCapCryptos: 2.2M+Exchanges: 724Market Cap: $2.67T1.75%24h Vol: $159.61B2.32%Dominance: BTC: 52.0% ETH: 17.7% ETH Gas: 78 Gwei Fear & Greed: 92/100CryptocurrenciesCryptocurrenciesRankingCategoriesGlobal ChartsHistorical SnapshotsBitcoin ETFsLeaderboardsTrendingRecently AddedGainers & LosersMost VisitedNFTOverall NFT StatsTop CollectionsUpcoming SalesOn Chain DataDex PairsChain RankingHot DEX PairsExchangesSpotDerivativesDEXCommunityFeedsTopicsLivesArticlesProductsPRODUCTSConverterCMC LabsTelegram BotAdvertiseCrypto APISite WidgetsCAMPAIGNSAirdropsDiamond RewardsLearn & EarnCALENDARSICO CalendarEvents CalendarLearnNewsAcademyResearchVideosGlossaryHalving: 35DWatchlistPortfolioSearch/Status price SNT$0.05597 1.12% (1d)Status to USD ChartLoading DataPlease wait a moment. Add to watchlist Status statisticsMarket cap 1.12%$216,975,189#311Volume (24h) 26.83%$21,037,776#374Volume/Market cap (24h) 9.70%Circulating supply 3,876,517,863 SNTTotal supply 6,804,870,175 SNTMax. supply ∞Fully diluted market cap $380,879,967ContractsEthereum: 0x744d...805b9e Official linksWebsiteWhitepaperGitHubSocialsTwitterRedditChatRating · Based on 2 institutional ratings4.1 Audits SlowMistNetwork informationChain explorersSupported walletsUCID1759 SNT to USD ConverterSNTUSDPrice performance24h Low$0.05064High$0.05871All-time highJan 04, 2018 (6 years ago)$0.6759-91.72%All-time lowMar 13, 2020 (4 years ago)$0.006196+803.29%See historical dataPopularityIn watchlists49,589x748th / 9.0KTagsMediaContent CreationPrivacyShow allMore informationDo you own this project? Update Token Info Loading DataPlease wait a moment. Status community Status marketsALLCEXDEXSpotPerpetualFuturesAll pairsLoading data...Show full widthDisclaimer: This page may contain affiliate links. CoinMarketCap may be compensated if you visit any affiliate links and you take certain actions such as signing up and transacting with these affiliate platforms. Please refer to Affiliate DisclosureStatus news About StatusWhat Is Status (SNT)?Status is categorized as a mobile and desktop operating system and decentralized browser that incorporates a messaging system. As such, Status allows you to interact with a network at any time, from anywhere. It was originally released in June in 2017.It is a light client Ethereum node, and has the ability to give you access to all Ethereum decentralized applications (otherwise known as DApps) from an app that is installed on your mobile phone or tablet. This means that users can send encrypted messages as well as access decentralized applications, including a cryptocurrency wallet.Who Are the Founders of Status?The Status network as a whole was founded by Carl Bennetts and Jarrad Hope. Both of them ran a software distribution company prior.They had a previous work relationship of over six years on various projects, and three of those years were committed to operating a software distribution network, which drove over 20 million installs throughout many software offerings. All of the profits were used to fund their future projects. During this time they were in a unique position to see how personal data on the internet is bought and sold, and how users are acquired and retained as a result..What Makes Status Unique?Status, or SNT, is an open-source messaging platform as well as a mobile interface. This interface allows its users to interact with DApps running on the ETH blockchain. In return, users get over 2,000 DApps, can send and receive encrypted messages on a peer-to-peer basis and can make payments as well as utilize smart contracts.The network itself uses Status Network Tokens, or SNT, that are the native currency on the platform. The goal of Status is to make the adoption of Ethereum DApps quicker and more efficient.There is also a users-as-stakeholders network that allows the behavior of the network and its software to become aligned with the interests of a specific user. The contributors conduct research on a crypto economic model, and peer-to-peer technologies can ensure a healthy Status Network.How Many Status (SNT) Coins Are There in Circulation?The current circulating supply of Status or SNT is at 3,470,483,788 SNT with no maximum supply available. When it comes to the market cap, it is approx. $187,525,492 USD as of February 2021.SNT is an ERC-20 token that is used to access and power decentralized services in the Status Network. It is an open source project that anyone can use to their specific needs and is verified by the Messari Disclosures Registry.How Is the Status Network Secured?When it comes to the Status