Tuesday, October 26, 2021
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Status.im Raises 300000 ETH in Three Hours

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. 

Richard Kasteleinhttps://www.the-blockchain.com
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, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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