What is Status?
Status is a decentralized open source blockchain based platform that helps users to interact with other decentralized applications running on the network. It has a messaging interface and a mobile supported browser through which users are able to control and manage their personal data, digital identity and wealth. The Status is an ERC20 token based platform and supports ethereum as its base currency.
Status brings a blockchain based decentralized app at users fingertips that make their mobile act as a node of a light client on ethereum network helping them access full ecosystem of ethereum from anywhere. The app intends to let their users discover a new decentralized economy with the help of a special feature named as “discover”. People use the status messaging app to exchange their ideas, currency, and services with other users and help the decentralized network to grow fast.
How Does Status Work?
The Status app is more than simply a messenger. It helps users to send payments as well as smart contracts to other users and friends from within chats, and offer exciting features of the encrypted messaging set as default, and this is done via peer-to-peer protocols which don’t depend on centralized servers.
Earn Status Tokens
The ICO launched its token sale last year. To earn Status tokens, investors needed to participate in the pre-sale phase or main sale of the ICO. Since the token sale of the ICO has already been concluded, therefore, people who wish to earn Status tokens can get them exchanged against major cryptocurrencies provided that Status tokens are supported on various exchanges.
Buy Status Tokens With E-Wallets
The platform is based on ERC20 tokens. ERC20 tokens are also commonly known as ethereum. Ethereum being cryptocurrency needs electronic wallets to be stored in. Therefore, investors who wish to buy Status tokens need to open an e-wallet account first, before they buy Status tokens.
The ICO Distribution
As per the information available from variant online sources, the ICO was launched in June 2017. However, we couldn’t find any information concerning the end date of the ICO. The ICO planned to raise a minimum of 90,000,000 USD. The ICO funding cap is not known yet. The supported cryptocurrency of the ICO is ethereum. The starting price of the Status Tokens (SNT) is 0.0370 USD.
The tokens distribution of the ICO followed the proportion mentioned below.
- 41% tokens were planned to be distributed to the public to subscribe
- 10% tokens were planned to be distributed to holders of genesis tokens
- 20% tokens were planned to be distributed to the core development team of the ICO
- 29% tokens were planned to be reserved for future stakeholders.
Funds Distribution (100%)
The ICO also planned to distribute funds generated from the ICO between different departments of the ICO under following proportion.
- 50% funds were planned to be allocated to core development team to help in expanding the network
- 15% funds were planned to be spent on security purposes
- 10% funds were planned to be spent on marketing purposes
- 15% funds were planned to be spent on operational expenses
- 10% funds were planned to be set aside to meet legal obligations
Although it is normal for ICOs to offer bonuses to their early participants or investors, however, we couldn’t find any such information on the official website of the ICO. We believe the ICO would have issued some bonus tokens to its early contributors, but only we couldn’t find the information. It could well be the case that the ICO has just removed the information about the bonuses offered since the token sale has been completed.
- Jarrad Hope is the CEO of the company
- Carl Bennetts is the CCO of the company
- Anna Danchenko Head of Quality And Assurance at Status
- Chris Hutchinson is the Community Manager at Status
- Patrick Storchenegger is the head of Legal affairs of the Company
- Andrei Mironov is the Head of Design department of the Company
- Viktor Trón is the advisor to the company
- Zsolt Felföldi Bo Shen is also the advisor to the company
- Yessin Schiegg is another advisor to the company
- Maciej Olpinski is also another advisor to the company
- Jordi Baylina is another advisor to the company
- Luis Cuende is another advisor to the company
- Jorge Izquierdo is also another advisor to the company
- Joe Urgo is yet another advisor to the company
- Owen Barnes is the Creative Advisor at Status
- Roman Volosovskyi is the head of engineering department at Status
- Victor Farazdagi is the lead engineer at Status
- Alexander Pantyukhov is also an engineer at Status
- Andrey Shovkoplyas is also another engineer of the company
- Teemu Patja is also an engineer of the company
- Gustavo Nunes is also another engineer at Status
- Ricardo Schmidt is yet another engineer at Status
Invest In Status
After a careful review of the ICO, we hereby conclude that Status doesn’t sound much impressive. The official website of the ICO is not as elaborative as it was expected to be. Successful ICOs use to categorically announce that their token sale has been ended and they have successfully raised a certain amount of funds. However, Status hasn’t shared any such information. Status is not the first to introduce a messaging app that is based on blockchain technology since another ICO such as telegram seems to follow the same approach. We are unsure about whether one should invest in Status or not. We ask people to invest in Status at their own risk.