Status (SNT) Incubate, A Program To Foster Web3 Ecosystem

Updated On Apr 21, 2018 by Cameron Bishop

Status IncubateStatus (SNT), a decentralized messaging app built on the Ethereum blockchain, has announced the launch of Status Incubate, a project that promotes innovative blockchain technology based startups with funding, technical support and much needed timely suggestions. The initiative aims to fuel the creation of a vibrant web 3.0 ecosystem.

Status aims to empower internet users with Web3 technology stack, including but not limited to browsers, messengers, offchain computing, storage, and even governance. Status Incubate, the first of the Status projects, act as an umbrella program to achieve this objective.

The primary focus of Status Incubate is to accelerate programs related to the development of mobile-ready DApps and components that make up the Web3 ecosystem. With its experience in Web3, the Status team believes that it can successfully foster promising projects every quarter. The domain currently being looked at ranges from Ethereum based projects, to to DApps, IoT plays, base-layer protocols, scaling solutions, and more. The ultimate aim, as previously said, is to support the creation of a thriving Web3 ecosystem that will provide a rich experience to internet users.

To nurture Web3 related projects, Status plans to provide seed funding, series A level funding and introduction to potential investors. Establishing the legal framework for a blockchain project is quite complex. In this regard, Staus will connect the project owner with legal and financial experts who can guide on all matters, from company incorporation to tax filing. Status’ team of blockchain experts will also offer assistance in the technical review of the project, in addition to Status Network Tokens (SNT) to use on its platform. Without proper marketing, even the best of the projects could fail. Status team will offer their expertise in brand designing and positioning as well. The number of projects supported by Status will be limited, but does not include any timeline for receipt of applications.

Status is looking forward to launch the beta phase of its product, following the completion of a security audit by Déjà Vu Security, a trusted partner in the Ethereum community with a lot of experience in handling smart contracts. With a successful launch, a user will be able to access any DApp on the Ethereum network. Furthermore, Status DApp will make it possible to send, receive, and store Ether and other crypto-assets.

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