Status Token - Gateway to Ethereum dApps
Status is an ERC-20 token on the Ethereum blockchain that acts as a gateway to Ethereum dApps. Status is a mobile-based decentralized operating system and a private messenger that acts like a light client to the entire Ethereum network. We'll take a detailed look at this token and its use cases.
Ethereum Based Mobile Operating System
Status is a decentralized mobile operating system and a messenger that interacts with the Ethereum network and connects to other dApps through the smartphone app. In other words, this platform acts like a light client on Ethereum network to access other dApps without downloading each one of them. The platform will also help the Entire Ethereum network and take it to mass adoption by users since it acts as a gateway for the entire network. Smartphone users will find it very convenient to access all the decentralized applications with the touch of a button.
Status as a Social Media Platform
Status token fuels the Status network and one needs the SNT token to access the Status Ethereum Client. SNT stakeholders also help influence the network and only the SNT token holders are allowed to create a username on the platform and this will help in eliminating any spam accounts. Status will provide batch to a user to recognize him/her and for acquiring batch one should deposit some SNT against their username for premium status. This is equivalent to the "Blue Tick" on twitter recognizing celebrities and other famous personalities.
Different Dapps built on Status Operating System
There are different dApps already built on top of Status OS. Each one of them has a unique functionality and we will discuss each one of them
- uPort - It helps in identifying and registering an identity on the Ethereum network. It helps in verifying the user and also allows them to sign transactions.
- Gnosis - It allows users to predict in a prediction market and can win GNO tokens for a successful prediction.
- Oasis Exchange - It is a near instant exchange to convert between Ethereum and an ERC-20 token.
- ETHlance - This is like an e-recruitment portal where one can find a job or employers can post the job and one gets paid in Ether currency for the work done.
- Aragon - This platform helps in creating a decentralized organization using blockchain technology. They provide tools to run the organization as an entrepreneur.
- Etheisc - This application helps users to register for Social insurance. In short, it is a decentralized insurance application for users to register for any basic coverage against death or illness.
- ujo - This application helps in managing music across the supply chain in a decentralized manner. It is a decentralized database that stores the rights and rights owners for music and also allows for royalty payment using smart contracts.
Status helps create a Decentralized Economy
Status platform not only acts as a decentralized OS on top of the Ethereum platform, but also helps build a decentralized economy. It helps in finding the DApps and other status users using the discover feature. It also helps in exchanging currency, ideas, and services across the platform in a decentralized manner. It further helps in the growth of the movement and also in wider adoption.It even has a smart private messaging app that helps in chatting with friends in an encrypted manner using a peer-to-peer protocol. This messaging app can also be used for sending payments and Smart Contracts to other users on the platform. ETH can be sent across to anyone on the platform using this messenger app.
Governance Model in Status Platform
Status provides the stakeholders to have full control over the network and take decisions that involve software development also. Even though it doesn't involve any cost to the user for voting, SNT tokens are used to take decisions on the network. The user is provided with an equal amount of decision token proportional to the number of SNT token he/she owns during voting.
Additionally, users can help in the curation of content on the application; similar to the Steemit application, users can downvote or upvote content and the voting strength will be determined by the number of SNT tokens held by the user.
Just like on the earn.com website where the people get paid for replying to a message, we have similar functionality on Status. The stakeholder should set an amount of SNT token for outsiders to reply to their message. When the recipient replies to the message, he/she gets the deposited amount to their address.
So we have seen that the Status platform forms a gateway to the Ethereum network and also creates a decentralized ecosystem for users to access the different applications on the Ethereum network with the click of a button from their smartphone. This will surely enrich the user experience and also help in wider adoption of the Ethereum platform at a global level.
Posted from my blog with SteemPress : https://cryptocoremedia.com/status-token-gateway-ethereum-dapps/