After failing to get additional funding, the blockchain business Skynet Labs, which is behind the firm Siacoin, has decided to close its doors. According to a post on the company’s blog that was published on Friday, it will also be reducing employees. In 2020, the company that had previously been known as Nebulous was successful in raising $3 million in a funding round that was led by the industry behemoth Paradigm. In order to enable the corporation to concentrate on Skynet, a platform for decentralized data storage and application hosting that would be used in the development of a decentralized internet, Skynet Labs was established.
According to the official blog post: “Much of what Skynet has accomplished, including its ability to continue operating in the face of Skynet Lab’s dissolution, and including its ability to provide value to the wider Web3 ecosystem, is owed to the efforts and contributions of the Skynet Labs team members. It is with great sadness that we will be letting the members of our team go, even though we have every need for and appreciation of their efforts.”
The End Of The Road For Skynet?
The CEO of Skynet, David Vorick, expressed disappointment that Skynet Labs has been unable to finish its next round of fundraising and would be shutting down. He stated that Skynet would, on the other hand, continue to function as a platform. He also mentioned that user files would be accessible online and that important aspects of the infrastructure would be continually improved. He stated that the result is not what they had hoped for but that it does not mean the end of the road for Skynet either.
In addition, Skynet Labs has reduced its workforce by half and will continue to do so over the following month. According to David Vorick, a significant portion of what Skynet has accomplished can be attributed to the efforts and contributions of the members of the Skynet Labs team. This includes Skynet’s capacity to continue operating in the face of the breakup of Skynet Lab as well as it’s capacity to give value to the broader Web3 ecosystem.
In a blog post dated July 26, Vorick outlined the road plan for Skynet and stated that the team has been concentrating on decentralization and providing a user experience for Web3 that is comparable to Web2. They are lucky enough to have a workforce that is more than capable of continuously cranking out new upgrades that push the boundaries of our industry. Accomplishing both of those things at the same time has needed a significant degree of invention, and it has taken a lot of hard work and creativity to do.
The Way Forward For Skynet
Skynet is an open protocol and toolset that aims to build a better web, one that is based on decentralized storage and application development. Skynet applications expand the web’s possibilities. In addition to ensuring privacy, decentralization enables applications, integrations, and innovations that cannot be reproduced in a centralized environment. The company believes that decentralization’s fundamental characteristics, such as user-owned personal information, persistent identity throughout applications, and censorship resistance, will become the new norms of the digital world.
Despite this, it would appear that the company is going through a particularly difficult period. Skynet is going out of business as a result of its inability to secure further funds in order to maintain and improve its services and operations. This is a result of the crypto market situation during the previous few months, in which everyone has experienced a complete market collapse. However, if things go well in the future, emerging companies such as Skynet may continue to operate and expand.