Updated: Dec 20, 2019
Status is a mobile operating system that is built to completely revolutionize the way the world interacts with Ethereum, and the various Dapps built on the platform. Status Network Tokens (SNT) is Status’ ERC 20 token, which is used to access and power the decentralized services, offered by Status network and application. The project is designed to be open-source, allowing anyone to use the code to suit their needs.
This guide will talk about the purpose for which Status is designed, the team behind it, the way it works and various uses and applications.
What Is Status Designed For?
Status is designed to act in a way, similar to Google’s Play Store and Apple’s App Store, in helping navigate the 1700+ decentralized applications hosted on the Ethereum blockchain. The mobile platform is created specifically for the Dapps, built in the Ethereum ecosystem where users can seamlessly browse and make use of Dapps, such as SingularDTV, Firstblood, and Augur.
The team behind Status also created an in-built messaging app that makes sending and receiving ETH much simpler. The platform is created to allow users to interact with Ethereum, right from the palm of their hand. Status has invariably opened the door for the mass adoption of Dapps, built on Ethereum by targeting smartphones, which is the world’s fastest-growing computer segment.
Who Is the Team Behind Status?
Status ICO was launched by Swiss co-founders Carl Bennetts and Jarrad Hope. The duo raised $100 million in Ethereum successfully towards the project. Before co-founding the Status Network, Hope and Bennetts worked together for six years on various other software products.
The platform is based out of Crypto Valley, Zug, Switzerland, with a strong team consisting of more than 70 full-time members and experienced advisors, backing it. Nabil Naghdy is the COO, who is a former product manager at Google.
How Does Status Work?
The platform operates as a light client node based on Ethereum. It provides users with access to every Ethereum based decentralized application (Dapps), through a smartphone app.
The Status Network works by essentially breaking down the unbalanced architecture present in all legacy social media platforms, which include the owner, the advertiser, and the user. Users are left with next to no power in these traditional platforms.
With SNT, the platform enables its users to turn into stakeholders and participate actively. The design of the platform allows the behavior of its software and social network to be aligned with user interest.
What are Current and Future Applications of Status?
SNT behaves like a utility token, required for powering certain application features on Status, and for the creation of an economy that is both open-source and decentralized.
The following are individual SNT Use Cases (in development and use):
● Teller Network – This Dapp is in development and is created within Status to provide a borderless, peer-to-peer, fiat-to-crypto ‘Teller Network’. The Dapp is expected to help Stakeholders, find nearby users to exchange cash for digital and crypto-assets and currency. Only SNT holders can become sellers in the network.
● Network Incentivization – This framework is still in research, which will effectively offer an incentive-based structure for people, looking to deploy and use Status nodes. SNT tokens shall be used to incentivize and reward all participants, which will encourage them to run nodes for the continual operation of the app. SNT shall be used to pay for charges, including payment for forwarded messages and payment for offline messages.
● ENS User Name – The feature is currently live, where usernames shall point to a personal account on the Status messaging app. This shall enable others to share tokens or find the username on Status chat. SNT is required for registration of this feature. 10 SNT tokens are utilized towards reserving a name, which is then locked into a registry contract for a whole year.
● Tribute to Talk – The application is in development and will introduce an economics-based anti-spam filter. Stakeholders will be able to set aside a minimum amount of SNT for individuals outside the network, for contacting them directly.
A major move working in favor of Status is the incubation program, launched in April 2018. The program promotes blockchain technology and funds blockchain-based projects, which include but are not limited to - governance, storage, and blockchain-based computing.
The idea behind the Status incubation program is to make the Web3 ecosystem, more functional and user-powerful. However, Status will have to adopt a better marketing strategy, if it wants to garner more exposure for its Status Incubate and Web3 related ventures.
Conversely, as long as Ethereum lives on and remains popular, SNT shall continue to be valuable and should even succeed in achieving the vision it has in mind, to become a user-empowering social network.