Status (SNT) Raises $108 Million In ICO Funding

As we become more connected via technology, we become part of a seemingly endless network of institutions and third-party service, claiming to make our lives easier. These institutions serve as a trusted middleman to help facilitate our transactions. While they may sound great, serious problems exist. We now have a fragmented system of identities and passwords. We have placed far too much of our personal data in the hands of others and we have given to much power to banks and legal systems. Luckily, there is another way. Enter the decentralized web and the Ethereum public blockchain. The blockchain is a decentralized database that stores a registry of assets, smart-contracts, and transactions, across a globally connected peer-to-peer network.

What is Status (SNT) Trying to Accomplish?

If used to its full potential, it will fundamentally change our conception of how the internet, finance, and law works. And it can completely eliminate our reliance on trusted third parties. It's not an app, it's not a company, it's not owned by anyone. Rather it's an open system owned by everyone. So how do we interact with the next generation of the internet? How do we ensure it remains decentralized? Introducing Status. Just how browsers provide a gateway for websites and institutions, Status provides a gateway to decentralized apps and services. More than an app, Status is a community, governed by its own users and gives access to a world free from controlling interest and censorship. It works with a number of decentralized apps built on Ethereum, to replace your wallet and bank, combining them with a messenger and browser. Simply put, Status is an open portal to the future web.

An Example Use Case for Status (SNT)

Meet Justin, Justin recently moved from London to Los Angeles. It's a sunny morning and Justin is ready to get his day started. He gets dressed, grabs his cell phone and hits the road, feeling empowered with the capabilities of Status in his pocket. First stop is the local coffee shop. No wallet? No problem. Justin pays for his coffee with Ether from his Status wallet.

While waiting for his coffee, he checks his stock portfolio and sees gold is big overnight cha-ching! Time to cash out some of his holdings. Justin opens up Status and trades a portion of his Digix Gold tokens for a more stable currency. Not content with his gold earnings, he heads back to Status and starts scanning Status for some work. He is a graphics designer and looking for a freelance gig.

Within seconds he finds numerous companies in his field looking for people just like him. He's in luck, he quickly finds a two-week freelance gig at a local agency. They message back almost immediately. He is perfect for the job, they just need some background information before finalizing the contract.

Via Uport, Justin shares the requested credentials to prove his identity. Justin has now paid for a coffee, conquered the markets, and landed a job, all while using Status. He has done this freely, without middle-men and on his own terms. Status makes all of this possible in a simple and seem-less way.

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