What is Status Coin-the Social Privacy Protection Tool?

Status (snt coin) was officially launched in May 2017 with the goal of being a mobile Ethereum client. The current status is a collection of DApp browsers, instant messaging tools, Ethereum wallet (currently only supports ETH and SNT transfers).

 

Main Advantages of the Status Project:

1.Status truly realizes the security, privacy and decentralization of social information, and the application is successfully implemented.

Compared to “semi-decentralized” social applications such as Whatsapp and Telegram, Status does not require any user’s personal information (such as phone number, email, etc.) to implement registration, and uses Whisper and Swarm protocols to achieve peer-to-peer transmission of user information. so that there is no third party who can use and steal user information and data.

 

2.Status has included 25 Ethereum DApps

Status as a social application, while providing users with DApp of Ethereum, is committed to becoming the traffic portal for all DApps in Ethereum.

 

3.SNT Has a Large Investor Base and Good Circulation

The number of currency holding addresses of SNT is 67,981. The transaction is active and the circulation is good, which means the status market is relatively optimistic.

 

This project, which is called a tool for social privacy protection and develops well, is really so good? Is it worth the investors to start? Don’t worry, let’s take a look at the risk rating report of Status first.

 

On July 23, 2018, the Standard Consensus released a general investment risk rating report for the blockchain project “Status” (SNT). The report defines the Status risk level as “B”, which is a “general risk” level and requires investor attention.

 

 

The main reasons for obtaining the “B” rating based on the “Standard Consensus General Project Investment Risk Rating Standard are:

 

1.Status information disclosure is insufficient, missing product update online time and the foundation information

The Status project disclosed the product function update and improvement targets on Medium, but did not disclose the online time; the official website did not disclose the foundation information, introduction of the core developers’ experience is brief,which is not conducive to investors to understand the project deeper.

 

2.Status DApp Instant messaging function is not perfect, user activity is low.

Status’s existing instant messaging function only supports sending text messages. It does not support voice messages and add attachments. It can only be added to public groups. Users can’t customize groups at present. The user activity in public groups is low.

 

3.Status DApp transaction frequency is limited by Ethereum Network

Status is based on the DApp developed by Ethereum. During the use of the user, the wallet transfer speed and other functions are limited by the Ethereum network. The status user experience and user base are greatly affected by the development of Ethereum. And the recent performance of Ethereum has made investors very panic as its price fell below $200, which is bound to have a certain impact on status or status price.

 

In view of the above assessment report, I’m personally not very optimistic about the status, mainly because of the poor user experience caused by the imperfect function, and its close relationship with Ethereum.