Cryptocurrencies

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How is Status(SNT) coin generated?

SNT, the native cryptocurrency of the Status Network, was initially distributed through an ICO in June 2017, and no new tokens have been created since then.

Dec 10, 2024 at 12:07 am

How is Status (SNT) Coin Generated?

Status (SNT) is the native cryptocurrency of the Status Network, a decentralized mobile messaging and web3 infrastructure platform. SNT is used to power various functions within the Status ecosystem, including:

Transaction fees: SNT is used to pay for transactions on the Status Network, such as sending messages, transferring tokens, and interacting with decentralized applications (dApps).
Staking rewards: SNT holders can stake their tokens to earn rewards for contributing to the security and performance of the Status Network.
Governance: SNT holders can participate in the governance of the Status Network by voting on proposals and electing delegates to represent their interests.

The genesis block of the Status Network was created on June 12, 2017, with an initial supply of 6,804,870,240 SNT. Since then, no new SNT has been created, and the total supply remains fixed.

Issuance and Distribution

The SNT token was distributed through an initial coin offering (ICO) held in June 2017. A total of 3,187,113,692 SNT were sold during the ICO, raising approximately $100 million. The remaining SNT was allocated to the Status Network team, advisors, and contributors.

Tokenomics

The following table outlines the tokenomics of the SNT token:

Parameter	Value
Total supply	6,804,870,240 SNT
Circulating supply	3,562,377,413 SNT
ICO supply	3,187,113,692 SNT
Team, advisors, and contributors	3,617,756,548 SNT
Block time	15 seconds
Consensus mechanism	Proof-of-Stake
Transaction fees	0.001 SNT
Staking rewards	10% APY

Use Cases

In addition to its use cases within the Status ecosystem, SNT is also used for a variety of other purposes, including:

Payment: SNT can be used to pay for goods and services at a growing number of online and offline merchants.
Investment: SNT can be traded on a variety of cryptocurrency exchanges.
Store of value: SNT can be stored in a cryptocurrency wallet and held as a store of value.

Conclusion

SNT is a versatile cryptocurrency with a wide range of use cases. The token is used to power the Status Network, a decentralized mobile messaging and web3 infrastructure platform. SNT is also used for a variety of other purposes, including payment, investment, and store of value.

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