In their current form, decentralized applications (DApps) built on Ethereum are a bit difficult to access for the average app user, as there exists a real technical and informational barrier that ultimately limits wide-range adoption. Compounding these issues, very few DApps are available for mobile devices, the major platform for any application. Given that there were over 2.4 billion worldwide smartphone users in 2017, it’s clear that efforts are needed to make DApps mobile.
Status hopes to achieve this by developing a mobile operating system for Ethereum that includes an open source messaging platform and mobile browser, enabling users to interact with DApps that run on the Ethereum Network. Status combines a secure messenger, web 3.0 browser and an Ethereum token wallet that will be available for iOS and Android devices. Additionally, the Status team is building out a Hardwallet which allows users to facilitate cryptocurrency transactions using near-field communication (NFC). Together, Status intends to build the first real mobile gateway to the decentralized web.
Interested in Status? Here’s a quick rundown of the project:
Platform & Development
In short, Status is developing a mobile interface that functionally acts as an Ethereum operating system, as each mobile device becomes a light client node on the Ethereum network. Through this interface, users are able to leverage a secure messaging system that uses a peer-to-peer protocol which doesn’t rely on centralized servers, giving users total control over personal data. With this system, users are also able to send payments and smart contracts within chats. However, Status is creating far more than a communication platform, as it is also developing a DApp browser, a wallet for ETH and ERC20 tokens, and a social network with hashtags and messenger stickers.
The integral element of the Status platform is its DApp directory, which will function much like the Apple App Store or the Google Play Store. This directory will provide a gateway for users to navigate DApps by category and rating. Status has already listed a number of DApps that are available through its platform, including Gnosis, Aragon and uPort.
In addition to DApps, Status has emphasized decentralized chatbots as an additional set of listings in its store. Much like the DApps, these chatbots will be community created and have a variety of use cases.
Status has issued its own ERC-20 token SNT, which has a number of utilities across its platform, including:
- SNT is required by Stakeholders to select and receive push notifications.
- SNT is required to register a username on the Status Network.
- SNT is required to deploy a semi-public token-based group chat.
- SNT is required to become a crypto seller. These sellers function in what is called the Status Teller Network, a DApp inside of Status, which provides borderless, peer-to-peer fiat-to-crypto.
In addition, SNT enables users to steer the direction of development and influence how the network evolves over time. There is an expanded number of use cases available to review through the Status whitepaper.
To further bridge cryptocurrency with the real world, Status has created the Status Hardwallet, a physical wallet that is integrated with near-field communication (NFC), a technology used by products like the Square Chip Reader. This Hardwallet allows users to store, send and receive Ethereum and ERC-20 tokens while enabling point of sale purchases. Keeping with Status’ theme of open-source, the Hardwallet lets developers can easily see, use and edit the code to suit their requirements.
Status Open Bounty Platform
Status has developed a $1 million bounty fund for open source projects. Currently, the bounty platform has a number of open bounties available to developers, mainly from Status and Argon. Not only can developers choose to work on select bounties, they can also propose their own projects and request funding as anyone from anywhere can add money to a bounty purse. Additionally, Status is in beta for a system that enables external companies to leverage the Status network to securely hire top talent for short-term gigs.
The Status roadmap is condensed onto Github. However, it seems that only short-term milestones are listed.
Status was founded by Jarrad Hope and Carl Bennetts, and there are nearly 80 team members involved with the project led by former Googler Nabil Naghdy. Status uses a very pragmatic approach to hiring, relying heavily on skilled-based assessment.
Status (SNT) currently has a market cap of ~$475 million with a circulating supply of 3,470,483,788 SNT and a total supply of 6,804,870,174 SNT.
Status is extremely well-funded, well-run and capable of building out its mobile platform. Given that they are still in the alpha phase of development, Status will likely continue to see significant value creation over 2018 and beyond. Ultimately, Status might be the key ingredient in bringing DApps to the masses.
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Disclaimer: The author(s) of this article may have a position in one or more of the cryptocurrencies mentioned above. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.