What Is Status?
Status.im was announced in May 2017 and the company launched its network token called Status (SNT) a month later.
Status aims to redefine mobile instant messaging by its Ethereum based mobile app that turns any mobile device into an open node for the Ethereum network, allowing it to take full advantage of the Ethereum ecosystem.
One of such advantages is the access to decentralized apps (Dapps), the next generation of mobile apps that provide added security and innovative functionalities.
The app does not only offer instant messaging and a Dapps platform with the added security of a decentralized network, but also allows its users to send and receive cryptocurrency payments and smart contracts through their mobile devices.
The Status token can be used for in-app actions and it is listed on popular exchanges. The complete list of its usage can be accessed by the company-published whitepaper.
In December 2017, Status became a member of the Enterprise Ethereum Alliance, which is the world’s largest open-source blockchain group.
Status is currently in the works and regular updates of its development are shared on its website.
How does Status work?
Built directly on the Ethereum platform, Status can be compared to popular mobile chat apps such as WeChat or WhatsApp, with added features like access to Dapps as well as payment transfers. The instant messaging on Status functions on a decentralized network, eradicating the need of any intermediary or third-party server, between the users exchanging messages. This allows for secure and private conversations.
The Dapps functionality works in a similar capacity to Google Apps or the iOS App Store, but with the advantage of accessing specialized apps that use a decentralized network. Status is an open-source project and allows its users to contribute with any enhancements that could help it be more accessible and helpful.
Status also allows its users to discover the Ethereum network by finding contacts and contracts according to the user’s interests. It also holds a built-in wallet functionality to manage digital currencies and to perform transactions on the peer-to- peer network.
The Status network utilizes web3stack for decentralized messaging services along with Swarm/IPFS for decentralized peer-to- peer storage. For decentralized peer-to- peer authentication, it uses Ethereum. The Status app defaults to the Ropsten testnet, but users can make the switch to the Rinkeby testnet
The History of the Team
The company was founded by Jarrad Hope and Carl Bennetts, both of whom previously created Opulence.im, a software distribution company that reportedly generated $20 million in revenue in less than 3 years.
Recent cryptocurrency news
The former head of Visa, Marc O'Brien, who spent 6 years working for Visa UK & Ireland has trade the world of fiat payments for the world of Cryptocurrency payments. Marc O'Brien has joined Crypterium [...]