Status.im Raises 300000 ETH in Three Hours

878
ADVERTISEMENTS

Cryptofinancing

Solar

Share with:


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

Richard Kastelein is the Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News, partner of token design and ICO architecture company Cryptoassets Design Group and co-founder and director at education company Blockchain Partners.

As a prominent keynote presenter, Kastelein has spoken on Blockchain at events in Gdansk, Beijing, Venice, Nanchang, Shanghai, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Munich, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona, San Meteo etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

Visit Website
View All Articles
advertisement