Status invests in Vector to create a blockchain-based messaging app

Status has announced a $5 million investment in New Vector the company behind Matrix.org to create industry’s largest decentralized messaging platforms.

Status is developing an open-source messaging platform and mobile browser for decentralized applications (dapps). It is based on Ethereum blockchain. The platform will be reinstalling on Finney (made by Sirin Labs), world’s first blockchain smartphone this year. It migrated its community from Slack to Riot.im last year saying the latter is more supportive of crypto communities.

The partnership is expects to create a link between Matrix and Whisper — Ethereum’s real-time communication protocol. This would, for instance, allow Status dapps to integrate as widgets within Riot.im. It would also enable Status Network token to use and thus facilitate cryptocurrency payment mechanisms in Riot.im.

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Status co-founder Jarrad Hope said decentralized technologies are currently supporting different approaches and that will let technology and research grow. However, this would inform better design decisions and products in future.

Hope said,

“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 number of data breaches that occurred in 2017”.

Matrix, on the other end, is the open standard for secure and decentralized communication. It will use the capital to expand its team and develop Matrix protocol and Riot.im client.

Matrix protocol allows users to decide who to host data on a decentralized server. This also removes friction between applications.

With Matrix can collaborate on projects across different communication apps and third-party tools in one workspace. This includes Slack, IRC, Twitter, Gitter, and more.

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Hosted services and integrations from New Vector can be on the user’s server thus leveraging full end-to-end encryption.

he said,

“I envision us moving into a world where the world’s communications 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”.

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David

David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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