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Status ICO: an example of cryptocurrencies making it big

At the DevCon3 event this week (Nov. 1-4, 2017), Status made a big statement: the sale of their SNT tokens raised more than USD 100 million in three hours. 

Status is a mobile ethereum OS. With Status, it is possible to make payments via a securely encrypted and decentralised messaging tool. Status markets themselves as a place to exchange currency, services or ideas. The P2P protocol does not rely on centralised servers, making it more secure for messaging and payments.

Status says it was the first mobile Ethereum client entirely built on P2P technologies. Importantly, it is an open source mobile platform that allows others to use the technology and build their own apps. This reflects the forthcoming open banking revolution soon to arrive in Europe.

Having predicted one trend, Status is currently at the DevCon3 conference in Cancun, Mexico presenting other ideas. Status predicts that as cryptocurrencies become mainstream, the need for seamless, digital transactions will grow. DevCon3 provides a chance for Ethereum developers to educate the Ether and fintech R&D community as to developments and possibilities with the cryptocurrency.

Also at DevCon3, Coin Center topically explained the current regulatory atmosphere for cryptocurrencies. With a focus on the United States, the update on regulations highlighted the importance of wide application of law, with 45 of 53 States supporting federal legislation. This resembles the European approach; effective regulation of the digital world needs to cross geographical boundaries more than ever before.

Similarly, Coin Center’s report focused on the warning statements given by governments around the world surrounding token offerings or ICOs with cryptocurrencies. The UK Financial Conduct Authority published a warning in September. Also in September, the National Internet Finance Association of China issued a similar warning. In the face of doubt, the DevCon3 conference aims to address the principle issues surrounding cryptocurrencies: scalability, security and privacy.

With its USD 100 million token sale, Status has demonstrated scalability of Ether. Their model shows that blockchain developments will provide answers to security and privacy. As blockchain comes into the mainstream, it will trigger developments in cryptocurrency trading. This in turn means programs like Status are likely to multiply.

By Grace Appleford, Research Analyst at Holland FinTech

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