Status is a messenger and a dapp browser.
The goal of Status is to make Ethereum applications usable. For now, most of the applications are detached from each other, and it’s hard for the user to discover them. There is also a problem of storing and transferring Ethereum and tokens in a secure and convenient way.
From the user perspective, Status is a mobile application. This application has three main features: Ethereum wallet, dapp browser, and secure messenger.
First, users can store and transfer their tokens. The private key is stored in the device memory, so only the user has access to the funds. The key is encrypted by user password, so even if someone will access the user’s device, he won’t be able to steal tokens.
Second, users can browse and discover decentralized applications. Status provides a collection of curated dapps that user can access in a few clicks. A user can also enter the address of the application that is currently not presented in the app. Status keeps the history of visited apps to make browsing easier.
Third, users can talk to each other. Users can create private chats and share text messages. Users can also create and join public chats. The users can transfer coin right in the chat window.
Status uses Status Network Token (SNT) which is an ERC20 coin. The token has multiple use cases inside the network.
One of such use cases is the market of push notification providers. Status is a fully decentralized app, and all of its components are running without a central provider of services. However, push notification services are usually provided by large companies. Moreover, users can’t change a provider. Status proposes such providers to join a free market where each user can pick providers for himself. This service will cost money to users, but the providers can send push notifications for free, for example by showing ads to users. Users can also opt out of push notifications.
Another possible use is governance. The system resembles other decentralized governance schemes. Users who own SNT can vote for the proposals. The more tokens he owns, the more voting power he has. The voting is free for everyone. Most of the votes will be directed towards the development of the platform.
In Ethereum, each account is accessed via a long gibberish string. In social applications, it is not user-friendly. That’s why in Status, anyone can pay SNT to bind a name with his address. That way, users can reach each other via convenient nicknames.
As the creation of an account in Ethereum is as easy as creating a private key, the Status can face the problem of puppet accounts, where one user controls multiple accounts. It can be dangerous, especially when talking in public chats, as one user can create a sense that many people express the same opinion on the topic. To mitigate that, Status will provide an ability to set requirements on the user balances. For example, to enter the chat about 0x protocol, a user should own at least 1000 ZRX.
The famous people often receive hundreds or thousands of messages each day. These messages are often stay ignored. Some of the users might be willing to pay a small fee to get a reply. Status plans to implement that functionality. A public person will be able to set a fee. Everyone who will send a message to him should make a deposit equal to this fee. If a user will get a response, the fee will be transferred to the recipient.
Social networks are the home of the tremendous amount of content. To help users discover the best content, they utilize sophisticated algorithms. However, they have other motives other than to help. First and foremost, they want to maximize profits by increasing engagement, ad views, and purchases. Therefore, the user and network owner incentives are clearly misaligned. Status introduces content curation markets. Anyone can become a content curator on the Status Network. The users will pick the best curators based on their goals.
Another possible market for Status Network is stickers. The usage of stickers in messaging apps is booming. Many times, users are willing to pay for stickers they like. Artists that draw stickers will be able to earn income.
Finally, Status introduces a User Acquisition Engine to help advertisers receive quality leads. Usually, the advertiser pays the same amount of money for each new user, regardless of the value they bring him. In Status, publishers will compete by predicting the value of each customer by depositing coins. If the publisher will make a bad prediction, he will lose the deposit. That way, the publishers are incentivized to make good predictions and the process is more transparent to the advertiser.
The big challenge of the cryptoasset industry is providing a convenient way to transfer fiat money into cryptocurrencies. Several solutions exist, but almost all of them are centralized and require credit cards. This is often unsuitable in third world countries, where most of the people have only cash. Status plans to allow users form payment gateways. These gateways will be able to exchange fiat into tokens. Gateways around the world can help millions of people get into cryptocurrencies, forming a Status Teller Network.
Status founded Incubate, an incubator for decentralized startups. Status provides promising projects with funding and legal advice. The team also helps with tech and marketing.
Status also provides tools for developers to make the process of making dapps easier. The team released Embark, a framework for development and deployment of decentralized applications.
- October 10, 2016: Announce of Status at DEVCON. vimeo.com
- January 5, 2017: Release of Status Alpha. blog.status.im
- June 20, 2017—June 21, 2017: Status ICO. blog.status.im
- January 29, 2018: Status Invests $5M In Riot.im. blog.status.im
- April 20, 2018: Announcement of Incubate. blog.status.im
- May 4, 2018: Announcement of Embark. blog.status.im