The modern world is defined by our access and use of the internet, we use it to browse, distribute messages, complete trades and transactions both online and offline. Our Smartphones have become the gatekeeper to the internet and our lifeline to this precious resource.
The internet, however, is home to some of the worlds largest monopolies, duopolies and oligarchy. Google dominates search, Facebook dominates social media, Whatsapp dominates messaging, Amazon dominates retail and PayPal dominates online payment.
These centralised services we all rely on have developed into multi-billion dollar titans over recent years and shows no signs of slowing down as we become more dependant on their services.
Once cryptocurrency has the ambition to change this with the use of the Ethereum blockchain. Introducing Status, which acts as a browser, messenger, and gateway to a decentralized world.
WHAT IS Status (SNT)?
Status is a mobile operating system that will completely change the way the world interacts with the Ethereum network. SNT is decentralized browser and private messenger that allows users access to the entire Ethereum network right in the palm of their hand.
It operating as a light client node on Ethereum and allows users to access all of the decentralized applications (dapps) on the Ethereum network through an app on your smartphone.
An easy way to get your head around to concept is to take the example of Android. Ethereum will be the Android operating system, dapps will be the apps you can run on Ethereum while Status dapp store directory similar to what the play store is for Android apps.
A brief overview of Status
WHY SHOULD YOU PAY ATTENTION TO Status?
Chances are you’ve never heard of SNT but you have probably heard of Ethereum. SNT is a part of Ethereum and given that Ethereum is among the big guys, running side by side with Bitcoin when it comes to popularity and demand on the market, but going over it with its advanced and developing technology.
Although Ethereum is also using blockchain technology, unlike Bitcoin blockchain technology, Ethereum allows different tokens and coins to be used and spent within its network; even allowing users to work on expanding Ethereum community, exchange values, create applications and programs that Ethereum community members can use and trade within an utterly decentralized ecosystem.
As the ecosystem gains popularity more and more projects are being built on top of the ER20 token platform, projects like OmiseGo, Civic, Storm & many more. Having so many dapps available is great for the user in terms of options, however, managing dapps will become a pain very soon.
From personal experience managing your dapps on a desktop using Metamask isn’t everyone’s cup of tea and it can be very intimidating.
SNT aims to change this by offering open source platform that is programmed to enable messaging through Ethereum. SNT is also used as a mobile browser that is meant to connect the user with decentralized applications that are active and available within the Ethereum network.
Status opens the door to mass adoption and new ways of interacting with Ethereum dapps by targeting the fastest growing computer segment in the world – smartphone users.
WHAT IS STATUS USED FOR?
Apart from being a directory for dApps the Status network also breaks the unbalanced architecture of legacy social media platforms. These traditional networks give almost all control to owners and advertisers; users are left with little power over what personal information they share, effectively rendering the user as the actual product that is monetized by the platform.
Additionally, legacy users have little voice to influence the evolution of the platform. Status aims to change the legacy social network models that only empower the owners and advertiser. With the issuance of Status Network Tokens (SNT), Status enables its users to become stakeholders in the network they participate in.
The platform’s design allows the behaviour of its social network and software to be aligned with the interests of its users. As a Status user, you’re in complete control of what information you share, and you can vote on the future development of its decentralized network.
CAN YOU MINE Status?
Status is an issued Er20 token based on on the ETH blockchain via smart contract which means tokens are distributed and the tokens cannot be mined.
CAN YOU EARN Status?
SNT users can earn digital currency via exchanges. Users can earn coins through trading on different fiat and cryptocurrencies and take advantage of market fluctuations.
WHERE CAN YOU BUY Status?
Status is listed on a few of international cryptocurrency exchanges and is actively traded on websites like:
- Bancor Network
- Radar Relay
SHOULD YOU INVEST IN Status?
The idea of a DApp Directory for applications based on the Ethereum blockchain is a smart one. Status will need support from the entire ETH as driving mass adoption would be in the interest of ETH as a network, as well as dApps, built on top of it.
Status plan of targetting Smartphone users is also a unique opportunity that could help users quickly realize that utilizing Ethereum and its dApps has never been so easy and convenient and encourage regular use.
Status also encourages anyone to contribute to its operating system as well the future of the decentralized web. Reimagining the social network and has uniquely given its users the power to decide how its platform will be governed and further developed which is an appealing concept considering how fed up people are becoming with centralised apps monetizing their data and user behaviour.
Status is a mobile client that puts the power of the entire Ethereum network right in your hand. The possibilities for this project are limitless as Status users have access to all current and future decentralized applications that run on Ethereum.
As for the current reality, Status has a long way to go before it becomes a viable project with mass adoption far off and current support for dApps being extremely limited.
For more on Status check out their website
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Disclaimer: This article should not be taken as, and is not intended to provide any investment advice and is for educational purposes only. As of the time posting the writers may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency as all investments contain risk.