free counter
Business

Siacoin creator Skynet to help keep operating despite announced shutdown

Siacoin creator Skynet to keep operating despite announced shutdown Siacoin creator Skynet to help keep operating despite announced shutdown Oluwapelumi Adejumo 11 hours ago 2 min read

Siacoin creator Skynet to help keep operating regardless of the CEO blaming the companys failure to spotlight several things simultaneously, rendering it difficult to build up one solid product.

2 min read

Updated: August 13, 2022 at 2: 31 pm

Siacoin creator Skynet to keep operating despite announced shutdown

Cover art/illustration via CryptoSlate

Siacoins (SC) parent company, Skynet Labs, has announced that it’ll turn off operations after failing woefully to raise sufficient funds in its latest funding round.

However, this decision won’t affect the Skynet platform, that may continue steadily to operate, and all users files will stay on the platform.

Skynet will need to continue without Skynet Labs and without most of the amazing individuals who have put their core into creating a brighter future for users and user data.

Skynet is really a decentralized app hosting and storage platform intended to create a decentralized internet.

The business, formerly referred to as Nebulous, raised $3 million in a funding round in 2020. Although it is really a pioneer in decentralized storage, other projects such as for example Filecoin, Storj, and Arweave have emerged with an increase of financial muscle.

Following announcement, Skynet Labs will still operate for 12 weeks, where the business will concentrate on ensuring an effective transition to the Skynet Community.

David Vorick, the companys CEO, said the firm has recently laid off 1 / 2 of its employees and can lay off 1 / 2 of those remaining on the the following month.

However, it’ll ensure that all of the necessary work is performed prior to the company shuts down. In accordance with him, the target is to make the transition to a post-Skynet-Labs ecosystem as invisible as you possibly can.

He added that users of the firm wouldn’t normally spot the change if everything continued as planned.

Meanwhile, the CEO blames the shutdown on the business focusing on a number of things at once, rendering it difficult to build up one product solidly.

Additionally, he said that Skynet, despite being truly a solid technology, never got the adoption from the crypto space in comparison to competitors like Arweave (AR) and IPFS.

We built a platform with an incredible number of monthly active users, but those users were largely beyond crypto and for that reason not readily adding to a fundraising narrative.

He also acknowledged that the team grew too fast in line with the bet that an individual base would result in more funds.

Nevertheless, several associates of Skynet Labs will work on and support the project. Sia Foundation and the Skynet ecosystem will stay fully operational.

Read More

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker