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Status represents a messaging operating system and browser that links users with Ethereum decentralized applications (DApps) through a mobile interface. The Status web app offers a preview of the decentralized web's future, known as Web3, and has been crafted using blockchain technology. Moreover, Status aims to evolve into a portal for peer-to-peer (P2P) commerce, secure messaging, and seamless payments.
What is Status?
Status strives to become the first decentralized messaging platform accessible worldwide. With its app, users can directly connect to the Ethereum network via the messaging feature, following the principles of permissionless, decentralized, and trustless interactions.
The initiation of the Status app was primarily driven by the need to combat the issue of social bots, which are automated software managing social media accounts, promoting campaigns, and shaping public opinion. These bots are widespread in Web2 social apps and taint online discussions by providing an artificial veneer of credibility to their messages and influencing individuals.
The Status team
Founded by Jarrad Hope and co-founder Carl Bennetts in 2017, the Status network has since grown significantly. Bennetts brings with him a decade of experience in business and operations management. The team has expanded to encompass a diverse group of protocol engineers, system designers, product managers, advisors, and legal professionals. Among these members are notable figures such as Csaba Kiraly, a senior systems engineer with a Ph.D. in computer science, and Zahary Karadjov, who spearheads Nimbus, a pivotal component of the Status ecosystem. Karadjov is renowned for his contributions to developing the Nim programming language.
How does Status work?
Status operates on the Ethereum protocol, which maintains an immutable ledger of SNT token transactions. SNT holders can send and receive encrypted messages, explore smart contracts and Web3 DApps, and conduct peer-to-peer (P2P) payments. The Status Wallet provides a secure storage and management solution for users' cryptocurrency assets. Users' identities within Status are rooted in a locally generated cryptographic keypair, bolstered by an added layer of protection through password authentication.
P2P communication is facilitated by the Waku protocol, functioning through a network of interconnected peers to transmit messages securely. It incorporates end-to-end encryption and perfect forward secrecy, adhering to standards established by Open Whisper Systems, including X3DH and Double Ratchet. Moreover, Waku contains perfect backward secrecy.
Bitcoin holdings are stored in a non-custodial wallet, fortified by a signature phrase that safeguards against potential future phishing attempts.
SNT: Status’s native token
SNT serves as the native token of the platform, powering the functionalities of the Status network. While there is no predetermined maximum supply, the current total supply is 6,804,870,175 tokens.
SNT use cases
SNT is used for transactions and services within the Status ecosystem while messaging and wallet management remains exempt from charges. Furthermore, SNT enables users to engage in decentralized governance within the Status ecosystem. Users holding SNT tokens possess voting power equivalent to the number of tokens they own, empowering them to contribute to network-wide decisions.
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