Siacoin's blockchain-based creator, Skynet Labs, is closing shop after failing to get additional funding. According to a <a href="https://skynetlabs.com/news/skynet-labs-shutting-down-skynet-remains-online/" target="_blank" rel="nofollow noopener">blog post</a> published Friday, it will also eliminate positions. The firm, formerly known as Nebulous, raised $3 million in a financing round in 2020, with Paradigm serving as the round's lead investor. Skynet Labs was established to concentrate on Skynet, a decentralized storage and app hosting platform.

CEO David Vorick wrote in the blog post,
<blockquote><em>"It is with regret that we announce Skynet Labs has been unable to complete its next round of fundraising and will be shutting down,"</em></blockquote>
However, Skynet will continue to function as a platform, with the addition that user files will remain available and essential parts of the infrastructure will still be continuously developed.

https://twitter.com/DavidVorick/status/1558183242058047490
<h2>Skynet Road Map Focusing on Decentralization</h2>
In a blog post on July 26, Vorick outlined the Skynet road map and stated that the team had been concentrating on decentralization and a <a href="https://www.cryptoknowmics.com/news/japans-ministry-of-economy-launches-web3-policy-office/" target="_blank" rel="noopener">Web3</a> user experience comparable to Web2. The efforts and contributions of the blockchain company's team members are responsible for much of what Skynet has accomplished, including its ability to carry on in the wake of Skynet Lab's closure and its capacity to offer value to the larger Web3 ecosystem, according to Vorick. Skynet Labs has decreased its workforce by half and will continue to do so during the following month.

Lack Of Funding Forces Skynet Labs To Shut Down

Skynet Labs is closing down after failing to get additional funding. According to a blog post published Friday, it will also eliminate positions.

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Lack Of Funding Forces Skynet Labs To Shut Down

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