network as a whole, it has a main goal of being a truly decentralized communication tool that over time can remove all third parties and minimize any attack vectors for malicious actors.Messages are not blocked or censored, and they are pseudo-anonymous when the user chooses this as an option. You can send, store and receive cryptocurrencies and tokens within the Status wallet, as the private keys are never exposed.You browse through Web3, where the end user data and browsing information is not accessed by any third parties.The user’s identity in Status starts with a locally generated cryptographic keypair, which is protected with a password. Status also uses the Waku protocol for peer-to-peer or P2P communication, and Waku itself relies on a network of peers to route the messages to each other.It has end-to-end encryption by default, and perfect forward secrecy which is built on the X3DH and Double Ratchet specifications from Open Whisper Systems. The cryptocurrency is stored on a non-custodial wallet, and there's a signing phrase to protect from any phishing attacks.Where Can You Buy Status (SNT)?The Status Network Token is a modular utility token that fuels the network as a whole. It is free to use and communicate with, however, you do need SNT to access features of the Status Mobile Ethereum Client.The top crypto exchanges for buying, selling and trading of Status (SNT) include:BittrexOKExZG.comBiONEUpbit, andBithumbHere’s a step-by-step guide to teach you all about crypto and how to buy your first coins.Related Pages:Find out more about Maker (MKR).Find out more about Compound (COMP).Learn about cryptocurrency with CMC Alexandria.Stay up to date always with the CoinMarketCap Blog. Status analyticsLoading...Popular Tokens on the Ethereum ChainEthereumETH$4,049.675.23%Shiba InuSHIB$0.000033435.35%ChainlinkLINK$21.132.44%UniswapUNI$14.473.00%UNUS SED LEOLEO$5.863.20%BraintrustBTRST$0.96251.70%inSure DeFiSURE$0.0076792.99%Heroes of MaviaMAVIA$8.424.39%ATOR ProtocolATOR$2.653.02%OraichainORAI$18.859.24%MANTRAOM$0.32297.14%AlephiumALPH$3.014.39%SyntropyNOIA$0.29122.78%RACARACA$0.00061968.79%RSS3RSS3$0.48970.21%EnjinstarterEJS$0.0091820.66%AigentXAIX$0.70844.11%Karate CombatKARATE$0.0042285.38%TAO INUTAONU$0.0193212.73%PandoPANDO$0.0021344.41%Most Visited CryptocurrenciesArtradeATR$0.01574174.97%CatgirlCATGIRL$0.000000000673125.69%EggdogEGG$0.00642131.16%RichQUACK.comQUACK$0.0000000012997.05%Baby ElonBABYELON$0.0000000000146915.24%OpSecOPSEC$1.8511.01%neversolNEVER$0.000240725.09%TABOO TOKENTABOO$0.0032224.78%Bonk 2.0BONK2.0$0.0000000543720.89%MinuMINU$0.000000631618.57%BitcoinBTC$70,716.612.24%DechatDECHAT$4.1417.83%Script NetworkSCPT$0.040192.90%Okratech TokenORT$0.0195735.78%WavesWAVES$3.442.53%ArtyfactARTY$1.897.63%Shiba InuSHIB$0.000031554.12%ShibwifhatSHIB$0.010575.06%XRPXRP$0.68626.99%EthereumETH$3,939.312.75%Global PricesSNT/USDUnited States Dollar$0.05597SNT/EUREuro€0.05126SNT/GBPPound Sterling£0.04378SNT/CNYChinese Yuan¥0.402SNT/CADCanadian Dollar$0.07557SNT/AUDAustralian Dollar$0.08482SNT/JPYJapanese Yen¥8.27SNT/KRWSouth Korean Won₩73.46SNT/RUBRussian Ruble₽5.13SNT/INRIndian Rupee₹4.63SNT/BRLBrazilian RealR$0.2785SNT/TRYTurkish Lira₺1.79SNT/PHPPhilippine Peso₱3.10People also watchGoldMint$0.033821.59%Band Protocol$2.526.22%Uniswap$13.732.92%Firo$2.130.25%Chainlink$20.324.23%Oasis Network$0.17273.25%Blocknet$0.05312.17%yearn.finance$10,116.311.68%Solar$0.51083.41%MahaDAO$1.723.33%TrendingPepe$0.0000081525.15%Okratech Token$0.0195235.40%FLOKI$0.00027373.84%DEVAI$6.9538.93%Gala$0.072810.08%Status Price Live DataThe live Status price today is $0.055972 USD with a 24-hour trading volume of $21,037,776 USD. We update our SNT to USD price in real-time. Status is up 1.12% in the last 24 hours. The current CoinMarketCap ranking is #311, with a live market cap of $216,975,189 USD. It has a circulating supply of 3,876,517,863 SNT coins and the max. supply is not available.If you would like to know where to buy Status at the current rate, the top cryptocurrency exchanges for trading in Status stock are currently Binance, OKX, Bybit, LBank, and DigiFinex. You can find others listed on our crypto exchanges page.CryptocurrenciesTokensStatusProductsCMC LabsChatGPT PluginCrypto APICrypto IndicesDoodlesSitemapAdvertiseCompanyAbout usTerms of usePrivacy PolicyCookie preferencesCookie policyCommunity RulesDisclaimerMethodologyCareersWe’re hiring!SupportRequest FormContact SupportFAQGlossarySocialsX (Twitter)CommunityTelegramInstagramFacebookRedditLinkedIn© 2024 CoinMarketCap. All rights reserved

