Cryptocurrency, when looking at the grand scheme of things, has barely scratched the surface when it comes to mass adoption. Digital coins aren’t even household topics yet, let alone easy for any average person to just pick up and start using. In fact, you have to do a lot of research and preparation if you want to even consider starting to trade in the crypto world. When simplistic and accessible apps that everyone can get the hang of start offering cryptocurrency features, that will speed things up a lot – making people of all generations exposed to different digital coins that might be useful to them. That’s sort of what happened with WhatsApp, and that same type of mass adoption could certainly happen with the Status coin app.
What is the Status coin all about?
This coin, which is technically referred to as the Status Network Token (SNT), is the official cryptocurrency of a soon-to-be-released smartphone app called – you guessed it – “Status.” The platform was built on top of the Ethereum network and allows its users to do some cool stuff.
This app will be a number of things, including:
- A decentralized messaging app, like WhatsApp
- But you can also send cryptocurrency instantly via the app, specifically Ethereum tokens – called ERC20 tokens
- It’s a decentralized web browser too
- You can browse through Ethereum dApps, like Ardor, via this app – and interact with all of them through a single portal
- It will also work as a cryptocurrency wallet
Those are just the basics, but there is a ton of other stuff going on with this app. When the beta version comes out, which will be soon, we will get a better look.
What’s the actual status on this platform?
The Status coin is obviously already tradeable, but the actual application isn’t available for download yet in neither the Google Play store nor the Apple App Store. That’s because the team behind this coin just finished with the Alpha release of the platform – where developers could play around on the user interface, but it wasn’t really live yet.
Now, they are in an auditing phase – and we are two weeks into an auditing process that will last a total of 4 to 6 weeks. The SNT team handed all the data collected during the alpha phase over to Déjà Vu Security, who is doing the comprehensive security audit.
This is why the team says they are taking this step:
“Security is at the very core of what we are building, when it comes to storing value, a security-first approach is paramount. Though our product roadmap will see a short delay, we believe a small delay will offer big benefits for the Beta experience and the future of the decentralization movement.”
Once that’s over, well – we’re not sure. They don’t have a specific date for the beta, but I should be within four weeks of today. As for the main net, I’m guessing a couple months after that. I already know a ton of people I’d recommend this decentralized app to.
Would you guys download it?
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.