Focus on the situation

nnnIn addition to announcing the details and results of the solicitation of money, it also points out the problems that exist, analyzes the experience and lessons of the activities of the currency, and analyzes the details of the problems. The future of their actions were described. In general, this article is more comprehensive analysis, concerned about Status and support their ICO people may wish to look at, may find some answers for their own questions.n
nnTranslated by: Inan
nThe issue of the currency began at the ETH block # 3903900 on Tuesday, with about 100,000 transactions so far, and all other tokens issued so far were overshadowed by the event, which also enabled the ethernet network to run limit.n
nAlthough experienced some minor problems, but the money from more than 20,000 accounts to raise a total of 300,000 ETH, to achieve a great success.n
nWe are so scared that we can get so much support and trust in the promotion of the business and the business of the company.n
nThere is still a long way to wait for us, we are very excited to expand the core contributor team, the focus of the development work back to the client up.n
nThe following are the main lessons and views we have summarized from the event, and we have provided more details for those who do not know the money.n
nAssign the targetn
nThe tokens issue model has been the focus of discussion in the industry. For the time being, 2017 is a year of experimentation, from fixed supply, Dutch auctions to queue-based systems.n
nOur “dynamic cap” approach is no exception. The current market is only through a small number of blocks to complete the tokens issue, we hope to curb this, by providing more fair access, so that the general contributor more likely to participate, and for greater contributors obstacles.n
nWe think that the Status network is different because the allocation plays a decisive role. Through the large network, we aim to maximize the number and quality of tokens holders, enabling us to achieve the strongest network effect.n
nCritical preparationn
nStatus Genesis Coin – Actively assigns tokens that support our people over the past year.n
nImplementing dynamic caps – In simple terms, the dynamic cap is a specific block interval for a series of mini “hidden hard lines” that helps to make small transactions.n
nAssigning partners – As an alternative to the upper limit, we have a number of partners who have implemented a comprehensive or partial authentication process for 25% of the total SNT supply during the currency period.n
nHard code Gas price cap – 50GWei; trying to ensure that the network is still available, trading opportunities are equal.n
nVideo and PDF tutorials – apply to four major wallet clients.n
nSecurity audits – Three independent reviews of smart contract codes that provide security experts with a guaranteed vulnerability report.n
nActivity resultsn
nThe data shows everything. At the end of the campaign, we achieved the goal of broad distribution, although not all transactions were accepted, but a large number of contributors did have the opportunity to participate.n
nDynamic caps are planned to run, and we can limit the amount of coins to each account, which is good for small coins.n

nThe upper limit of the role – the decision to accept or return the ETH transaction based on the prevailing cap. For example, the user attempts to send 348 Ethernet in a transaction, the result is 22 Ethernet is converted to SNT, the remaining 325 were returned to the user account.n
nNetwork congestionn
nHowever, the demand for SNT is far beyond the expectations of our team owners, resulting in a serious overload test of the capabilities of the tower.n
nThe grant was carried out in the APC transition phase, indicating the need for further protocol development.n
nDistribution partner and SNTn
nLike many other tokens, our currency activities, despite the large volume of transactions, are full of passion, but also experienced some confusion and controversy.n
nWe had an overview of the distribution partners and the few guaranteed players on Slack. These transactions have ignored 50Gwei’s Gas price cap for some obvious reasons, but since many of the deals to be processed are considered to have ended before the start of the raise, and assuming that all SNT supplies are “swallowed up by a small number of people “The.n
nBy aggregating the deal, we propose a way to combat the upper limit of the problem. According to our distribution agreement with imToken, BitcoinSuisse, ICOage and Cintix, there are about 4,500 tokens held in the currency (the total SNT account of about 26,000), of which nearly half of the KYC process.n
nUnfortunately, some people in our community feel that communication is not clear enough. We have been proud of transparency and have been trying to improve by listening to community feedback. We hope that you are willing to understand the ideas behind our decisions and continue to focus on our future efforts – after all, it’s just a start.n
nHighest Gas Pricen
nWe are not working in a vacuum, so the implementation of the 50GWei Gas price on the line, the possible side effects is to make the transaction more like gambling than the Gas price competition. Another step here is to ignore transactions from smart contracts.n
nThis also led to a series of problems – some mines were accused of prioritizing certain transactions. Fortunately, this seems to have little impact on the overall allocation, but it will certainly highlight the benefits that will be brought to the future in the next few years.n
nGenesis tokens holdersn
nIf you received the Status Genesis as an active participant in our community, we have prepared a calculator and tutorial for SGT for SNT: The MyEtherWallet method outlined is an easy way to execute an Exchanger contract.n
nLessons learnedn
nIf there is no real data collection, the thought experiment can not take us far. Ideas are easy, but do not forget the context – the tokens are run in the real market, and models with more complex rules need to be set accordingly.n
nThis is an experimental culture that helps drive the development of our industry. Our approach proved to be effective in achieving the goal, but it is not surprising that, as we have observed in other patterns, it is not perfect.n
nThen we will see the use of this model? Admittedly, probably not – the next time people may be prepared to be too adequate, skilled people will have an unfair advantage.n
nIn addition, if the demand is much higher than the supply, then we will be difficult to make everyone in the community are satisfied with the results, the future tokens issue may be troubled by this problem.n
nSo what does this highlight? As a community, we believe that it is important to recognize and understand that block-chain technology is currently incapacitated or immature, even though it has the infinite possibilities of reconstructing our society, but these events still remind us of the reality of our systems today.n
nPotential solutions and possible future modelsn
nSo what’s the inspiration for us? The need for individuality to prove participation may be a more effective way. We have considered this model and asked the address to hold the SGT, but given that our situation was complicated enough, or gave up the idea.n
nThe need for a block-based identity system (such as uPort) is obvious, and the complete KYC process may even become a trend in the process, and the queuing system also reduces network pressure.n
nWith so many good ideas being raised, we also want to see them get tested.n
nCoin Summary: Related datan
nnTransaction: 97136 txnsn
nAddress: 20407 addressesn
nETH Amount of money: 299902.24ETHn
nMedian currency: about 2.5ETHn
nWhat should I do next?n
nDeveloper n
nDevelopers are already using the Status API to build fantastic DApps, chatbots and commands for the etherbox on the mobile device. We started a hacker marathon with 160 teams in the week before the start of the currency.n
nThis week, called Swap’s token exchange, DApp demonstrated their interface in Status, and we were delighted and looking forward to its next development.n
nResolve support requestsn
nWe received thousands of e-mails and messages that almost could not. If you are waiting for our reply, then please be patient, we will find time to answer your question this week :)n
nReopen the Status Slackn
nIn order to meet the currency, we decided to completely close the Slack, because a large number of liars trying to deceive members to send their own ETH.n
nThe good news is that these conditions have subsided, and tomorrow we will re-enable the new invitations, as well as a list of new channels to accommodate 10,386 supporters who have spent time joining them.n
nExpand our core contributors teamn

n n
nWith more resources, we will expand our team in the coming months. Please pay attention to our hiring page and will be updated later this week.n
nStatus is still an alpha version. You have the most number of invitations on iOS, but you are welcome to build your own mailing list, and we’ll let you know when Status is available.n
nThanks again for everyone who helped us in the past year. We will immediately return to our rolling release cycle, and will be in the next few weeks to further develop the client update.n

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