Status Network Token (SNT) Proposes Staking Mechanism, Layer 2 Rollup, Pseudonymity

IconCryptoNewsTerminal Staff14 Jun, 2024

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Status Network Token (SNT) Proposes Staking Mechanism, Layer 2 Rollup, Pseudonymity

Status Network Token (SNT) has shared a new Network Improvement Proposal (NIP) via their official Medium, outlining plans for a new staking mechanism, a state layer 2 rollup, and discovery of pseudonymous contacts. Community votes will take place through snapshot with the first vote beginning on June 20th and closing on June 27th. This NIP aims to improve the network's security, scalability, and privacy. The staking mechanism would incentivize users to hold and stake their SNT tokens, contributing to the network's security and stability. The state layer 2 rollup would increase the network's transaction throughput and reduce costs. And the discovery of pseudonymous contacts would allow users to connect with each other without revealing their real-world identities.

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