Status is a project from Swiss developers that combines a messaging platform and an open-source mobile browser that allows users to interact with decentralized applications on the Ethereum network. In Status, users completely control their own information, wealth, and digital identity.
The Status Network Token (SNT) created on the basis of Ethereum is required to work with the Status network. In fact, the developers want to improve Vitalik Buterin’s network by adapting it for users. The Status project itself is similar to a modern banking application, such as Sberbank Online, Tinkoff, or Alfa Bank, with which you can make money transactions and send messages in a chat.
But the architecture of the Status project is much simpler than the abovementioned Russian counterparts in financial banking applications. To register on the network, users only need to come up with a password of at least 8 characters, confirm it, and enter their name. This information is quite enough to start chatting and sending tokens of the Ethereum network.
The design of the desktop version of Status and iOS/Android versions, which are currently in beta development, is similar to the design of Messenger chat from the social network Facebook or Messages in Apple devices. To start a conversation, users can send or scan a QR code, which will redirect their interlocutor to a private chat within a couple of seconds.
By using the application and the desktop version of the Status chat, users can not only correspond as in classic instant messengers but also instantly transfer cryptocurrencies without any intermediaries. At the moment, two coins are supported for transactions: Ether (ETH) and Status (SNT), which is trading at $0.02 in February 2019 and is in the top 60 cryptocurrencies. The project site says that cooperation with the teams of Dai (DAI), OmiseGo (OMG), Aragon (ANT), and Bat (BAT) is in progress.
As in the classic money transfer applications, Status stores the entire transaction history, which shows the recipient (a generated set of letters and numbers), the number of coins sent, the date, and the time. All the data is stored on the blockchain, so security and privacy are provided with technology.
Status: Review Summary
Thanks to the thorough approach of the project developers, the ease of use of the application and the desktop version of Status will make the use of cryptocurrencies a fast and accessible process. Combining several essential functions like private chats (personal and group) and transferring money will simplify the perception of digital assets for the mass user.