Status.IM ICO (SNT Token) Review: Mobile Ethereum Blockchain Wallet & Incubate?
Status is a mobile Ethereum operating system with encrypted messenger and blockchain wallet. Find out everything you need to know about Status today in our review.
What Is Status?
Status, found online at Status.im, is an operating system built on Ethereum. The operating system lets you browse, chat, and make payments securely on the decentralized internet.
When you install Status on your mobile device, your mobile device becomes a light client node on the Ethereum network. That means you can access Ethereum’s entire ecosystem from anywhere.
The operating system is available in alpha for Android and iOS. It includes a private messaging platform, an Ethereum-based exchange service, and access to Ethereum’s network of decentralized apps.
Status.IM Hardware Wallet And Bounties Program
This past week, the company made headlines for an announcement at the DevCon3 conference in Cancun, Mexico. Status announced the launch of a hardware wallet, an open bounty fund, and a key acquisition from Google. That announcement came after the company’s massively successful token sale.
The operating system is in active development. Right now, users can sign up for the beta version of the Status hardware wallet at the official website. That hardwallet allows users to conduct wireless transactions using built-in NFC capability.
Hardware wallets are in extremely high demand right now. What makes Status different from other hardware wallets? Unlike other hardwallets, Status does not rely on a wired connection. Instead, it complete transactions over NFC chip (i.e. contactless technology).
Meanwhile, Status’s “Google acquisition” comes in the form of a new Chief Operating Officer (COO) named Nabil Naghdy, who contributed to Google projects like Google Maps and Google Flights.
Status also announced a $1 million bounty program. The Status Open Bounty fund is described as “a collaboration tool that allows users to find, contribute, and receive rewards for code contributions, as well as aid organizations in sourcing talent by creating bounties.”
How Does Status work?
Essentially, Status makes your mobile device a light client node on the Ethereum network. That means you can access Ethereum’s ecosystem – and its network of apps – from anywhere.
Status is an open source platform where anyone can list their decentralized app. Some of the DApps listed on the Status.im website include well-known Ethereum DApps like Oasis Exchange, Gnosis, Aragon, Etherisc, Ethlance, and uPort.
Here are some of the core features and functions of the platform:
- Send, Receive, and Store Ether: Safely store your ETH and other Ethereum crypto-assets.
- Browse Decentralized Apps: Explore the next generation of apps with the next generation of Browser.
- Buy and Sell Ether Locally: Discover nearby Status users to exchange goods and services.
Overall, Status helps you discover and access a decentralized economy. You can use DApps like uPort to declare digital independence using its self-sovereign identity system. Other DApps like Gnosis provide crowd-sourced wisdom through a prediction market, while Aragon lets you build decentralized organizations.
All of these DApps are accessible through the Status operating system.
You can also use Status to conduct transactions locally. You might see a Status user offering USD to ETH exchange services locally in Chicago, for example. Status has a built-in private messaging system where users can send payments and smart contracts to friends from within chats, then enjoy encrypted messaging by default using a peer-to-peer protocol that doesn’t rely on centralized servers.
There’s also a social network called Moments, described as a censorship-resistant decentralized microblogging tool.
Who’s Behind Status.im?
Status is a community driven project that’s totally open source. Anyone is free to contribute. However, Status’s core contributors include co-founders Carl Bennetts and Jarrad Hope. The company is officially registered as Status Research & Development GmbH in Zug, Switzerland (also known as Crypto Valley).
The Status ICO Token Sale
The Status Network Token (SNT) sale took place in June 2017. The company had previously sold Genesis Tokens, or SGT, which could be converted into SNT tokens, which were the tokens released during this token sale.
There’s a total supply of 6,804,870,174 SNT tokens. 41% of the total supply went to the crowdsale, 29% was reserved for future stakeholders, 20% for the core development team, and 10% for Genesis token holders.
The token sale was initially scheduled to last two weeks (from June 17 to July 1), although the tokens sold out completely on the first day. There was a max investment cap of 12 million CHF.
Users can use SNT tokens to purchase services over the Status network.
Today, Status Network Tokens are listed on Coinmarketcap, which reports the token has a market cap of around $110,000,000 as of November 2017, with a price of about $0.03 USD per token. This past summer, the tokens reached an all-time high of around $0.08 before dropping gradually to their current price.
Introducing The Status Incubate For Blockchain Startups
Recently created and released in April 2018, Status.im showcases a blockchain startup incubator service for assembling talent, expertise and funding. In what will be known as “Status Projects”, the Status Incubate initiative is the first of many that will lay the decentralized groundwork for advancing mass awareness and adoption of utilizing blockchain technology.
Here is a great sound bite from Ben Morris, Head of Status Incubate:
“Status Incubate is focused on accelerating the development of the Web3 ecosystem. The initiative has been designed to provide the necessary guidance and support to help make the most compelling projects successful.”
Here is a quick bullet point list of the features the Status.IM Incubate will offer:
- Regulatory & Legal Admin Support
- Seed Funding from Investors
- Technical Blockchain Coaching from Specialists
- Public Relations & Marketing Campaigns
- Decentralized Organizational Team Building
From the looks of it, the Status Network Token (SNT) and new Status Incubate program appear to be just the start of the innovation stemming from this coin and camp.
Status is a mobile operating system that allows you to easily access the Ethereum network. It includes a private messaging system, an Ethereum-based exchange service, and access to decentralized apps, among other benefits.
The development team just announced a hardware wallet. That news came after the platform’s successful token sale.
To learn more about Status.im Network Tokens ICO and Incubator, visit the platform online today at Status.im. Or, download the alpha for Android or iOS.