r/statusim•
psymbol

When 59% of all tokens are owned by status dev...how and why does the community holders consensus matter?

Technically, 59% is spread across all the people with absolute control over the project.

Also, what mechanisms are in place for community token holders to vote on how development should proceed.

Posted Jun 20, 2017, 11:04 AM UTC

167
woodsbarrack•

SNT are not company shares. Even with 80 % in hands of the users you would not have any say in the development and roadmap. At best you'd have power to sell and cause a price drop but you'd need a large number of people with you to do so.

6
SentientCat•

I actually think the entire crypto/ICO bubble is maintained mainly by people completely misunderstanding the role of the tokens.

4
ryanmercer•

SNT are not company shares

Ding ding ding ding.

1
martingore2017•

Based on the level shown on the slack board... Do you really want the majority power with the users??.? I don't

2
farazdagi•

Well, regarding how development should proceed (I am a developer, so let others answer regarding other aspects of the question):

  • We are an open source project, accepting code contributions:
    • we were giving SGTs for those during preparations to the Contribution Period
    • we have https://github.com/status-im/commiteth tool that allows to assign bounties to GitHub issues, so that contributors are awarded after the contribution (when SGTs are awarded no more)
  • Even w/o any tokens, open source projects manage to be community driven, and I believe we will be able to do just fine
  • Have some great feature in mind? Convince someone to implement it (and probably set a bounty), or contribute code yourself (and earn some bounty). We are quick to merge pull requests on GitHub.
1
Tadas25•

I don't see how it's 59%. 20% - yes, 10% for contributors from community, but I don't think you can say they have total control over the project. 29% is for future stakeholders, so as I understand it will only be sold in future ICO, if there will ever be one.

1
iamhonest1•

They've mentioned in the whitepaper they will be burned if they don't need them.

1