Special Needs Trust (SNT): What It Is And How It Works – Forbes Advisor

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What Is A Special Needs Trust?

Cassidy HortonContributorCassidy Horton is a finance writer covering banking, life insurance and business loans. She has worked with top finance brands including NerdWallet, MarketWatch and Consumer Affairs. Cassidy first became interested in personal finance after paying off $18,000 in debt within 10 months of graduating college. She later went on to triple her salary in two years by ditching her 8-to-5 job to write for a living.Cassidy Horton Cassidy HortonContributorCassidy Horton is a finance writer covering banking, life insurance and business loans. She has worked with top finance brands including NerdWallet, MarketWatch and Consumer Affairs. Cassidy first became interested in personal finance after paying off $18,000 in debt within 10 months of graduating college. She later went on to triple her salary in two years by ditching her 8-to-5 job to write for a living.Contributor Ashlee ValentineeditorAshlee is an insurance editor, journalist and business professional with an MBA and more than 17 years of hands-on experience in both business and personal finance. She is passionate about empowering others to protect life's most important assets. When Ashlee isn't spreading insurance knowledge or solving television murder mysteries, she enjoys spending time with her family (including the furry and feathery ones) on their farm in Kentucky.Fact CheckedAshlee ValentineAshlee ValentineeditorAshlee is an insurance editor, journalist and business professional with an MBA and more than 17 years of hands-on experience in both business and personal finance. She is passionate about empowering others to protect life's most important assets. When Ashlee isn't spreading insurance knowledge or solving television murder mysteries, she enjoys spending time with her family (including the furry and feathery ones) on their farm in Kentucky.editorFact CheckedUpdated: Oct 27, 2023, 12:54pm

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

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If you’re the parent of a child with special needs, you’re aware of the vital role you play in their medical, social, emotional and financial needs. You also know the pivotal yet challenging role that needs-based government assistance programs, like Medicaid, play in your child’s immediate and long-term welfare.

A special needs trust (SNT) can help you provide financial security to your child after you die without leaving them ineligible for the government benefits they need to obtain care.

What Is a Special Needs Trust?

A special needs trust is a legal arrangement, typically set up by a parent or guardian. An SNT ensures that assets, often money or a life insurance policy, are held in an account and used to support the child.

The funds belong to the trust, not your child, so they won’t be factored into the child’s government benefits eligibility. An SNT is intended to supplement the child’s government benefits.

The Value of Professional Legal Help

There is significant complexity with the laws surrounding special needs trusts, so having an attorney with experience in the area is key. In addition, laws about means-tested benefits vary across states, so having assistance from an expert with state-specific knowledge will ensure documents are drafted properly. If the beneficiary moves states, you’ll want to have your trust documents and strategy reviewed by an attorney in the new state.

For parents/guardians establishing a special needs trust, a letter of intent is a sound idea as well. This letter, though not legally binding, gives instructions to the individuals or organizations who will be charged with caring for your child.

Important Special Needs Trust Terms to Know

The number of acronyms and jargon found in an SNT can be overwhelming. To help simplify things, here are some terms to know.

Key Features

What's Missing?

Grantor

The person who creates the trust and contributes assets to it. They’re also referred to as the trustor or settlor.

Trustee

The person or entity responsible for managing the trust, making investment decisions and making distributions to the beneficiary in accordance with the trust's terms.

Beneficiary

The person for whom the trust is established to provide benefits. In the case of an SNT, the beneficiary is a person with a disability or special needs.

Successor trustee

The person or entity named in the trust to take over as trustee in case the original trustee is unable or unwilling to continue serving.

Remainder beneficiary

The person or persons who will receive any remaining assets held in the trust once the beneficiary passes away.

First-party special needs trust

An SNT that’s established using assets that belong to the beneficiary. This is also known as a self-settled trust.

Third-party special needs trust

An SNT that’s established and funded by someone other than the beneficiary. It can be set up by a parent, grandparent or other family member, for example.

Irrevocable

Terms of an irrevocable trust can’t be changed or revoked once established. All first-party trusts are considered irrevocable.

Revocable

Terms of a revocable trust can be changed or revoked after it’s established, typically up until the grantor’s death. A third-party trust can be revocable or irrevocable.

How Does a Special Needs Trust Work?

A special needs trust can provide a range of benefits while maintaining government benefits eligibility for individuals with disabilities or special needs, but it’s important to understand when these benefits end and what expenses an SNT covers.

Benefits of a Special Needs Trust

A special needs trust plays an important role in your child’s long-term well-being and offers several benefits.

Assets within the trust are not considered when determining eligibility for government programs like Supplemental Security Income (SSI) and Medicaid.

Parents choose the administrator or “trustee” of the trust. Common options include existing family members and professional trustees.

