Status Cryptocurrency Review
What is Status?
Status aims to create a decentralized mobile operating system like a messaging system. It is based on Ethereum network and will enable its users to browse, chat and pay on the web.
Ethereum network is getting evolved day by day. It is becoming more and more user-friendly by adding up new features every now and then. Status is such a new tool for the Ethereum users.
Being organized as a decentralized browser and a private messenger, this mobile operating system has made the way of communication within the community easier and less troublesome. It provides you the authority to use all the decentralized apps via the one present in your Smartphone by functioning as a light client node on the network of Ethereum.
Through Status, Ethereum has become lighter and more convenient for the users carrying a Smartphone.
How Status Works
Status is moving forward with a view to changing the traditional outfit of the familiar social media platforms. According to the orthodox ideology, the whole clan is fractioned into the subgroups such as owners, advertisers, and users.
The conventional system allows the executing body and the advertisers to have control over the flow of information whereas; the users who are handing their personal details over are being awarded a small portion of the authority of the entire platform.
The prevailing system lets them say a very little when it comes to the point of the renovation of the platform. But Status assures to divide the pie rationally among different communities.
The project has come out of the box and has empowered the users accordingly forgetting about the prevailing social network infrastructure. Users become a part of the network when they issue Status Network Token, SNT in short. The motion of the network is set towards the benefit of the users. They are in the driving seat of what they share and have the right to vote on the proposals related to the modification of the system.
The Status Network Token
SNT acts as the fuel of the network in motion. Users will have to count STN in case of using definite features of the Status Mobile ETHEREUM Client. Other features than those are completely free to use and interact with.
Status operating system identifies the users by tracing SECP256k1 public key. It allows the participants to have usernames only when they possess SNT; and has a plan to provide badges to the trustworthy accounts that will point towards the condition of the account regarding the number of reserved tokens and so on.
A list of Status supported DApps of Ethereum is given below:
- Oasis Exchange
Upcoming Features of Status
To make the network more efficient and user-friendly, Status is going to equip itself with lot more fresh features such as decentralized application directory, status teller network, sticker market etc.
Storage of SNT
Like ERC20 tokens, SNT tokens can also be stored in well-known software wallets like MyEtherWallet, MetaMask etc. but, hardware wallets like Trezor or Ledger Nanos provides the maximum height of security to the users.
Status has the ability to bring the whole Ethereum network within the reach of the customers. It also welcomes the users to contribute to the development of itself. Chances are, it will be the prime choice of the users in near future.