The Santiment Network Token is the official cryptocurrency for the Santiment Network. Santiment’s network is a completely unique product on the market that we will talk more about further down on the page. First, we’ll go over the basics of the cryptocurrency itself.
The Santiment Network Token, or Santiment for short, was released during an ICO in the beginning of July 2017. It currently ranks as the 125th largest cryptocurrency on the market, however, the market is currently experiencing a major correction and SAN has lost over 30% in less than 24 hours. However, Santiment normally ranks higher and therefore we are confident that it will surpass most of its competition in the near future.
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The launching of the Santiment Network
As we mentioned, the Santiment token was released during an ICO in July 2017 and at the same time, the Santiment network was created. However, the first pre-sale was done in February 2017 and the money that was raised was used to develop a phone application.
The network is the first of its kind and it is a truly unique product. The founders are aiming to create a subscription based data feed platform that can be used by traders to evaluate, analyze, and predict market movements. The best comparison we can make is that Santiment works as a newspaper subscription where you as a subscriber receive regular market updates and data related to the industry. According to the official website, Santiment will be useful for experienced traders as well as beginners, and it can also be used by middlemen like exchanges and other platforms. In fact, Santiment can be integrated on exchanges in order to provide traders with necessary information about the market without having to leave the platform. It provides a one-stop solution for everyone trading cryptocurrencies on exchanges.
All of the above will be done on the Santiment blockchain which is based on Ethereum. In fact, when the ICO was conducted, ETH was the only currency that was supported. The price was 1 ETH for 1,000 SANs and the goal was to raise 45,000 ETH which was reached in less than 24 hours.
The Santiment Network Token and Its Price
Some of the information that will be included in the data feed will be completely free, although, most of it will come with a price tag. Depending on the level of detail the price can vary. This means that beginners looking for basic information will pay less than, for example, hedge funds looking for detailed and advanced information.
Most of the sales will be performed through third-party exchanges and as more and more exchanges start using the service, the price and value of Santiment will increase. It is this system that gives the cryptocurrency its value.
Santiment (SAN) can be used as payment to pay for subscriptions and the data feed or to buy specific information. It can also be used as stake to help support and enhance the platform.
Santiments will also be used as rewards for crowdfunding which helps better the feed.
Unlike many altcoins, Santiment can be purchased using fiat currencies and not only other cryptocurrencies. The most used currency to buy Santiment is the American dollar (USD), followed by Bitcoin (BTC), and Ethereum (ETH). Additionally, Tether (USDT) has been used for less than 1% of current purchases.
Santiment is listed on a few exchanges where it can be bought and sold. However, 97.8% of all trading with Santiment is done on Bitfinex. Naturally, based on what we just mentioned, you can buy Santiment using USD, BTC, and ETH on Bitfinex.
Santiment on Social Media
The Santiment Network does not have a Facebook or LinkedIn page but instead, the developers rely completely on Twitter where they have a meager 7,400 followers. There is also a Slack channel and an official Telegram chat for Santiment and the developers run a blog where all the latest updates are posted.
Santiment (SAN) is the dedicated cryptocurrency for the Santiment Network. It was released in July 2017 and is still fairly new on the market which means that it’s not very well-known yet. However, the Santiment network and the related data feed platform is a very useful tool and because of that, we see great potential with this digital asset.