Status Network Token
SNT powers and incentivizes participation
in the Status Network.
SNT is an ERC-20 token used to access and power decentralized services in the Status Network and application.
Status is an entirely open source project in which anyone can use the code and token to suit their needs. Status is verified by the Messari Disclosures Registry.
With SNT, we create a Users-as-Stakeholders network, allowing the behaviour of the network and its software, to become aligned with the interests of its Users.
Contributors conduct research on cryptoeconomic models, and peer-to-peer technologies to ensure long term health of the Status Network.
SNT is required to power certain application features and create an open source, decentralized economy. Dive deeper into each of the SNT Use Cases below to learn more about the cryptoeconomic research and how value flows throughout the network.
Create a framework and incentivization structure for people to deploy and use Status nodes. SNT is used to incentivize and reward network participants to run a node in order to ensure the app continues to work if all nodes in the Status-hosted cluster are down. This includes paying for forwarded messages and paying for offline messages.
ENS User Name
ENS addresses are like usernames. Jenny.eth names can point to a personal account, enabling others to send tokens or find on Status chat. ENS addresses can be searched in Status chat, wallet and browser.
Registering a stateofus.eth ENS name costs 10 SNT. Once a name is reserved, the SNT is locked into a registry contract for 1 year. After the year is up, the name can be released to get the tokens back—or take no action to hold on to it.
Stickers offer a fun way for users to visually interact with their friends and family. The Sticker Market within Status will allow anyone to create and sell their own designs to users all over the world, and begin using stickers within any Status chat.
SNT is be required to buy some stickers packs in the marketplace.
Tribute to Talk
Tribute to Talk will introduce an economics-based anti-spam filter – in this case for receiving messages and “cold” contact requests from users. This enables stakeholders to set a minimum amount of SNT that must be deposited in order for someone outside of their network contact him/her directly.
DAO & Governance
A core part of the Status Network Token is giving stakeholders the ability to choose the direction that the software is developed. SNT is used to make decisions on proposals, which can be made by any Stakeholder. For each decision, the token is cloned into a separate decision token. The amount of tokens you hold at that time becomes your voting power for that decision and it does not cost SNT to vote.
Dap.ps provides a way for stakeholders in the network to discover DApps, as curated by other community members. It will also provide a way to navigate by category and rating, enabling users to find exactly what they are looking for. SNT will be required for curation and signaling in the directory. A deposit of SNT will be required by DApp Developers who wish to attain greater attention to their DApp.
A first step towards community governance, the Status Voting DApp enables stakeholders to influence the future of the network. The Voting DApp can be used by anyone to set up a community vote with SNT. Leveraging quadratic voting, the amount of SNT in your wallet determines how many votes you can cast.
Achieving our mission ultimately requires one thing: widespread end-user adoption. Using the Status Network Token, we can design mechanisms for growth that have been tried and tested in Web 2.0, whilst providing greater transparency and better alignment of incentives for participants. The Status Acquisition Engine provides a cryptographically provable and transparent means of growing the user base.
Community Contributors from around the world conduct research on the cryptoeconomic models for SNT use cases to inform product and feature development as well as incentivization of the Status Network.
These cryptoeconomic models are an ongoing research effort and anyone is encouraged to explore, critique, and review the work.
Join the public channel & learn more about the research