Status

About Status

Status is an open source messaging platform and mobile browser that provides users with the ability to chat, make audio/video calls, send and receive payments, browse web3 apps, and more. It aims to drive the adoption of Ethereum and enable broader access to decentralized technologies.

The Status app serves as a hub for managing cryptocurrency assets, communicating securely, accessing Web3 services, and engaging with decentralized applications. The project was founded in 2016 and has seen significant growth and development in recent years.

Origin and Development

Status was co-founded by Jarrad Hope and Carl Bennetts in 2016. Hope had previously founded an Android security company called Sudo Security Group. The two recognized the potential for an Ethereum-based messaging app that could enable censorship resistant communications and transactions.

The Status project conducted an ICO in June 2017 which raised over $100 million worth of Ether. This allowed the team to expand and build out the platform. A beta version of the Status app was released in 2018 for Android and iOS.

Over the years, Status has continued adding features and capabilities to create an all-in-one portal for messaging, finance, and web3 services. It has fostered partnerships with other projects to integrate dApps and DeFi services into the Status ecosystem.

Features and Capabilities

At its core, Status provides an encrypted messaging platform similar to WhatsApp or Signal. Users can chat with friends, engage in group conversations, and make encrypted audio/video calls.

Status uses peer-to-peer technology to transmit messages between users. This provides censorship resistance by avoiding centralized servers. The app also has a private notification system for messages.

The Status app includes a non-custodial multi-currency wallet, allowing users to store, send, and receive popular cryptocurrencies. This includes ETH, ERC-20 tokens, and SNT (Status’ own token).

The combination of messaging and payments facilitates direct monetary transactions between Status users. Payments can be made via QR codes, usernames, or Ethereum addresses.

Status has an integrated DApp browser that provides access to decentralized applications. These include DeFi apps, NFT marketplaces, DAO platforms, games, social networks and more.

This allows Status to serve as a portal for discovering and using open finance and web3 services from one place. Users don’t need to download multiple apps to access different dApps.

In addition to browsing web3 apps, Status lets users download standalone decentralized apps directly within the platform. It features an app store with various dApps optimized for mobile devices.

Popular apps include blockchain games, social networks, identity services, ecosystems like Uniswap, and NFT creators. This provides a curated dApp experience targeted for mobile utility.

The SNT Token

Status uses an ERC-20 utility token called SNT to power its platform. SNT is used to incentivize nodes on the Status network and can also be utilized for tipping, governance, and payments.

Users can opt to view ads within the Status app and get rewarded with SNT tokens. This provides an alternative business model compared to collecting user data for advertising.

Status conducted an ICO in June 2017 and raised over $100 million by selling SNT tokens. This represented over 10% of the total token supply. The ICO price was around $0.03 per SNT.

The successful ICO helped fund early development. However, SNT’s price and market cap has fallen since then as the broader crypto markets declined over 2018-2020. The token has potential to gain value if Status network activity and demand grows.

Technology Stack

Status leverages the Ethereum blockchain to transmit messages, store data in a censorship resistant manner, and integrate with Ethereum financial services. All SNT tokens conform to the ERC-20 standard.

This allows Status to tap into the safety, decentralization, and active development ecosystem of Ethereum. The project plans to eventually integrate with Eth2.0 and its PoS consensus model as well.

Status uses end-to-end encryption for secure messaging between users. This prevents messages from being intercepted and read by third parties as it is transmitted.

The app also uses Tor connectivity and IP masking techniques for additional anonymity. No personal data or identifiers are required to create an account.

Status is an open source project with code repositories publicly available on GitHub. This allows community developers to inspect the codebase, build new features, flag issues, and propose improvements.

An open development approach aligns with Status’ commitment to transparency, decentralization, and censorship resistance in managing communications and transactions.

Status Network

The Status network is comprised of peer nodes that help relay messages and data between users. SNT tokens provide an incentive model to encourage nodes to offer bandwidth and computing resources.

Status uses “Proof-of-Value” to reward nodes that provide utility like hosting dApps, processing messages, uptime, and more. This decentralized infrastructure powers the platform.

By operating as a P2P network without centralized intermediaries, Status offers strong censorship resistance and availability. There is no single company or entity that can block or manipulate transactions.

Status is planning to implement a modular governance framework called Statusphere. This will transition the network into a community-run organization supported by decentralized stakeholders.