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About Status
Disclosures
Status risk
This material is for informational purposes only and is not exhaustive of all risks associated with trading Status. All crypto assets are risky, there are general risks in investing in Status. These include volatility risk, liquidity risk, demand risk, forking risk, cryptography risk, regulatory risk, concentration risk & cyber security risk. This is not intended to provide (i) investment advice or an investment recommendation; (ii) an offer or solicitation to buy, sell, or hold crypto assets; or (iii) financial, accounting, legal or tax advice. Profits may be subject to capital gains tax. You should carefully consider whether trading or holding crypto assets is suitable for you in light of your financial situation. Please review the Risk Summary for additional information.
Investment Risk
The performance of most crypto assets can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in crypto assets.
Lack of Protections
Crypto assets are largely unregulated and neither the Financial Services Compensation Scheme (FSCS) nor the Financial Ombudsman Service (FOS) will protect you in the event something goes wrong with your crypto asset investments.
Liquidity Risk
There is no guarantee that investments in crypto assets can be easily sold at any given time.
Complexity
Investments in crypto assets can be complex, making it difficult to understand the risks associated with the investment. You should do your own research before investing. If something sounds too good to be true, it probably is.
Concentration Risk
Don't put all your eggs in one basket. Putting all your money into a single type of investment is risky. Spreading your money across different investments makes you less dependent on anyone to do well. A good rule of thumb is not to invest more than 10% of your money in high-risk investments.
Five questions to ask yourself
- Am I comfortable with the level of risk? Can I afford to lose my money?
- Do I understand the investment and could I get my money out easily?
- Are my investments regulated?
- Am I protected if the investment provider or my adviser goes out of business?
- Should I get financial advice?
Status’s price performance
Status in the news
The American Innovation Project is the latest digital assets advocacy organization to launch, but its tax status could help it find a niche.
The US Securities and Exchange Commission (SEC) has filed a status report with the Court...
Status on socials
Guides
Status on OKX Learn
Status FAQ
Dive deeper into Status
Status represents a messaging operating system and browser that links users with Ethereum decentralized applications (DApps) through a mobile interface. The Status web app offers a preview of the decentralized web's future, known as Web3, and has been crafted using blockchain technology. Moreover, Status aims to evolve into a portal for peer-to-peer (P2P) commerce, secure messaging, and seamless payments.
What is Status?
Status strives to become the first decentralized messaging platform accessible worldwide. With its app, users can directly connect to the Ethereum network via the messaging feature, following the principles of permissionless, decentralized, and trustless interactions.
The initiation of the Status app was primarily driven by the need to combat the issue of social bots, which are automated software managing social media accounts, promoting campaigns, and shaping public opinion. These bots are widespread in Web2 social apps and taint online discussions by providing an artificial veneer of credibility to their messages and influencing individuals.
The Status team
Founded by Jarrad Hope and co-founder Carl Bennetts in 2017, the Status network has since grown significantly. Bennetts brings with him a decade of experience in business and operations management. The team has expanded to encompass a diverse group of protocol engineers, system designers, product managers, advisors, and legal professionals. Among these members are notable figures such as Csaba Kiraly, a senior systems engineer with a Ph.D. in computer science, and Zahary Karadjov, who spearheads Nimbus, a pivotal component of the Status ecosystem. Karadjov is renowned for his contributions to developing the Nim programming language.
How does Status work?
Status operates on the Ethereum protocol, which maintains an immutable ledger of SNT token transactions. SNT holders can send and receive encrypted messages, explore smart contracts and Web3 DApps, and conduct peer-to-peer (P2P) payments. The Status Wallet provides a secure storage and management solution for users' cryptocurrency assets. Users' identities within Status are rooted in a locally generated cryptographic keypair, bolstered by an added layer of protection through password authentication.
P2P communication is facilitated by the Waku protocol, functioning through a network of interconnected peers to transmit messages securely. It incorporates end-to-end encryption and perfect forward secrecy, adhering to standards established by Open Whisper Systems, including X3DH and Double Ratchet. Moreover, Waku contains perfect backward secrecy.
Bitcoin holdings are stored in a non-custodial wallet, fortified by a signature phrase that safeguards against potential future phishing attempts.
SNT: Status’s native token
SNT serves as the native token of the platform, powering the functionalities of the Status network. While there is no predetermined maximum supply, the current total supply is 6,804,870,175 tokens.
SNT use cases
SNT is used for transactions and services within the Status ecosystem while messaging and wallet management remains exempt from charges. Furthermore, SNT enables users to engage in decentralized governance within the Status ecosystem. Users holding SNT tokens possess voting power equivalent to the number of tokens they own, empowering them to contribute to network-wide decisions.
Disclaimer
OKX does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. For further details, please refer to our Terms of Use and Risk Warning. By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX and its affiliates (“OKX”) are not in any way associated with the owner or operator of the TPW. You agree that OKX is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets. Product may not be available in all jurisdictions.