Solana-based Clockwork to close, citing 'limited business potential'
Clockwork's planned shutdown comes about a year after it received $4 million in a funding round led by Multicoin Capital.< /p>
The developers behind Solana-based smart contract automation project Clockwork are expected to decommission key protocol infrastructure at the end of October, citing “limited commercial potential.”
p>In a series of X (Twitter) posts on August 27, Clockwork founder Nick Garfield said he and his team would stop active development of the protocol and on October 31 they would disable its nodes on the network development and mainnet.
Garfield cited "simple opportunity cost" as the reason the team pulled out of Clockwork, admitting there were limited business benefits to continuing development and the team had a vested interest. growing for exploring other opportunities.
Clockwork is a protocol that allows users to schedule transactions on the Solana network and create automated smart contracts to run applications when triggered by an event.
Garfield said the Clockwork code would remain open source and freely available online and gave "full support for fork and ship" to anyone who wants to continue working on the protocol.
Developers can continue to use the software as written, but we will shut down our nodes on the devnet and mainnet beginning October 31.
Chain programs will be frozen and code will remain open source and free to use on GitHub.
2/
— Nick (@time_composer) August 27, 2023According to data from Crunchbase, Clockwork raised $4 million last August in a funding round co-led by venture capital firms Multicoin Capital and Ametric with participation from Solana Ventures.
Related: Cypher Announces Turnaround Plan, Says It Will 'Socialize' Losses in Early Stage
An X user asked if seed funding would be...
Clockwork's planned shutdown comes about a year after it received $4 million in a funding round led by Multicoin Capital.< /p>
The developers behind Solana-based smart contract automation project Clockwork are expected to decommission key protocol infrastructure at the end of October, citing “limited commercial potential.”
p>In a series of X (Twitter) posts on August 27, Clockwork founder Nick Garfield said he and his team would stop active development of the protocol and on October 31 they would disable its nodes on the network development and mainnet.
Garfield cited "simple opportunity cost" as the reason the team pulled out of Clockwork, admitting there were limited business benefits to continuing development and the team had a vested interest. growing for exploring other opportunities.
Clockwork is a protocol that allows users to schedule transactions on the Solana network and create automated smart contracts to run applications when triggered by an event.
Garfield said the Clockwork code would remain open source and freely available online and gave "full support for fork and ship" to anyone who wants to continue working on the protocol.
Developers can continue to use the software as written, but we will shut down our nodes on the devnet and mainnet beginning October 31.
Chain programs will be frozen and code will remain open source and free to use on GitHub.
2/
— Nick (@time_composer) August 27, 2023According to data from Crunchbase, Clockwork raised $4 million last August in a funding round co-led by venture capital firms Multicoin Capital and Ametric with participation from Solana Ventures.
Related: Cypher Announces Turnaround Plan, Says It Will 'Socialize' Losses in Early Stage
An X user asked if seed funding would be...
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