50 Cut as $60 Million Blockchain Project Nebulas Lays Off 60 Percent of Staff
“Now that the group has accomplished the majority of the technology development, the major job for this season is to develop the community government and consensus to achieve full decentralization. ”
The news is that signals at the extent to which a recession in the wider cryptocurrency market is hurting businesses in the blockchain sector — after Improvements in ConsenSys, Bitmain, ShapeShift and BlockEx. Nevertheless, the cutbacks in Nebulas, with over 60% of staff being shown the door, have been some of the very dramatic reported however.
NAS, designed to electricity a protocol that is itself trying to quantify and score other blockchains, debuted at $2, but is selling for a little more than just a quarter of that price now, according to CoinMarketCap. Once a top-100 cryptocurrency, the market cap of the NAS token is currently $25.7 million.
Two years’ runway
Lu now quotes the team to get enough runaway for two decades, indicating the project will have enough the time to make additional progress on its roadmap. She concluded:
Public-domain Cat’s Eye Nebula image via NASA
“Another reason we chose to cut off the unimportant projects like third party pockets [was that they’re ] not core to the most important tech visions cited in the [Nebulas] white newspaper. So the dev group of that job was first impacted. ”
Nebulas has continued to make progress despite setbacks, devoting numerous incentive programs for community members and programmers.
The organization behind the Nebulas blockchain job has gone from a group of 80 people to only 30, CoinDesk has learned.
Lu said the layoffs at the firm began last summer, impacting its mostly Beijing-based team.
The firm, she said, also wanted to tighten its strategic focus:
At the end of 2018, the business introduced its NOVA testnet, which measures the quality of data on blockchains.
“Among those reasons was the industry price kept going down,” Becky Lu, a spokesperson for the firm, advised CoinDesk.
After gaining focus in August for its decision to delay its token supply, for example holding onto inventor tokens for a span of 10 decades, the business has undergone a set of earners who’ve observed peripheral elements of its roadmap shelved, at least pending a recovery on the market for Nebulas’ NAS token.
Lu would not say whether treasury management was an issue, though it’s noteworthy the cuts came just seven weeks after the group raised $60 million into its market.