Status is an open-source peer-to-peer decentralized application based on Ethereum. It represents a mobile Ethereum OS that serves as a mobile browser with a range of functions. One of them is WeChat-like dApp that enables sending of p2p encrypted messages and allows sending and receiving Ether and ERC-20 tokens. The project was launched in 2017 in Zug, Switzerland, by Carl Bennetts and Jarrad Hope.
Status also acts as a store for Ethereum dApps, therefore, it is often compared with Google Store or AppStore that perform the same function in the world of centralized applications. Being a messaging application for users of Ethereum platform, it also gives the possibility to select the node provider. It turns the smartphone into a light node that connects to other dApps.
All legacy social networks come with the same flaw. Their members don’t have any influence and they can’t affect the development of the platform. The goal of Status is to create a system without this drawback. The founders believe in the strength of blockchain-fueled economic systems, which seem to be more reliable than centralized ones because they are based on economic interests. For this reason, Status members experience a more democratic approach, during which people can express their opinion on how the system evolves. It refers to all areas including software development. The stakeholders of SNT tokens are provided with voting rights and can participate in Status governance thus affecting the development of the platform.
In contrast to other platforms, Status Network Token (SNT) gives the power that users of other systems are deprived of. SNT holders can decide how the system should develop as its members vote for different proposals using SNT. The number of tokens held is converted into the amount of voting power. As for the voting procedure itself, it’s absolutely free.
The Status platform and technology
Status is a web 3.0 browser that was designed to interact with more than 2,000 dApps on the Ethereum network. It also delivers a window into the decentralized web. The clients within the ecosystem of different applications use Status as a gateway to free trading and p2p payments and communication which is possible for any person with Internet access on a mobile gadget.
Status uses a new communication subprotocol named Whisper. It delegates nodes to store messages sent to the clients when they are offline. Since service providers charge for the service in SNT, it also helps to develop the market of push notifications.
The goal of the notification system is to become compatible with as many devices as possible and at the same time feature resistance to censorship. Therefore, the Status notification system is an excellent option for countries blocking certain notification providers. If a user, let’s say, from China can’t use Google Cloud Messaging, the system allows selecting another notification provider to bypass these restrictions.
SNT is needed to select and receive push notifications. Though Status is free by default and users are identified by SECP256k1 public key, SNT is required to register your username in the system. In some cases, it’s done to help your friends identify you easily, or to recover your account when your mobile device is lost. For instance, it can be necessary for participation in dApps’ discussion board where developers permit only registered users. With the help of SNT, users can improve the quality of content or stay protected from the activity of sockpuppet accounts.
SNT can also be used to create token-based group chats. Also, members use SNT after the introduction of the anti-spam filter called “Tribute to talk” that protects from spam messages. The stakeholders set a minimum amount of SNT that the other member must meet to open a conversation. The deposit is returned when a reply is received. This is not a full list of SNT utilities within the ecosystem. It’s also needed to become a Seller in Teller Network, a Seller or Buyer in the Acquisition Engine, for participation in the Sticker Market, for arbitration, etc.
The platform offers its own Status Hardware Wallet named Keycard for the storage of cryptocurrencies. However, users can store SNT on any other wallet supporting ERC-20 tokens, for instance, Coinomi, MetaMask, and Myetherwallet. Those who want to increase the security of their assets can store digital assets on hardware wallets such as Trezor and Ledger Nano S.
SNT is not a mineable coin, but it can be obtained via an open bounty program. Consumers can buy SNT at Binance, Bittrex, Bitfinex, Poloniex and many other exchanges, usually paired with BTC, ETH.
Status ICO details
Status ICO was conducted on June 21, 2017. It was planned that the sale will continue until the 4th if July, but it was much anticipated, therefore, the cap was reached fast and even broke down the ETH network as it caused congestion and backlog. As a result, ICO raised more than 99 million US dollars (299,897.84 ETH) within just a few hours.
Funds are allocated in the following way. 50% of the funds raised during the contribution period is allocated to the core development. 15% was given to the project security and 15% went to finance everyday activities. 10% of funds were given to cover marketing costs and 10% is allocated to deal with legal and compliance expenses.
The company is based in Switzerland’s Crypto Valley and its team includes over 70 full-time employees.
The founders of the project Carl Bennets and Jarrad Hope had been working in the area of software distribution before they launched Status. Using their rich experience with personal data and database growth, they managed to make the platform rather popular. The results of ICO demonstrate that the service is promising and highly demanded. The other key figure of the project is Nabil Naghdy, COO, who worked as a product manager at Google before joining Status. In particular, he managed such products as Google Maps and Google Flights.
Status partners with Finney, a secure blockchain-powered smartphone. The partnership was announced in December 2017. Also, the company united its efforts with FOAM, Ethereum-based protocol that provides decentralized location services and with OmiseGO that delivers cross-chain transactions for users. It also cooperates with a team working over the Nim programming language, which was selected as language for Status. It’s a lightweight language and was chosen for its efficiency.