What Is Status (SNT)?

With so many different initial coin offerings coming to market in 2017, it is evident not all of these ventures will be successful over the long haul. Status is one of the concepts which may actually succeed in the long run, assuming the team can deliver on their promises. The ambitions of this project should not be underestimated, though, as there is a lot more to come from Status.

What is the Purpose of Status?

On paper, Status aims to become a mobile Ethereum-based operating system. Users will be able to browse, chat, and complete payments on the decentralized web, all through one convenient interface. Additionally, the platform will let users store their Ethereum and Ethereum-based crypto assets, give them access to decentralized apps, and introduce options to buy and sell ETH locally. It is a very ambitious project which tries to tap into many different markets.

Can Status accomplish all its goals?

Even though the possibilities envisioned by Status may seem like a bit much, a lot of progress has been made already. The biggest question one has to ask is whether or not people are actually looking for solutions such as this one. When it comes to online chatting and messaging, there is stiff competition from services such as Telegram, Signal, and WhatsApp. Getting people to switch over to a brand new solution may not be all that easy.

However, there are some benefits to using Status over other messaging applications. It introduces “smarter private messaging” with additional functionality such as payments and smart contracts. Moreover, all communication is fully encrypted using a peer-to-peer protocol, which is rather interesting. Users are also given access to the decentralized economy through the built-in Discover function. Users can exchange currencies, services, and ideas without too many problems.

It appears that Status’s chances of success will hinge on the accessibility of decentralized applications. So far, there are a few solutions one can access, including uPort, Gnosis, Oasis Exchange, Aragon, and Ujo. It is evident that the DApps industry is still in the early stages of development, and a lot more projects will be added over time. It will also be up to DApp developers to list their creations on the Status platform.

The Future of Status Remains Undetermined

Even though Status is off to a good start, the biggest developments will occur in the future. For now, the project is still in early access, and the alpha release is open to the public. Transitioning to a more open internet is not something one can achieve in a matter of mere weeks or months. There is still plenty of work to be done with Status, as ensuring this particular project will be appealing to mainstream users will not be easy. So far, it seems this project is mainly targeting cryptocurrency and blockchain enthusiasts, although that situation will eventually change.