What is Status?
Status (SNT) is a decentralized, open source, peer to peer network built on top of the Ethereum network which aims to make Smart Contracts usable in real-life and also provides a mobile wallet to facilitate Ethereum-based transactions. Status is a mobile app-based token whose wallet features a built-in instant messaging service that allows its users to easily send Ethereum and ERC20 tokens to one another. It also features a built-in exchange and makes mobile DApps easy for anybody to use.
History of Status
Status was founded in Switzerland by developers who only give their first names, Carl and Jarrad, who specialized in mobile app data services before launching Status as an idea of simplifying the advanced features of Ethereum to make them available to anyone. An ICO that concluded in June 2017 raised over $100 million in token sales, and in January 2018 Status had surpassed the $2 billion market cap mark. Its simplicity and ease-of-use has made it one of the most popular Ethereum-based mobile wallets and though its market cap has come down quite a bit, Status still enjoys a tremendous following.
How Status Works
Status is a mobile wallet which allows every facility of the Ethereum network to be used in real-time. A user can create a Status wallet and load it with SNT. The Status wallet is fully compatible with Decentralized Applications (DApps) and can execute Smart Contracts built atop the Ethereum network. It allows users to verify digital identity, invest in prediction markets, trade in digital asset exchanges, join job portals, form digital companies, buy insurance, share owned contents and much more. Wallet transactions are automated, using Smart Contracts which are all interlinked. However, unlike services like Google Android where every piece of data is with Google, Status runs on a p2p network, meaning data remains completely decentralized.
Its core product being a mobile wallet centered around simplicity, Status offers a unique preview into a decentralized, interlinked future of both social networks and finances. Some of its features include:
- Decentralized Centralization: Status is aiming to bridge the gap between different blockchain-based decentralized apps (DApps) so that only one gateway (the Status wallet) is needed to access everything on the Ethereum network.
- Native Apps: Status has some great DApps integrated into its main wallet, including uPort, Gnosis, Oasis Exchange, Ethlance, Aragon, Etherisc, Ujo and more. These apps make it easy to perform many day-to-day tasks based on Ethereum’s Smart Contracts and ease of transaction.
- Versatility of Ethereum: Status is built completely using the Ethereum blockchain which is a versatile, tried & tested network, adopted by million of users.
- Safe Transactions: Ethereum based blockchain transactions are safe, secure and lightning fast. The transactions are processed in seconds and the confirmation is received within a few seconds as well.
- Multi-purpose Mobile Wallet: Status Wallet can be used to pay at the grocery store as well as to apply for a job listed on the network. The wallet is technically a lightweight node for the Ethereum network, making it fast, nimble and flexible.
- User Anonymity: Status provides the option of complete user anonymity. Users have the option of disclosing their identities as and when they wish.