Trustees have fiduciary responsibility to act in the best interest of the beneficiary.

The assets in a special needs trust can be used for a variety of expenses not covered by government benefits, including out-of-pocket medical or dental costs, personal caregivers, rehabilitation services, education, vacations, vehicle or home repairs and recurring bills.

When Do the Benefits of an SNT End?

The benefits of a special needs trust can end in several situations, including:

The trust runs out of funds.

The beneficiary no longer qualifies as someone with a disability or special needs.

The beneficiary passes away.

What Kinds of Assistance Does an SNT Benefit Provide?

Special needs trusts are designed to supplement government benefits, not replace them. SNT funds can be spent any way the trust approves, as long as they aren’t spent on things the beneficiary is already receiving assistance with. Here are some common examples of ways SNT funds are used:

Medical and dental expenses not covered by insurance

Rehabilitation and therapy services

Educational expenses, such as tutoring or special needs schools

Transportation and vehicle expenses

Home modifications or accessibility modifications

Entertainment and travel expenses

Professional care services, such as housekeeping, personal care or companionship

Who Needs a Special Needs Trust?

If you’re the parent or guardian of a child who may not be able to financially support themselves due to a disability or medical condition, you should consider establishing a special needs trust. A trust can provide additional financial resources to a special needs individual without disrupting government resources.

Some government benefits that a person with special needs may rely on, such as SSI, Medicaid and others are “means tested,” meaning they are only available to those with limited income or assets. And they often have extremely low asset limits. For example, any individual using SSI may not have more than $2,000 of countable resources.

When a parent wants to provide support after their death to a special needs person, it’s crucial that the parents’ assets pass correctly to ensure the assets do not cause the special needs person to lose their government benefits.

Any resources left directly to the beneficiary without use of a trust could disrupt these benefits, ultimately taking money and support away from the beneficiary. The provisions to create a special needs trust can be incorporated in a parent’s revocable trust and do not have to be a stand-alone document.

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Types of Special Needs Trusts

When planning your child’s special needs trust, you’ll need to choose from one of three types of trusts available:

Third-Party Special Needs Trusts

Also referred to as a “family trust,” a third-party special needs trust is set up by the beneficiary’s family member or another individual, like a guardian, who is entrusted with their care.

The grantor can choose how the funds are distributed. For instance, they may specify in the trust that distributions cannot be made for specific food, shelter or medical expenses that are otherwise covered by the beneficiary’s government benefits.

A third-party special needs trust can be funded during the life of the grantor, the one setting up the policy, by transferring assets into the trust. It can also be funded using a life insurance policy.

“For most middle income cases, it is recommended to buy a second-to-die policy—a whole life policy that covers both parents—because spread risk is less expensive,” says Megan Kopka of Kopka Financial, a financial planning firm specializing in working with families with special needs. “The idea is parents are supplementing their child’s needs during life, and when they are no longer living, the trust is funded via the life insurance policy.”

First-Party Special Needs Trusts

First-party trusts are established with the beneficiary’s assets. They are commonly used when a special needs individual directly receives an inheritance, life insurance payout or personal injury settlement that may impact their eligibility for government benefits.

This type of trust can also be used when someone who is not disabled and becomes disabled and receives a legal settlement as part of becoming disabled.

According to the Special Needs Alliance, when the beneficiary of a first-party SNT dies, all assets in the trust must be used to repay the “total lifetime medical assistance benefits,” like Medicaid, must be paid back. If the repayment obligation is met and there are remaining assets in the trust, they can be distributed to any beneficiaries.

Since third-party trusts do not require this repayment, they are preferable to a first-party trust.

Pooled Trust

Pooled trusts are trusts that are managed by a non-profit organization. This relieves the grantor of having to select a trustee who may not have experience in managing trust assets. Assets are still held solely for the benefit of their loved one.

Upon death of the beneficiary, any remaining amounts are either repaid to the state for services provided to the beneficiary or become property of the nonprofit organization itself.

How to Set Up a Special Needs Trust

Consider following these steps when setting up an SNT.

Consider Your Child’s Long-Term Needs

The first step in setting up a trust is defining the role it will play in your child’s life. Answering these questions can help you get started and prepare for the next step.

How much money will your child need to maintain the quality of life you want them to have?

How long do you want the trust to provide financial support for your child?

How and when do you want funds distributed?

Will your child have control over the trust funds, or do you want a third-party to oversee spending?

If there are funds in the trust after your child dies, where will the funds go?

Speak With an Attorney

A trust is a legally binding agreement that will significantly impact your child’s quality of life. Speaking with a professional, specifically an attorney, can ensure that the trust properly reflects your child’s needs. An attorney can also let you know if a trust is the best option for your child’s specific circumstances.

When choosing an attorney, always look for one who is familiar with special needs trust as well as the laws that govern both the trust and benefit eligibility.

