The Status app is currently in its beta stage. This means the application is still undergoing active development, and certain features described in this document may function differently or be unavailable within the app.
In your Status Wallet, watch-only accounts are accounts that you only keep track of, just as you can do using a block explorer. Once you add a watch-only account, you can view its balance and transaction history in your Status Wallet.
You can add any Ethereum address as a watch-only account, including addresses that don't belong to you. For example, you can keep track of your own hardware wallet account or someone else's account you're simply interested in.