Status Post-ICO Update – September 2018 - Crush Crypto

Status Post-ICO Update – September 2018

Overview

  • Project name: Status
  • Ticker symbol: SNT
  • ICO date: June 2017
  • Market cap*: $150 million
  • Circulating supply*: 3,470,483,788 SNT
  • Total supply: 6,804,870,174 SNT

* As of September 3, 2018. Source: Coinmarketcap

Status is an open source messaging platform run on the Ethereum network. ​It aims to be a mobile Ethereum operating system that can interact with decentralized applications.

Status’ ICO (SNT), on June 20th, 2017, raised over $100 million USD from 20,000 different accounts. Status implemented a function called dynamic ceilings which allows smaller contributions to be made and larger contributions to be sent back to the owners. This allowed more community members to contribute to the token launch.

The application is meant to allow users to do three main tasks:

  • Send and receive encrypted messages, smart contracts, and payments
  • Interact with decentralized applications and chatbots
  • Store crypto-assets with the Status wallet that is built into the application.

The Status platform allows users to buy and sell replies, to discourage the amount of spam sent to any one person, a use case inspired by Satoshi Nakamoto. It also enables users to opt-in to receiving certain content based on up-voting or downvoting. Status also plans to start the Status DApp directory which will give users a network to find the DApps most useful to them.

The SNT token allows users to register a username on the Status network, deploy token-based group chats, and is deposited to recipients upon the original sender receiving a reply, becoming a seller.


Key Milestones/News

Status is an open-source projects and all development progress can be tracked at https://github.com/status-im.

Status updates their blog and Reddit weekly. Here are some of the key milestones in the Status project.

  • January 2017: The first public alpha is released for Android and iOS.
  • June 2017: ICO contribution period begins. SNT is released on Bittrex.
  • July 2017: The integration of District0x and Status begins.
  • August 2017: The status Alpha 0.9.10 is released, opening an additional 1,000 Android invited. 
  • September 2017: Status begins implementing weekly development updates.
  • October 2017: Redesign of the wallet is complete and Status plans to implement it on the next release cycle.Status also releases Status Alpha 0.9.11 and 0.9.12 to include the updated wallet UI and in 0.9.12. Network switching was completed.
  • November 2017: Status announces a $1 million bounty fund for contributions to the Status GitHub.
  • December 2017: Status announces partnership with Sirin Labs, the creator of FINNEY. Status joins the Ethereum Enterprise Alliance.
  • January 2018: Status invests $5 million in Riot.im and announces the release of Status Alpha 0.9.13.
  • March 2018: Status enlists Déjà Vu Security to do a security review before the launch of Beta.
  • May 2018: Status announces Status Embark a DApp development framework. SNT is fully integrated with Coinfy. LBX also welcomes SNT. 
  • June 2018: Status Beta is launched.
  • July 2018: Status partners with OmiseGO and FOAM and updates their Beta to support ERC721 collectibles.
  • August 2018: Status partners with the team behind the programming language NIM. SNT also goes live on Poloniex.

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Conclusion

There is a lot of development progress for the project – the Status beta is currently available to both Android and iOS users since June 2018 and a lot of testing has been done already.

With Status, users can interact with different dApps and store their cryptocurrencies all in one application. Mobile adoption for cryptocurrency is currently low and Status is tackling this issue to help bring mass adoption of cryptocurrency.

Status has also shown great transparency throughout its project by providing weekly updates to its platform via its blog and even giving public credit to those who have contributed to its GitHub. 


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