Select a Trustee

The trustee of your child’s SNT will serve as the administrator of the trust, determining how funds are distributed, staying up to date with relevant laws and regulations, making investment decisions, and meeting tax obligations.

A trustee can be a trusted family member or guardian or even the parent that starts the trust. Trustees can also be professions or organizations that specialize in special needs trusts.

The Academy of Special Needs Planners, a group of financial planners, trust officers, and attorneys, recommends considering a co-trustee relationship, where a professional trustee or non-profit organization and the parent or relative share in trustee responsibilities. In doing so, the parent can provide valuable insight into the needs of the child while the professional trustee or non-profit can provide logistical and legal insights.

Establish the Trust

As a legal document, the trust serves to outline how your child’s trust is managed and what funds are used for. Though trusts vary, the document typically includes:

The purpose of the trust and how funds can (or can’t) be used to support your child

The name of the trustee as well as any successor or co-trustees

Specifications about how the trust can be funded

Specifications about how income earned off the trust is to be managed

The responsibilities of the trustee

Beneficiaries that will receive trust funds if your child dies

Circumstances under which the trust can be terminated.

Though you can draft the trust on your own, it’s wise to consult an attorney who is familiar with special needs trusts. Doing so will ensure that the SNT meets all state and federal requirements and properly reflects your wishes.

Fund the Trust

A third-party SNT can be funded in a variety of ways, including financial gifts from friends and family, life insurance proceeds, and inheritance. You can also use a combination of funding options.

Remember that the funds must be given to the trust, not directly to your child. Funds given directly to your child can impact their eligibility for benefits.

Special Needs Trust Fund Fees and Taxes

Fees and taxes may vary based on the type of SNT. Speak with an attorney or tax professional about your specific circumstances to find out the fees and taxes associated with your SNT.

Special Needs Trust Fees

The fees for setting up a special needs trust add up, but the benefits of having one can outweigh the costs. Here are some common fees involved in setting up an SNT:

Attorney fees for drafting the trust agreement.

Trustee fees for managing the funds and making payments according to the terms of the trust.

Accountant fees if the trustee hires an accountant to help with tax planning or preparing tax returns for the trust/

Special Needs Trust Taxes

Depending on the type of special needs trust, it may or may not be treated as a separate taxable entity for federal income tax purposes.

SNTs can be subject to different taxes (like gift and estate tax), but the most common one is income tax on any interest, dividends or realized gains earned by the trust’s assets.

For a third-party special needs trust, the trust is responsible for reporting its own income. In contrast, since a first-party trust is funded by the disabled person receiving benefits, income taxes must be reported by that individual.

Alternative to a Special Needs Trust

Parents of a child with special needs aren’t limited to setting up a special needs trust, although an SNT may safely provide the most long term financial support. An alternative makes sense in some cases, such as when you can’t appoint a reliable trustee or the fees associated with setting up an SNT will outweigh the amount you’re setting aside.

Transfer of Assets vs. Special Needs Trusts

Instead of creating a special needs trust, some families may choose to transfer assets to a trusted friend or family member who can manage the funds for the person with special needs. While this can be a more cost-effective option, it does not provide the same level of protection as an SNT. There is a risk that the funds may be mismanaged or not used in the way that the family intended.

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LearnGlossaryArticleAltcoinBlockchainTradingWhat Is Status (SNT) crypto?Published on Jan 12, 2023Updated on Jul 28, 2023

While many consider Status to be a web3 social network, the reality is far more impressive. So what is Status? Status (SNT) is a decentralized and fully open source application that offers users a suite of tools like instant peer-to-peer messaging, a convenient crypto wallet and a web3 browser.

Status aims to return data sovereignty back to users. The innovative platform allows users to interact directly with applications on the Ethereum network while providing a secure framework for peer-to-peer instant messaging. Status messaging is hosted on a decentralized network and features end-to-end encryption, so you can be sure your conversations are private.

With Status, users can also instantly send cryptocurrency to each other via blockchain payments. In the true spirit of cryptocurrency and Web 3 technology, Status is censorship-resistant and allows users to communicate wallet-to-wallet using pseudonymous usernames. This is a unique feature that users love about Status.

SNT, or Status Network Token, is the utility token of the Status platform. With SNT users can unlock a wide range of features within the Status platform, like registering usernames and buying Status Sticker Packs. This helps bring buying pressure and supports SNT price. SNT is also used as a governance token within the Status ecosystem, giving holders the right to vote on governance proposals that shape the future development of the protocol.

What Is Status: Key Highlights

Status is a decentralized platform that allows users to access a range of tools in Web3.

The Status application offers secure peer-to-peer messaging via decentralized servers.

The Status Web3 browser permits users to interact with applications on the Ethereum blockchain.

SNT is the native token of the Status ecosystem and is used to unlock features within the platform and for matters of governance.

Status aims to give users greater freedom, privacy and protection of data when using the internet.

How Does Status Work?

