Siacoin’s Creator Skynet Labs Shuts Down

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Key Takeaways:

  • Siacoin’s creator, Skynet Labs, has shut down because it could not secure additional funding.
  • The company has already reduced its workforce by half and will do so again in a few weeks.
  • Skynet will continue to function as a platform for decentralized storage and applications.

Siacoin’s blockchain-based creator, Skynet Labs, will close after failing to secure additional funding. A Friday blog post stated that it would also be eliminating positions.

The startup formerly known as Nebulous raised $3 million in a funding round in 2020, with Paradigm serving as the round’s lead investor. Skynet Labs was established as a way for the business to concentrate on Skynet, a decentralized app hosting and storage platform aiming to develop a decentralized internet.

“It is with great sadness that we announce the shutdown of Skynet Labs. Skynet and its data will remain online.”

However, all user files will remain accessible online, and important components of the infrastructure will proceed to be consciously created, allowing Skynet as a platform to keep going.

The initiatives and participation of the Skynet Labs team members are crucial for many of what Skynet has achieved, such as its capacity to keep operating in the face of Skynet Lab’s dissolution and its ability to add value to the larger web3 ecosystem.

Despite the need and acknowledgment for the team members’ attempts, the platform expresses their deep sadness at having to let them go.

Around 12 weeks will pass before Skynet Labs stops operations. . The company will ensure that all required work is finished before the company’s final time, even though it is anticipated that the entire operation will be shut down within the next three months.

Despite Skynet Labs’ closure, a large portion of the team has decided to stay in the community and continue helping the project from wherever they are. While many will no longer be able to devote their full time to the project, they will still be available to assist anyone continuing to work on Skynet-related projects and respond to questions.

This is not the outcome they desired, but it is also not the end of the road for Skynet, according to CEO David Vorick.

Skynet recently published its roadmap for developing a reliable platform that satisfies user demand for decentralization in July. The community finds it difficult to comprehend that Skynet Labs has been shut down after disclosing its plan to outperform the majority of web3 providers.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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