Status

What is Status?

Status is a freely available mobile application designed for both iOS and Android platforms. It serves as a gateway to Ethereum's expanding realm of decentralized applications (dApps), facilitates peer-to-peer instant messaging, includes a cryptocurrency wallet, and features a Web3 browser. The advancement of Status is influenced by individuals holding the project's intrinsic governance token, the Status Network Token (SNT). SNT holders possess the privilege to propose and vote on new initiatives, playing a pivotal role in shaping the network's trajectory.

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Recent Video Interview

Main points of the interview:

• Status focuses on integrating a familiar messenger interface with blockchain functionality.
• The app runs a light Ethereum node, syncing headers rather than the full blockchain.
• Status uses Whisper for peer-to-peer messaging, enhancing privacy and decentralization.
• Status aims for complete decentralization and minimal data collection.

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How Does Status Work?

The Status Network Token (SNT) is a prerequisite for specific functionalities within the network, aligning the network's interests with those of SNT-holding users. Utilizing the Ethereum protocol as its foundation, Status relies on Ethereum to uphold an 'immutable' record, ensuring an accurate account of every SNT holder's activities.

SNT holders enjoy the capability to send and receive encrypted messages, smart contracts, and payments. They can engage in browsing and chatting on web3 decentralized applications (dApps) and manage their cryptocurrency assets through the Status Wallet.

Furthermore, SNT users possess voting power commensurate with the quantity of tokens they hold, enabling them to influence decisions that impact the network. Notably, there is no cost associated with casting a vote, making it an efficient, cost-free, and decentralized mechanism that empowers Status users to govern the platform.

How Status Approaches Security

The Status crypto platform incorporates several features designed to fortify user security and foster trust. A key element is the Tribute-to-Talk process, functioning as an anti-spam mechanism. This requires users to deposit SNT tokens as collateral when initiating communication with an out-of-network user they haven’t contacted before. If the message is validated by the recipient, the collateral is returned; however, if there is no response, the tokens are awarded to the recipient. This discourages the creation of fraudulent accounts and spam messages within the network.

Furthermore, Status employs a reputation model wherein stakeholders can deposit tokens to enhance another user's reputation—a digital equivalent to vouching for someone. This contributes to establishing a web of trust among users on the Status Network. Discussion groups have the option to set a minimum reputation score as a prerequisite for joining, significantly raising the cost of maintaining active fake accounts.

For heightened account security, Status assigns a unique public key username to each user, coupled with a distinctive account recovery method in cases of lost devices or inaccessibility. Users are provided with five recovery keys, which can be shared with trusted individuals. Any combination of three of these keys can be employed to recover the account, mitigating the common concern associated with blockchain wallets—a single point of failure leading to permanent asset loss.

Status Team Background

Founded on January 4th, 2017, by Jarrad Hope and Carl Bennets, Status emerged from a six-year collaboration on diverse projects, during which three years were dedicated to managing a software distribution network. This network facilitated over 20 million installations across various software offerings, with the generated profits reinvested in subsequent ventures. Throughout this period, the duo gained a unique perspective on the commerce of personal data on the internet, observing the acquisition and retention of users. Aside from the initial Development Grant provided by the Ethereum Foundation, Status has been entirely self-funded by its founders.

Status Project Development

Here are some of the latest updates from the Status team:

• Users can now update their preferred JSON-RPC URL for each chain. While defaults are provided, individuals have the option to use their own, such as connecting their Status Wallet to a self-hosted node.
• Continuous improvements are being made to the activity view, with additional filters. Users can now filter their activity view by collectibles (ERC-721) or by similar transactions.
• A significant development milestone has been achieved: the synchronization of Status Wallet accounts across multiple devices is now feature-complete. Meeting demanding requirements—ensuring private keys are not transmitted over the internet, providing users access to all their accounts on every device, and maintaining a user-friendly experience for non-technical users—marks a major success
• Additionally, the team has been working on developing the new wallet for the mobile app over the past couple of months. Most of the UI components needed for the mobile wallet MVP have been implemented, and the team is now commencing the integration with the backend.

Status Price Analysis

As of November 24 2024 Status has a marketcap of $187M. This is {{percentagefromath}} from its all time high of $0.684918. In terms of its tokenomics, there's a total supply of 6.8B with 58% currently outstanding. Keep in mind Status has a fully diluted value of $321M which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.