Now that we have a better understanding of what is Status, let’s explore how Status works. The Status protocol is designed to give users everything they need to interact with the Web3 world and blockchain technology. The Status team aims to be the leading gateway that enables encrypted, secure communication and p2p payments to anyone with a mobile phone. What’s great about Status is that not only is it completely free to set up and use, but it’s also free from complicated KYC procedures.

Let’s take a look at some of the key technologies in the Status Ecosystem.

The Status App

The Status app is the flagship product of the Status ecosystem. It is a decentralized, secure p2p messaging platform, web3 browser and crypto wallet all rolled into one indispensable tool. With the status app, users can interact with dApps on the Ethereum blockchain, store, send and receive cryptocurrency and instantly send messages to other users. The Status app features end-to-end messaging encryption between wallets.

Status Nodes

In order for messages to be transmitted across the Status Network, the network requires operators to run nodes. Status nodes are responsible for different functions. For example, Status relay nodes are responsible for carrying messages between other nodes and data points like mobile apps or desktop clients. On the other hand, history nodes have a similar function to mail servers in centralized messaging services. They store historical messages.

To operate a Status Node, node operators must stake the required amount of SNT tokens. This helps to power and further decentralize the network while also helping to stabilize Status price. Node operators are rewarded for their commitment to the network with emissions of SNT tokens.

What Is SNT Used?

SNT is an ERC-20 token on the Ethereum network. The SNT token is the native utility token of the Status network. Thus it has valuable functions within the Status ecosystem. So what is Status Network Token (SNT) used for?

For users who want to spice up their messages in the Status app, SNT can be used to purchase a wide range of fun sticker packs that help to add some color and personality to in-app conversations.

SNT can also be used to register usernames within the Status App. This helps to give a human readable name to users when engaging in wallet-to-wallet communication while still remaining anonymous if the Status user wishes to.

Status node operators require SNT tokens to successfully run a node that helps power and secure the Status Network. Another key utility of the SNT token is that investors can also use their tokens to vote on governance proposals that help guide the future development decisions of the Status network team.

More Than Just an Exchange, SNT at OKX!

Here at OKX, we continue to provide a wealth of extra features for our customers that will help you make the most out of your SNT investment. For example, you can stake your SNT tokens in our one stop staking solution OKX Earn. It’s a great way to make passive income off your Status investment, regardless of movements in SNT price.

We also offer a wide range of financing options through OKX Loan, our dedicated lending and borrowing platform. With OKX Loan, you can lend out your SNT tokens to earn interest or even take out a loan backed by collateral you’ve provided in SNT.

Status Network History

The Status Network was originally founded in 2017 by Carl Bennets and Jarrad Hope, the headquarters of the enterprise are currently based in Switzerland. Bennets and Hope are vastly experienced in the software distribution industry and have previously worked together for over six years on developing startups.

In today’s world, data security and internet privacy are constantly under threat, and Big Tech companies earn millions by exploiting the privacy of internet users. The Status network was born from Bennets and Hope’s desire to provide an alternative that seeks to protect users and safeguard their data online.

After completing early funding rounds in 2017, the Status Network team quickly expanded and now has over 150 employees, according to their LinkedIn page. After several years of development, the Status app, the primary product of the ecosystem, was released in February 2020.

SNT Tokenomics

The SNT token has a maximum total supply of roughly 6.8 billion tokens. At the time of writing, approximately 3.4 billion SNT tokens are circulating. This figure represents around 50% of the total supply.

The Status Network conducted its ICO token sale in June 2017. During this event, the protocol raised an impressive $107 million USD. According to the Status Network Whitepaper, the initial supply of SNT tokens was distributed to contributors in the following allocations:

Status Genesis Token holders - 10%

Status Core Development - 20%

Reserve for future stakeholders - 29%

Public contributors - 41%

What is Status Network planning to do with the capital raised from the ICO? The proceeds of the original token sale will be distributed amongst the team and wider Status Network enterprise as follows:

Core Development - 50%

Security - 15%

Operations - 15%

Marketing - 10%

Legal - 10%

How Is SNT Created?

The maximum total supply of SNT tokens was fully minted at the genesis launch of the Status Network protocol. This means that no more SNT tokens can be minted and added to the supply. Because of this tokenomics structure, Status Network is a cryptocurrency with a fixed supply.

Status Competition and How It Stacks Up

Status Network is not the only cryptocurrency project in the industry looking to provide secure, decentralized messaging services and protect users’ data on the internet. Another project that aims to bring messaging services to the masses through blockchain technology is the Celo network.

Celo aims to onboard millions of users to Web3 by allowing them to instantly send and receive cryptocurrency using their mobile phone numbers as private keys. Like Celo, Status Network is providing mobile-first blockchain solutions to transactions. However, the added security and infrastructure underlying the Status protocol are key differences. Instead of using your mobile phone number, Status Network allows decentralized communication and transactions from wallet to wallet. This gives users increased privacy and anonymity when using the Status application and is one of the key features users love about Status.

