What is Status Network?
Status is basically a software that enables a person to use the Ethereum network with ease. Status does this by offering a platform on which decentralized mobile applications can run in order to make maximum use of the blockchain technology employed by the Ethereum network. Status is designed in order to be used on any device, including different versions of mobile OS software. At present, it is available for use on the iOS and Android mobile operating systems. Status has been designed such that it can also be used as an open-source messaging platform mobile interface (as mentioned).
It is expected that Status will stay a strong entity, one to be reckoned with, as long as the Ethereum Network exists. The Ethereum Network has posed some strong competition to the rise and influence of Bitcoin. It exists as a better and more decentralized version of bitcoin which is riding on a massive popularity wave owing to its reputation as the first cryptocurrency.
History of Status
The Status Network was founded by Carl Bennets and Jarrad Hope. They funded the initial implementation of the project. The work for the porting of the Ethereum Java implementation to Android was begun some time in 2014. The initial plan was to develop a mobile browser for DApps (distributed and decentralized applications).
Then, in 2016, the decision to change Status into a Go Ethereum product that makes use of a light client and whisper protocols was made. This decision changed the face of Status by improving its adoption rate.
What Makes Status Unique?
The flexible interface of status allows its users to interact with DApps running on the ETH blockchain. In return, users get over 2,000 DApps, can send and receive encrypted messages on a peer-to-peer basis and can make payments as well as utilize smart contracts.
The network itself uses Status Network Tokens, or SNT, that are the native currency on the platform. The goal of Status is to make the adoption of Ethereum DApps quicker and more efficient.
There is also a users-as-stakeholders network that allows the behavior of the network and its software to become aligned with the interests of a specific user. The contributors conduct research on a crypto economic model, and peer-to-peer technologies can ensure a healthy Status Network.
How Is the Status Network Secured?
When it comes to the Status network as a whole, it has the main goal of being a truly decentralized communication tool that over time can remove all third parties and minimize any attack vectors for malicious actors.
Messages are not blocked or censored, and they are pseudo-anonymous when the user chooses this as an option. You can send, store and receive cryptocurrencies and tokens within the Status wallet, as the private keys are never exposed.
You browse through Web3, where the end-user data and browsing information is not accessed by any third parties.
The user’s identity in Status starts with a locally generated cryptographic keypair, which is protected with a password. Status also uses the Waku protocol for peer-to-peer or P2P communication, and Waku itself relies on a network of peers to route the messages to each other.
It has end-to-end encryption by default and perfect forward secrecy which is built on the X3DH and Double Ratchet specifications from Open Whisper Systems. The cryptocurrency is stored on a non-custodial wallet, and there’s a signing phrase to protect from any phishing attacks.
Where to buy SNT?
Status is coming up with a feature called the Status Teller Network. This is a facility that will allow stakeholders to find users who are nearby to exchange cash for digital assets. That is, anyone with a smartphone will be able to obtain the SNT currency by paying cash. At present, SNT can be exchanged on Changelly, a website that facilitates cryptocurrency exchanges. Binance and Bittrex are other websites that allow the trading of SNT.