Status.im Raises 300000 ETH in Three Hours

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Status.im, an open source messaging platform that offers mobile browser payments and smart contracts to friends from within chats, raised 300,000 ETH in less than three hours in yet another massive token raise with over 20,000 participants. The project runs on the Ethereum Network sends encrypted messaging by default and uses a peer-to-peer protocol that doesn’t rely on centralized servers.

Though many got through, many did not and social media is erupting with complaints on Twitter, Facebook, Bitcointalk and Reddit.

The team reacted on Facebook:

Unfortunately the sheer quantity of transactions created a large amount of network congestion, and thus tens of thousands of pending transactions over many hours (to put this in perspective).

In regards to the gas price – this was indeed correct –  but the controvery stemmed from our distribution partners which were outlined here – where this logic was not applied.

The team is working on a blog post to address the issues soon according to several sources.

Correction. The original article posted stated they raised 275m based on this report at Reddit. 

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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