The ultimate Status (SNT) Guide – Helpful and explanatory
Status (SNT) is an open-source messaging platform and mobile interface that allows users to interact with the dApps running on the Ethereum blockchain. At its core, there are three services that Status provides to its users – a secure P2P messaging service, a dApp browser where users can interact with thousands of Ethereum dApps, and a mobile wallet. The native currency of the platform is “Status Network Token” or SNT. Its ultimate goal is to quicken the mass adoption of Ethereum dApps by providing a new entry point to users. Status uses the Whisper protocol which is an identity-based pseudonymous low-level messaging system.
There are five main components to Status’s ecosystem:
To understand how Status will disrupt the social networking space, let’s first understand how traditional social networks work.
Traditional Social Networks
Traditional social networks have three distinct parties – the Owner, the Advertiser, and the User. While these three components are supposed to work in collaboration with each other, the fact is that these operate with vastly different goals in mind. Let’s take a closer look to see what we mean by that.
This entity is the creator of the social network. Think Facebook, Inc. Their role is simple – attract and keep as many users on the platform as possible. Keep in mind, they are not incentivized to enhance user experience nor do they have any interest in giving their users as much value as possible. On the contrary, it’s in their interest to rely on algorithms to keep their users engaged.
So, why retain the user’s attention? What’s in it for them?
As the Cambridge Analytica fiasco taught us, the creators retain users to farm data from them regarding their and sell them to the Advertisers. In this day and age, there are a few things as powerful as data. No matter how they spin this, the fact of the matter is that this is a powerful, centralized organization that’s conducting non-consensual social experiments for its own benefits.
The Advertiser allows the Owner to siphon value from the network and help sustain the platform. They do this by purchasing user data and using that to manipulate traffic towards their products or services.
What is the main reason why anyone uses social media? Do you use Facebook to buy products or do you use it to connect with your friends? Probably the latter, right? Regardless, the fact remains that even though users are a vital cog of the social media ecosystem, they have no control over the information they consume or how the network is developed. To make matters worse, the internet today is polluted with social bots that spread fake news dependent on their political ideology. As such, the user is constantly bombarded with misleading and false content.
How Status changes the game
The biggest problem with social media platforms is that they give a lot of power to Owners and Advertisers, while the User gets exploited for profit. Status plans to opt for a flat hierarchy where users possessed a real stake in the networks they participate in. This type of architecture will align the incentives of these three parties and create a system that benefits everybody.
Status’s native SNT tokens help in creating a users-as-stakeholders network model that will align the interests of the users in line with the network. SNT will allow users to dictate how Status’s ecosystem will build and develop over time. A win-win cryptoeconomic system like this will help build a healthy ecosystem.
Status co-founders Carl Bennetts and Jarrad Hope launched the Status ICO in June 2017, raising nearly $100 million in Ethereum toward the project.
Status Features to Note
#1 Status Usernames
#2 Decentralized Push Notifications
#4 Mobile Client
Finally, we move on to one of the most critical components of Status’s architecture, its mobile client. The application is available both on Android and iOS. Status feels that their mobile client will be vital in Ethereum’s mainstream adoption. Smartphone adoption has gone through the roof. It is impossible to think of a life without one. Back in 2014, smartphone usage surpassed desktop usage. Because of this, message applications have become the ideal mode of communication. Here are some stats taken from Status’s whitepaper:
To understand how intimately messaging applications could be tied up to the fabric of society, we need to talk about WeChat and China. WeChat has quickly ingratiated into all aspects of daily life in China, so much so that it can be impossible to live a normal life in the country without the app. Using WeChat, one can arrange social life, banking, business activities, transport, and payments directly from within it. The numbers also support this widespread adoption:
WeChat has successfully epitomized the concept of “messaging-as-a-platform.” Status plans to introduce this same MaaP concept to a broader audience. Plus, WeChat is a centralized platform, so Status will give us a decentralized alternative.
Looking into Nimbus
Status is also working on a project called “Nimbus,” which is a sharding client implementation for Ethereum. As already mentioned, it has been specifically designed to perform well on IoT and mobile devices, including older smartphones with resource-restricted hardware. Sharding is a layer-1 scalability technique. As you may already know, Ethereum has a huge scalability problem. Currently, the system can only process 15-25 transactions per second. That is pretty abysmal and impractical for mainstream use.
Nimbus’s extensible, configurable, and modular design ensures that it is production-ready.
Nimbus and Nim
Nimbus is based on Nim, which is a mature, statically typed programming language that produces native binaries with no need for runtime or interpreter. Here are some pointers to keep in mind about Nim:
More Interesting Features
#1 Access to other DApps
Here are some of the DApps that Status users can gain access to:
#2 Status Teller Network
The Teller Network is a decentralized app inside Status that will allow you to find nearby users to easily obtain digital assets in exchange for cash.
#3 Decentralized Application Directory
This directory will allow Status users to curate and keep track of all the dApps available on Ethereum. Status plans to arrange them in different categories and assign rating points to them. As such, this will be like the Apple App Store or the Google Play Store for Ethereum dApps.
#4 Sticker Market
This is a fun, little proposal that will allow Status users to design and sell their own stickers. The stickers will be sorted by categories and curated as per its own user rankings. Sticker Market participants will be required to hold some SNT tokens to ensure the quality of all users and sticker ratings.
Storing SNT – Keycard Wallet
Keycard is a Status hardware wallet that takes the shape of a card. It’s compatible with several cryptocurrencies, including SNT, Bitcoin, Bitcoin Cash, Litecoin, Ripple, Ethereum, and all ERC20 tokens. It is developed entirely open-source and is the exact same shape as any standard debit/credit card that you have in your wallet. Keycard project managed, Guy-Louis Grau, told CoinDesk about the wallet:
“[Keycard] is contactless. It’s going to work with your mobile crypto wallet. You’ll just need to tap your Keycard on a mobile device to sign transactions. Functionally speaking, it’s really a hardware wallet but it works with mobile.”
While the Keycard is definitely a significant innovation, Status wants its community to create more cards. To reduce the barriers for entry in this aspect, Status will provide an easy-to-use Keycard API. Speaking about this open innovation ecosystem, Grau said:
“Our software is open and runs on Java Card so if a third-party project wants to build its own Keycard, they would use our open-source software and they just need to have it run on the Java Card – which is available through hundreds of manufacturers since it’s such a common hardware.”
Status made a lot of noise back in 2017 following its ICO and has somehow maintained its reputation as one of the more promising projects in the space. Backed by a vast and highly qualified team, you can expect them to make more waves in the near future.