Do I Own a Shitcoin?




Status - Shitcoin Review


Jul 16, 2018


Have you ever used a DApp? Be honest…

If not, then why? It’s probably because many are inaccessible to the masses who do not know how to compile and run software from source code (lol). And we don’t blame you...this shouldn’t require a computer science degree.

It’s time to take this shit to the next level...and we think that a project named Status is working on just that.

Let’s dig into what Status is all about.

 

Status (ticker: SNT)

Mid-Tier Shitcoin

 

Wtf is Status?

Status is a mobile Ethereum client available on both iOS and Android (currently in beta). It is meant to serve as an Ethereum browser and private messenger for mobile operating systems.

Status aims to be the portal to the Ethereum DApp ecosystem, making it simple for users to browse and access Ethereum applications. There are DApps available on Status that you may have heard of already, such as uPort, Ethland and Gnosis. If not...step up your shit. There are others on there as well.

Status, much like every other decentralized project, wants to give power back to the people. GIVE IT TO THE MAN, MAN.

They aim to improve the modern social networking/media experience by creating an economy that empowers both users and content creators.

Using their token, SNT (Status Network Token), users can access certain features and customize their Status experience.

For example, you know how some applications have those f***n annoying push notifications, that you need to turn off? In Status, all push notifications are turned off by default, and if there are specific applications that you would like to receive notification for, you must pay a small fee with SNT. This allows the content creator (or DApp creator) to get rewarded in some SNT. If you are paying to receive a notification from them, they probably deserve a quick buck (you cheap bastard).

Here's another cool thing: Users can essentially upvote or downvote content that shows up on their feed to further customize their experience. This can affect articles, content, and DApps recommended to you as a user. They call this ‘signaling’ and SNT is required to do this.

Additionally, users can use their SNT value to vote on Status project proposals. The voting is free, but the value of SNT a user holds defines their voting power. SNT and votes have a 1:1 ratio. Ultimately, voting rights give users direct influence over the direction of the application and ecosystem. While we find voting systems like this neat, we are curious to see how this would work out as a DApp goes mainstream. Democratizing the direction of technical development is a weird concept. Especially if there are bad actors involved. They call this a ‘Users-as-Stakeholders’ network to make you feel better and sound more official. REVOLUTIONARY.

Without explaining each utility that SNT provides...here is a quick list:

  • Curating content
  • Receiving push notifications
  • Register a username on the network
  • Create group chats
  • They have a ‘Teller Network’, to allow people to buy and sell cryptos. To be a seller on the network requires SNT. You can also curate your Teller network using SNT
  • They have a ‘Sticker Market’....we don’t understand what is so great about this, but SNT is required to be a trader, seller, or to curate your feed. F***n weird

There’s a couple others, but you get the f***n point. Check out their whitepaper and ctrl+F for “SNT utility” for quick searching.  

 

Who tf is behind this shit?

Their co-founders are Jarrad Hope and Carl Bennetts.

Jarrad has apparently been involved in the blockchain space since 2010, and has a good track record as an entrepreneur. He founded several startups mainly around software distribution. He also helped to establish the Ethereum Amsterdam Meetup.

Carl has 9 years experience primarily around user acquisition and sales it seems.

Surprisingly, there isn't a whole lot of information online about them. We would like to see more.

But, along with their 40+ full time team members,  they seem to be hustling hard.

Still, we would like to learn more about their past. If you have anything to add, tweet at us. Here is a list of their team members: https://wiki.status.im/Team_Members...feel free to Google the shit out of them. 



Overall, this is a mid-tier shitcoin. Let’s see if they can truly create a user-friendly platform to bring DApps to the masses. Keep in mind they are still in beta and all of this shit is high risk. If it fails, another one bites the dust into the infinite shitcoin abyss. 

We have used their messenger app to chat with people in the community, and while it is nice to see an actual product for a change (lol) it does not seem to be designed well, or very intuitive. Granted, this is an early project. Let’s see how they do.

 

That wraps up today’s review!

Hope you learned some shit.

 

Chat soon.

- Mike and Aaron