Status, an Ethereum (ETH-USD) based payment app, and FOAM have announced a strategic partnership on matters technology. Through the partnership, Status will use FOAM for researching geospatial functionality within their payment app. The companies, through the partnership, will ensure that their technologies are compatible with each other. Additionally, the two companies will be working towards integrating FOAM protocols with the status app.
Developing a decentralized and open market
Both companies are also working on a long term relationship through which they will establish a secure, decentralized and open payment market. In the near future, it may be challenging to get the right products, services and partners on the decentralized platform because Ethereum is expanding and more people from around the world are coming on board. Many people are launching new direct connections and networks.
According to Status, they are working on having all the services like ride-sharing and decentralized accommodation, which are built on Ethereum, accessible through the smartphone. They are working to get rid of the need for servers so that the services can be accessible everywhere.
The challenges
Making the services available on mobile phones will not be easy. This is because it will require users revealing their locations, which raises privacy concerns. Additionally, the team from FOAM had pointed some issues with the GPS as well as the systems plus the companies built on it.
According to Status, the partnership with FOAM is very important as it will offer decentralized geospatial functionality using smart contracts. These smart contracts can be built into Status’s systems and operations. The company says this is the road to realizing a completely #CryptoLife.
Status, meanwhile, has announced that it will be hosting the hackathon in Prague. This will be just a week before DevCon 4, which will be held between October 26 and 28. The event will be aimed at developing new and decentralized applications.
The partnership comes just a month after Status launched a new and upgraded alpha version of its app. The new version has a test version which allows access to mainnet. This launch means that the Status Wallet can now be used together with other hierarchical and mnemonic deterministic wallets.