Skynet Labs Blockchain Firm Ceases Operations
Irish software firm, Skynet Labs, which is a prominent name in Blockchain industry has ceased its operations after failure in acquisition of funds. According to its announcement through an official blog post, the Siacoin developer has cited lack of funds as the primary reason behind this unfortunate development.
Skynet Labs was inaugurated just a couple of years back by Skynet (a decentralized storage platform) to work on Web3 user experience. It was mainly supposed to promote Skynet but the venture has been unable to succeed.
Although the announcement has been made but the company will not halt its operations immediately and it will operate another 3 months (12 weeks). The two major reasons behind this unfortunate decision are that Skynet team was working on multiple projects which divided its attention and secondly, the project was not recognized by the crypto stack.
Skynet Labs CEO Tweets
The CEO of Skynet, David Vorick, has also shared the blog post in a tweet but he has added that this is not the end of Skynet. He accepted that this is a major setback for the firm as it couldn’t manage to collect funds for the next round.
Skynet Labs has already laid off half of its employees and will say good bye to many more in the coming 12 weeks. The CEO has applauded the services, hard work, and contribution of Skynet employees. In a blog post on 26t of July, he said that Skynet is focusing on decentralization and web3 at the same time. He announced a new project named Skynet Kernel which is a basically a webapp plugin. He further added that Skynet will remain active despite the dissolution of Skynet Labs.
Skynet to Remain Active
There have been many question marks in the relevant circles after the news of Skynet Labs’ dissolution. It is pertinent to mention here that all operations of Skynet will remain active and only Skynet Labs has halted its operations. Skynet will continue to operate as a developer and all user files will remain online. Development on new infrastructure to build out a decentralized internet will also be actively continued.
