How does Status verify transactions?

Modified on Sat, 18 Feb 2023 at 09:15 PM

Being part of the ERC20 token, all transactions are run through the gas in the Ethereum ecosystem. On Status itself, SNT is directly used to transact, run smart contracts, and access Dapps features, for example:

  • SNT is required by stakeholders to select and receive push notifications.
  • SNT is required to register a username on the Status Network.
  • SNT is required to deploy a semi-public token-based group chat.
  • SNT is deposited and transferred from stakeholders to recipients upon receiving a reply from the recipients.
  • SNT is required to opt-in for curation mechanisms.
  • SNT is required to become a seller.
  • Research case: SNT required for arbitration.
  • Required for curation and signaling in the Teller Network.
  • Research case: Required as a deposit by DApp developers who wish to attain greater attention to their DApp.

*Retrieved from Status Whitepaper

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