NOTE: this post is a cross post from the Qwids blog (no longer in operation) published 28th Dec 2018.
While 2018 has been one of the most prosperous years for Qwids; seeing some fantastic growth with 15 000 users signing up for a Qwids wallet and over 500 community accounts being started, we regret to announce that from December 2018 we have begun shutting down all operations. The journey has been full of highs and lows, but one thing is for certain, we could not have come as far as we did without all of you.
We would like to take this opportunity to thank you all
Thank you to all of you that helped beta test the service over the last 12 months, including community builders, software developers, project managers, end-users and our wonderful partners. Despite this years user growth and increase in activity we are unable to continue to finance the resources required to take Qwids to the next level. It is this reality check that has led to us making the decision to close down Qwids.
While we still strongly believe in blockchain technology to change the face of the internet we also realise that once one has traction, one must also be ready to move very fast and with the best fully equipped resources and financing. While successful in grasping that valuable initial traction we where unable to fulfil the requirements we needed to continue to accelerate that growth.
TGE? – The Token Generation Event
What ever the combination of reasons for why Qwids failed one thing is for certain, at a certain point in time in numerous locations around the world; people used the Qwids service. Not only that, they expressed excitement and enjoyment in using Qwids in the future, so much so that in the middle of 2018 over 100 persons pledged over 400 Ether in our TGE to help fund the project in to the future.
Unfortunately at that time critical period with so much potential opportunity in the air we couldn’t make our TGE fly. With opportunity comes responsibility, and we were unable to push the TGE forward feeling that we had truly done our due diligence covering all the legal and technical aspects. It’s primarily for this reason we decided to put a halt to the TGE.
On a personal note…
Personally, as one of the initial founders and the person who initiated the project all those years ago, i place the largest part of the mismanagement, and so failure of execution upon my own shoulders.
Qwids was my very first voyage in to startup culture and although i felt we had the best possible opportunity for success due to this wicked new tech called Blockchain, and being based in Stock “unicorn” holm, Sweden, i realise now that you need much much more than a wicked new technology and access to capital, to make your ideas fly.
As time passed the technology evolved and it became difficult to keep up with all the changes in the space. Coupled with a lack of essential resources and little to no financing it became very difficult to maintain a clear trajectory forward.
Thank you for reading and in case i don’t see you, good morning, good afternoon, good evening and good night!
The best of wishes to all for the future in to 2019 and beyond on to new horizons.