Status Network Token Issuance

  • The Status Network Contribution Period is quickly approaching, and we would like to take this time before the event to re-state and further describe the variety of methods we have utilized to ensure widespread distribution of the Status Network Tokens.

    We believe that the larger the number of token-holders that the Status Network possesses, the greater the chance we have of reaching our goal of becoming the world’s gateway to decentralized applications.

    Achieving a wide distribution however, certainly presents a set of challenges given the current state of blockchain identity systems In this post, we wanted to further outline the approach that we’re taking:

    Status Genesis Tokens

    The first of these methods and perhaps the most novel is the distribution of Status Genesis Tokens, SGT, awarded to community members and contributors who have helped to bring Status where it is today, and redeemable for SNT after the Contribution Period.

    The total number of SGT holders sits at just over 1,000 community members, all of whom have each performed some work to help grow Status, providing a diverse support group with the Status Network’s growth and improvement aligned with their own interests.

    Dynamic Ceilings

    Participating in the Contribution Period works a bit differently compared with other Token Launches, through a method that we will be experimenting with called Dynamic Ceilings. The ceilings are designed to present hurdles for larger unknown ‘Whales’, while at the same time favouring smaller contributors and providing a more even grounds for token allocation than has been seen in previous token launches. More detailed information about how the dynamic ceilings will work can be found here.

    ‘Identity Verified’ Allocation

    As discussed in our Slack channel and in our previous post, our distribution partners BitcoinSussie and ICOage were both selected to help on board contributors in the community who are holding fiat. We’ve since had a number of gateways reach out, and this may prove to be an effective avenue to effectively cap the maximum contribution amount per participant. We’re expecting ~2,000 individual stakeholders via these allocations, each with their identities verified — and we’ll provide a summary after the Contribution Period. Between these, a small handful of long term strategic partners, security auditors, ~25% of the SNT available during the Contribution Period will be allocated directly to these sources.

    Transaction Pooling

    In an attempt to reduce the burden on the Ethereum network, our friends at imToken have hatched the plan to pool small transactions of their most-active users, and pool them into a single transaction, which will be white-listed by our smart contract.

    It is important to note that all of the previously mentioned distributions will will ignore the first ceiling of 30,000 ETH, and count only towards the final ceiling (or hard cap) .

    Everyone who has participated, or will be participating at 2pm GMT today, receives the same rate of 10,000 SNT per 1 ETH as all other contributors.

    Moving Forward

    The ethos of the Ethereum network, and the crypto-space as a whole, is based upon the idea of decentralization and community support. Our hope is these avenues will prove effective, and encourage other teams to continue to experiment with alternative token issuance models.

    Join The Status Contribution Period, 20th June at 2pm GMT

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