(June 15, 2023). Hi everyone,. I am writing to follow-up to our latest update.

15 Jun 2023, 18:11

(June 15, 2023) Hi everyone, I am writing to follow-up to our latest update. As discussed, the project is in a precarious and uncertain position reminiscent of our positioning during the 2018 crypto winter. While many founders opted to shut down their projects, we opted to develop a skeleton operating plan, batten down the hatches, and remain "default alive" until conditions might improve. In 2021, our plan paid off and after 2.5 years of relative inactivity, we were able to continue our work aggressively, developing PoCs with bluechip partners and scaling the community by tens of thousands seemingly overnight. As market conditions began eroding last year and a new winter set-in, we secured a funding arrangement from GEM Digital which would allow us to pursue a mainnet development plan. However, as announced in January of this year, after making some meaningful strides forward, we ultimately had to pause development as, based on market conditions, the funding commitment did not provide enough capital to pursue the plan. In our last update, we detailed the projects' positioning -- on one hand, there are some meaningful "assets;" however, on the other, there are significant headwinds. We mentioned how under a "worst case scenario," the project could "batten down the hatches" similar to what we had done in 2018, and evaluate additional opportunities for continuing to develop mainnet or another part of the ecosystem as circumstances improved (if we are able to build a new part of the ecosystem, we'd bring the community along - this might be through a token swap and/or grant). We mentioned how before we made a decision on a definitive moving plan, we would evaluate market conditions in 30-45 days to see if the GEM facility might provide an opportunity to continue the mainnet development plan. Unfortunately, as conditions did not substantively improve, and, instead, continued to deteriorate, we were unable to resume development. As a consequence, we are adopting our "batten down the hatches" plan. What does this mean? - We'll evaluate ways to leverage the technology we've built to secure funding and to continue to develop mainnet or build out additional parts of the ecosystem. We'll communicate any material updates to the operating plan in the Beyond Protocol Announcements Channel - As we won't have substantive updates for the time-being, we'll plan to pause activity in this chat on June 23. We recognize many in the community have bonded over a shared belief in the power of decentralization and passion for emerging tech. The Leadership Council is evaluating creating a group for those who want to continue these conversations. As we transition to this new phase, Denis and I will hold an AMA. Please reply with any questions you may have. We'll address by here by text or voice chat. We are grateful for your support of the project and our mission. With each passing day, the promise of blockchain-based solutions for IoT becomes more obvious. And with each passing day, the need for them becomes more pressing. It's undeniable that we are at the precipice of a new era. Decentralized IoT is coming -- it's just a matter of when.