In terms of adoption, the Status mobile app has over 1 million downloads on the Google Play Store. In contrast, Celo’s messaging app Valora only has around 500,000 downloads, despite Celo being a much larger project in terms of market capitalization.

Status network is not the only project that protects users' data online while providing a complete crypto wallet that is functional with a range of Web3 applications. Basic Attention Token and its primary product, the Brave Web Browser, also offer this service. The Brave Web Browser has over 15 million daily users which is significantly more than the Status Network app. However, the Status app arguably offers a wider range of features and primarily functions as a decentralized messaging service, of which the Brave web browser has no integration.

Status Investors

Status Network is a disruptive project that seeks to provide decentralized, blockchain-based solutions to everyday problems. So naturally, it attracted plenty of interest from institutional investment firms. These companies are equipped with the experience and resources to assist the Status Network project to achieve its ambitions and develop an innovative platform. As per data provided by Messari, some of the recognizable names that invested and supported the Status project are:

Advance.fund

BlockAsset Ventures

Fabric Ventures

Fundamental Labs

HyperChain Capital

SNZ

Status Strengths, Weaknesses, Opportunities, and Threats

Strengths

The greatest utility of the Status Network ecosystem is the ability to communicate secure messages through a decentralized network instantly. Using Status, your conversations are guarded by end-to-end encryption and records of exchanges are not stored on centralized servers. Beyond this key feature, the Status app also provides a Web3 browser and wallet with full dApp interaction. Status is the ultimate tool for protecting your privacy online.

Weaknesses

Currently, to receive mobile push notifications when using the Status app, users need to deposit a qualifying amount of SNT tokens. This requires users to buy SNT tokens before unlocking the full functions of the app. While this helps to increase the Status price, it could be seen as a hurdle to increased adoption because receiving push notifications for free is an industry standard across messaging apps.

Opportunities

For the time being, the Status platform is only compatible with applications that are built on the Ethereum blockchain. While this helps Status to grow by leveraging Ethereum’s network effect, there are still plenty of growth opportunities by updating the Status app and wallet to be multi-chain compatible. By expanding to a wider range of networks, Status will be able to service users you are put off by issues with the Ethereum network.

Threats

One of the risks associated with the Status Network is that its main product is relatively simple. From a development standpoint, a messaging app can be built and deployed relatively quickly. However, suppose any of the cryptocurrency industry’s larger companies, like the Brave Web Browser or Metamask, integrate a wallet-to-wallet messaging app. In that case, the Status platform could quickly be forgotten and replaced.

Fortunately, even if its competitors release messaging apps, there is still no guarantee that the service will be completely decentralized.

Status Roadmap

The Status Network application is currently live and fully operational. So what is Status working on? The Status team posts regular updates through their blog. The latest update introduced many subtle changes to the app, including performance boosts and bug fixes.

Status Highlights

Status Network $ENS Airdrop

Using the Status Network app carries a host of benefits, including being eligible for certain airdrops! In June 2022, the Status team announced that any user who had used the Status app to register an ENS domain name that met certain criteria would be eligible to receive an airdrop of ENS tokens.

Status Incorporates Private Profile Pictures

What’s unique about Status is the projects ongoing commitment to user security and privacy. In a recent update, the Status Network team announced that picture messaging would be added to the app while maintaining user privacy. On traditional messaging platforms, your profile picture is publicly visible and available for anyone to save, use and exploit. With Status only your registered contacts can see your profile picture by default. This is an optional feature that is completely at each individual user’s discretion.

The Wider Status Ecosystem

While the Status app is the main product and platform under the Status umbrella, the Status network is continually expanding and bringing new utilities to SNT holders. Beyond the Status app, the team is also working on several other products, tools, and infrastructure.

Status Keycard

The Status Keycard is an innovative smartcard and open source API that doubles as a hardware cryptocurrency wallet. The Status Keycard uses NFC technology to allow users to sign transactions and store, send and receive cryptocurrency across mobile devices like a contactless credit card. The Status Keycard integrates seamlessly with the Status app to enable offline private key management and two factor authentication.

Status Assemble

Status Assemble is a decentralized incubator and launchpad that aims to assist startup crypto projects attain open and transparent funding. This helpful product helps founders to fund innovative products while also receiving guidance and assistance from the Status Network team. This could be in the form of technical support, legal and regulatory compliance, and designing successful marketing strategies and community development.

Through Status Assemble, investors can also participate in private sales before the tokens are publicly traded.

Status Embark

Status Embark is a complete platform that gives developers the tools and resources they need to build and deploy dApps effectively. Using Status Embark, developers can easily build, test and deploy blockchain smart contracts while taking advantage of powerful debugging tools.

The tool suite provided by Status Embark offers developers a unique command line interface that features a rich dashboard that allows them to monitor services and code bugs actively.

