Not what you're looking for? Here are projects with a similar name:
This project has no reviews yet, be the first?
0 Smart Contracts
What Is Status (SNT)?
Status is a mobile and desktop operating system and decentralized browser, featuring an integrated messaging system. Launched in June 2017, Status enables users to interact with networks anytime, anywhere. As a lightweight Ethereum node client, it enables users to interact with all Ethereum-based decentralized applications (DApps) using a mobile or tablet application. This means users can exchange encrypted messages and use decentralized applications, including a cryptocurrency wallet.
The creation of Status can be attributed to the collaboration between Carl Bennetts and Jarrad Hope, who had previously operated a software distribution enterprise as a team. Their professional relationship stretches over half a decade, working on multiple endeavors, including a three-year period overseeing a software distribution network that enabled more than 20 million installations for various software products. The revenue generated from this venture was utilized to fund their future projects.
Throughout this experience, they acquired valuable knowledge regarding the buying and selling of personal information online, as well as the process of attracting and maintaining users.
What Makes Status Stand Out?
Status, often referred to as SNT, is a publicly available communication platform and mobile app designed to facilitate user interaction with decentralized applications (DApps) on the Ethereum network. It provides access to more than 2,000 DApps, enables secure peer-to-peer encrypted messaging, supports payments, and allows for smart contract utilization.
The platform employs Status Network Tokens (SNT) as its native currency. Status aims to accelerate the adoption of Ethereum DApps and create a more efficient user experience. The users-as-stakeholders network ensures the alignment of the network's behavior and software with the interests of specific users. Contributors research crypto-economic models and peer-to-peer technologies to maintain a healthy Status Network.
How is the Status Network Secured?
The core objective of the Status network is to evolve into a truly decentralized communication platform that removes intermediaries and reduces the possibility for bad actors to exploit vulnerabilities over time. Communications remain unfiltered and unrestricted, offering users the choice of pseudonymous interactions if desired. The Status wallet allows sending, storing, and receiving cryptocurrencies and tokens while keeping private keys secure.
Web3 browsing ensures no third parties access end-user data and browsing information.
Users' identities in Status begin with a locally generated cryptographic keypair protected by a password. Status utilizes the Waku protocol to facilitate P2P interactions, depending on a collection of nodes to transmit messages throughout the network. End-to-end encryption is the default, with perfect forward secrecy built on the X3DH and
Double Ratchet specifications from Open Whisper Systems. Cryptocurrency storage is facilitated by a non-custodial wallet, with a signing phrase feature to guard against phishing attacks.
Status Pros and Cons
- Provides access to over 2,000 DApps.
- Enables secure, encrypted messaging.
- Facilitates payments and smart contract utilization.
- Focuses on decentralization and user privacy.
- No security risks in its smart contract
- Limited adoption compared to traditional messaging apps.
Status represents a unique approach to integrating decentralized applications and secure messaging within a single platform. Its commitment to user privacy and the Ethereum ecosystem sets it apart from traditional messaging apps. As the platform continues to evolve and grow, its potential is there to play a crucial role in advancing the adoption of Ethereum DApps.
We also found in our review that there is no security vulnerability on its smart contract based on our security analysis criteria.
Is Status a Scam?
Status does not seem to be a scam. Focused on creating a decentralized communication platform, Status incorporates secure messaging and access to Ethereum DApps. The project's transparency and dedication to user privacy reflect its authenticity and commitment to its goals. Only time will tell if its ambition of gaining adoption in space will come to fruition in the future.
In any investment situation, it is crucial that potential users and investors establish a routine of conducting their own research (DYOR). By carefully reviewing the project, the team, and their objectives, you can evaluate and address the risks before committing your funds. The crypto space is rife with scams, underscoring the importance of these practices in averting unwise investments.
Since this piece has captured your fascination, you might find it worthwhile to investigate our review on Civic, an identity management solution built with blockchain tech.
You may also want to check out our review on Dent - a digital mobile operator that integrates blockchain tech into its service.