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Skynet, the firm that created Siacoin, will continue to operate despite the CEO's claim that the company's failure to focus on a single product made it impossible to develop many products.
The parent firm of Siacoin (SC), Skynet Labs, has stated it would cease operations after failing to acquire sufficient cash in its most recent investment round.
However, this decision will have no effect on the Skynet platform, which will continue to operate, and on which all user files will stay.
"Skynet will have to continue without Skynet Labs and many of the incredible individuals who have dedicated their lives to creating a better future for users and user data."
Skynet is a decentralized app hosting and storage platform designed for the development of the decentralized internet.
In 2020, the business formerly known as Nebulous raised $3 million in a fundraising round. Other initiatives, like as Filecoin, Storj, and Arweave, have developed with more financial strength.
Skynet Labs will continue to function for 12 weeks after the announcement, during which time the firm will focus on providing a smooth transfer to the Skynet Community.
David Vorick, the business's chief executive officer, stated that the company has already laid off half of its employees and would lay off the remaining half within the next month.
However, it will ensure that all relevant tasks are completed prior to the company's closure. According to him, the objective is to "make the transition to an environment post-Skynet-Labs as seamless as feasible."
If everything went as planned, he continued, the company's customers would not notice the change.
Meanwhile, the CEO attributes the shutdown on the company's multitasking, which made it difficult to develop a single product thoroughly.
In addition, he stated that Skynet, although having a good technology, was never adopted by the crypto community in comparison to competitors such as Arweave (AR) and IPFS.
"We developed a platform with millions of monthly active users, but the majority of these people were not crypto enthusiasts and, as a result, did not readily contribute to a fundraising story."
In addition, he stated that the team expanded too rapidly based on the premise that the user base would generate more revenue.
Nonetheless, numerous Skynet Labs team members will continue to support and work on the project. The Sia Foundation and the Skynet ecosystem will continue to function normally.
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