What’s impressive about Status is the exceptional diversity of tools and products available in the wider ecosystem. To find out more about the full range, please visit https://statusnetwork.com/.

How Can I Buy SNT?

If you want to invest in Status and buy SNT tokens then look no further, OKX has you covered. You can buy SNT in the OKX spot market. To get started, simply click ‘Basic Trading’ under the ‘Trading’ tab in the dropdown menu at the head of the page. This should open the OKX trading page.

Next, search for SNT using the search function on the left of the page and click the appropriate trading pair. Then, scroll to the bottom of the page and submit a market order to buy tokens at the market price instantly.

Where Can I Store SNT?

After buying SNT, you can store your tokens securely in your OKX account. Every OKX account comes with a fully functional free crypto wallet. We take customer security seriously at OKX, so you can be sure your assets are protected by the best security measures in the industry. Your account is also protected by two-factor authentication and SSL encryption of the highest standard.

If you prefer, you can store your SNT tokens in the crypto wallet provided by the Status Network app. To download the Status app, please visit the official website and download the application. Then withdraw your SNT tokens to the unique address provided by the Status app.

For experienced long term investors, you can also store your Status holdings in a secure hardware wallet like a Ledger or Trezor. Hardware wallets offer the best security in the cryptocurrency industry. However, they’re notoriously difficult to set up so please ensure you read the instructions thoroughly. Also, take care when withdrawing your tokens to your hardware wallet, if you make a mistake or your wallet is not configured with the correct networks, you risk misplacing your tokens.

How Do I Stake SNT?

If you want to stake your SNT tokens and earn generous crypto rewards on your holdings, please visit OKX Earn. Our complete staking solution is the easiest way to stake your SNT and organically grow your investment.

To stake SNT, navigate to OKX Earn and search for SNT using the search box as indicated below to see available staking subscriptions. Then, hit ‘Subscribe’ and deposit your tokens to start earning SNT rewards.

FAQs

What’s Special About Status?

The Status app is special because it provides a network that allows users to instantly send wallet-to-wallet messages and cryptocurrency instantly across a fully decentralized network. The app also functions as a Web3 browser and can be used to interact with dApps on the Ethereum blockchain.

How Can I Download the Status App?

If you’re interested in downloading the Status app, head to the official website. You must only download the application from official sources and never give anyone your seed phrase or private keys.

What’s the Minimum Order Value When Buying SNT?

At OKX, we want to make cryptocurrency investing available for everyone, no matter the size of your wallet. When buying SNT tokens in the OKX spot trading market, the minimum order value is just 10 SNT tokens.

Can I Short SNT?

Yes, if you believe the price of SNT will drop, you can open a short position in OKX’s margin or futures trading markets. Please note that this is only recommended for experienced traders as price volatility could mean your position is liquidated.

What Is the Maximum Supply of SNT Tokens?

The maximum total supply of SNT tokens is 6,804,870,175 tokens. Related articlesView moreWhat's a limit order?A limit order instructs a broker to buy or sell an asset at a specific price. When you place a limit order, you essentially set a price limit for the transaction. The order will be executed if the asset’s price reaches or surpasses your limit price. However, the order will not be carried out if the Mar 7, 2024Trading basicsWhat are fan tokens? 9 best fan tokens for sports fansThe introduction of blockchain technology and cryptocurrencies has revolutionized how football fans can support their favorite teams. Before, emotional satisfaction, priority treatments, and bragging rights motivated supporters. Now, with the introduction of fan tokens, fans can earn rewards in theFeb 27, 2024TradingBlockchainWhat are crypto mining pools, and how do they work?When Bitcoin was first created, mining was a relatively straightforward process as it only required a personal computer and an internet connection. However, mining became increasingly costly and competitive as Bitcoin's popularity grew and more people sought to earn block rewards. Ultimately, itJan 15, 2024MiningPaper wallets: What are they and how do they work?When it comes to safely storing your crypto, it’s widely recommended to withdraw your coins from an exchange and store them in a personal wallet, as the crypto industry has a saying — not your keys, not your coins. When it comes to choosing the type of wallet you wish to store your crypto in, there Mar 8, 2024BlockchainSecurityExploring Curve Finance: A comprehensive guideEthereum’s network is the home to a wide range of unique projects. Ever since it created the ERC-20 token model, thousands of tokens have been launched. In time, new products have emerged as well, such as dApps, decentralized finance (DeFi) protocols and decentralized exchanges (DEXes). One examplNov 8, 2023DeFiTrading guideDeFi 2.0: What is it and why does it matter?The original decentralized finance (DeFi) sector has been around for years, but it only became big in 2020. After it got under the spotlight, a number of highly successful projects emerged. However, just like with early cryptocurrencies, the early DeFi sector developed with a number of problems. NowNov 8, 2023BlockchainDeFi

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What is Status (SNT)? | Beginner’s Guide

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/Feb 08, 2018

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