Status Blockchain Startup Pumps $5 million in Matrix to Create a Super Messaging App
Status has announced an enormous investment in New Vector, the founding father of Matrix.org, the open standard for secure and decentralized communication.
Status co-founder, Jarrad Hope said:
“Matrix will use the capital to expand its team significantly over the course of 2018 and continue development of both the Matrix protocol and improving the Riot.im client. Matrix is already used by millions of people worldwide, and in 2018 this number may reach the tens of millions.”
The Matrix platform is a highly secure platform that allows its users decide who should host their data instead of relying on a centralized server whose security might be compromised at any time. It also gives the total user control over everything by removing the friction of switching between apps.
Inside Matrix, the user can make use of other apps and third-party tools within one workspace. External networks include Slack, Twitter, IRC, Gitter and more.
In 2017, Status raised over $100 million within 24 hours through its entirely successful token generation event. The firm is now developing an open source messaging platform and mobile browser that enables users to communicate with decentralized applications (dApps), built using Ethereum’s smart contracts.
The Status team announced in December that the client would be preinstalled on Sirin Lab’s Finney blockchain smartphone, which is the world’s first ‘blockchain phone.’
Asked whether distributed ledger solutions genuinely coexist within categories successfully, Hope said, “Let 1000 flowers bloom. You’re right that there is largely a Darwinian process that will select the ‘winning’ solution, but we’re at an earlier stage in technology research and development before organizations are heavily focused on product over R&D.”
“Take the common bicycle, for example. There was a period of time when we didn’t know what a bicycle was, and many different configurations were tried before we landed on a design that works. That’s what’s happening in decentralized technologies today, and we want to support different approaches to let the technology and research grow, which will help inform better design decisions and, ultimately, better products in the future.”
Talking about the future of messaging and communication, the CEO reiterated that:
“With mass-market AR devices on the horizon, we’re edging toward a world of contextual-based computing and messaging. However, we currently sit at an important crossroads. The risks of centralization are becoming increasingly apparent to both the general public and open source communities alike. Just look at Equifax or any other number of data breaches that occurred in 2017.”
The Status and Matrix teams have joined forces to tackle such a significant issue and will soon come up with a solution that works. Hope further hinted, “I envision us moving into a world where the world’s communication operate on peer-to-peer protocols, leading to greater security for individuals and institutions, and stronger privacy that can preserve our freedom of expression across all of our computing interfaces.”
Status’ investment in Matrix is a first of its kind activity, and it signals the beginning of what Status calls “an aggressive expansion plan” for 2018.
In 2017, Status moved its community away from Slack, into Riot.im, stating that Riot is more crypto-community friendly. This strategic collaboration will build a solid bridge between Matrix and the Ethereum blockchain’s communication protocol, Whisper, and further, facilitate seamless integration of Status dApps as widgets within Riot.im.
The partnership also allows the Status network token (SNT) to function as the native cryptocurrency for payment in Riot.im.