Skynet Labs Shuts Down After Failing To Raise Funds

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Siacoin’s parent company, Skynet Labs, will shut down as the firm could not complete its fundraising. The announcement came just two weeks after Skynet revealed its roadmap stating that the team would focus on decentralization, in addition to working on Skynet Kernel and Skynet Portal APIs.

The firm has already laid off 50% of its staff and will reduce the remaining staff to half strength in a month with plans to finally shut the company down in three months. The price of Siacoin has also dropped by 2.06% in the last 24 hours. 

According to a recent blog post, Skynet Labs will continue to operate for 12 weeks. During this time, the company will focus its resources on setting up the Skynet ecosystem and infrastructure to run smoothly after its shutdown.

CEO David Vorick states that despite the company shutting down, he still wishes to take Skynet kernel to completion and tweets it was “Not the outcome we wanted, but not the end of the road for Skynet either.”

“In hindsight, we grew the team too quickly and we over-estimated our ability to convert our userbase into a successful fundraising round.” reads the notice. 

Despite this, Skynet’s decentralized storage and app hosting platform will not cease its operations. Skynet Labs claims that it will keep all files and major infrastructure of Skynet online, thanks to commitments from the Sia Foundation. However, the portal on siasky.net will shut down after a few months.

Moreover, many team members, including Vorick, have agreed to help the Siacoin and Skynet ecosystems even after Skynet Lab’s shutdown.

Written by
Ayush Pande

Siacoin’s parent company, Skynet Labs, will shut down as the firm could not complete its fundraising. The announcement came just two weeks after Skynet revealed its roadmap stating that the team would focus on decentralization, in addition to working on Skynet Kernel and Skynet Portal APIs.

The firm has already laid off 50% of its staff and will reduce the remaining staff to half strength in a month with plans to finally shut the company down in three months. The price of Siacoin has also dropped by 2.06% in the last 24 hours. 

According to a recent blog post, Skynet Labs will continue to operate for 12 weeks. During this time, the company will focus its resources on setting up the Skynet ecosystem and infrastructure to run smoothly after its shutdown.

CEO David Vorick states that despite the company shutting down, he still wishes to take Skynet kernel to completion and tweets it was “Not the outcome we wanted, but not the end of the road for Skynet either.”

“In hindsight, we grew the team too quickly and we over-estimated our ability to convert our userbase into a successful fundraising round.” reads the notice. 

Despite this, Skynet’s decentralized storage and app hosting platform will not cease its operations. Skynet Labs claims that it will keep all files and major infrastructure of Skynet online, thanks to commitments from the Sia Foundation. However, the portal on siasky.net will shut down after a few months.

Moreover, many team members, including Vorick, have agreed to help the Siacoin and Skynet ecosystems even after Skynet Lab’s shutdown.

Written by
Ayush Pande