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Crypto Conversation: Has This Crypto App Taken on the 'Status' of Parler?

An upgrade to this Ethereum blockchain app is turning heads -- and getting compared to the social media darling of conservative's angry with Twitter.

What’s Hot in Crypto This Week?

Status. It's an app built on the Ethereum blockchain that seeks to “enable the free flow of information, protect the right to private and secure conversations, and promote the sovereignty of individuals.” 

Why is 'Status' hot?

Status offers true privacy and data ownership through its messaging platform, crypto wallet and built-in web browser. Just last month, the team announced a new upgrade that introduced an “unstoppable, censorship resistant Twitter feed” as a new addition to the app. While its focus is on upholding human rights, its most recent upgrade evokes the controversial aim of the "free speech social network”: Parler. 

How has SNT’s FCAS Changed?

SNT’s FCAS skyrocketed 36-points (4.65%) in the past month following a 44-point (6.93%) rise in User Activity, and a 156-point (22.84%) climb in Market Maturity. Developer Behavior also increased 11-points (1.19%) in the same time frame. 

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What’s Flipside Crypto’s Take?

The debate around whether social media platforms should have the right to censor fake news and hate speech has become deeply political. In the U.S. at least, the majority of people who have turned to alternative social media sites like Parler are conservatives who feel that Facebook  (FB) - Get Meta Platforms Inc. Class A Report and Twitter  (TWTR) - Get Twitter, Inc. Report have a bias against them. In Europe too, there are talks of government-imposed fines on platforms that failed to censor terrorist propaganda and other violent content. 

But Status sees it differently.

“From our perspective, providing tools to uphold the basic human rights outlined in the UN's Universal Declaration of Human Rights is common sense, not political in nature. Status is designed as an inherently apolitical tool. We are building an interface to access decentralized technology and protocols that are neutral. The technology we build attempts to protect basic human rights and provide tools for people to solve their own social issues,” Jonathan Zerah from the Status team told us recently.

Although current news could make Status’ latest upgrade especially political, the lack of reaction from the crypto community is a reminder that a world order powered by public blockchains -- meaning a decentralized, private, and regulation-free environment -- is already deeply controversial. Adding a private status feed is nothing new. 

The Flipside Crypto Asset Score Tracker provides institutional and sophisticated retail investors the ability to track over 500 cryptocurrencies' fundamentals. FCAS Tracker is currently free to a select group of new users as it continues to develop the product. Visit Flipside here to gain access to Flipside Analytics.