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The cryptocurrency industry suffered a terrible year compared to the previous year; the crypt commercializes a shadow of itself in this period of the last year. Crises are now supporting notable victims, the last established team of developers working on Ethereum Classic.
Igor Artamonov, founder and chief technology officer of ETCDEV, announced on Monday that the group is closing due to a lack of funds.
He wrote:
"Unfortunately ETCDEV can not continue working in the current situation and must announce the closure of our current activities."
He explained in an attached letter that the company has partially ceded to current crises in the cryptic market.
He wrote:
"As we all know publicly, we have struggled to finance our operation in recent weeks, which was partly due to the market crash, combined with a cash crisis in the company."
ETCDEV has faced challenges, both financial and non-financial, that have been documented both on its Twitter account and on its Medium blog.
But ETCDEV is not the only one to be hit by the difficult financial climate in cryptographic circles. In a post published in November, Artamonov acknowledged that the situation was very tough in blockchain startups.
He wrote at the moment:
"As everyone knows, we're going through really tough times right now, markets are crashing and start-ups are running out of money, which is a big deal for most companies in our space and this includes ETCDEV, obviously . "
Will continue to announce a seed fundraising planned for the following week. In his tweet, he explained that the group sought short-term funding from inside and outside the ecosystem, but without success.
Blockchain startups adapt to harsh reality
As reported by Smartereum, ConsenSys, an enterprise focused on projects and products based on Etherum, has announced some renovations to become more financially smarter and more sustainable. ConsenSys founder Joseph Lubin informed employees of the need to reduce operating costs and eliminate inflexible designs. "We have to maintain, and in some cases regain, the lean and gritty starting mentality that has made us what we are," Lubin wrote.
In a recent interview, he explained that the company was maturing in a new regime, ConsenSys 2.0, where it will focus on the execution of projects compared to the interesting ones. He refused to exclude redundancies as part of the restructuring, as he explained:
"We are examining many different situations, some of them will shrink, some of them will grow, and there is nothing I want to say concretely about this at this point."
Other important projects that have tightened the belt financially are the decentralized content sharing platform Steemit, which lost 70% of its workforce and Spankchian who also lost the staff.
Ethereum Classic [ETC] he is not dead
Ethereum Classic, the biggest fork in the ethereum blockchain, made it clear that the collapse of ETCDEV does not mean the fall of ETC projects that explain that sick ETCDEV was just a group among many groups of developers working on ETC. "Keep calm and build", the post was read.
"Ethereum Classic is not ETCDEV Ethereum Classic is IOHK, ETC Co-op, ETC Labs, ETCDEV and a litany of volunteers Keep calm and build https://t.co/J4IYvC906j"
Nevertheless, the disappearance of ETCDEV, launched in 2016, reflects the impact of a prolonged bear ride that saw the cryptography market lose more than 80% of its value from the all-time high.
Ethereum Classic [ETC] Price Watch
Just like most of the first 100 cryptocurrencies, ETC continues to falter from the last dive into cryptographic markets. Most of the market is in the red and ETC trades 5% less than the last 24 hours. At $ 4.06 it also declines 17 percent from last week according to CoinmarketCap data. The total market capitalization stands at $ 433,768,640 USD.
As reported by Smartereum, US-based cryptography exchanged striking ETCs listed on its platform in August, but this did nothing to quell the price drop from all ATHs of $ 44 in January.
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