Parity Technologies, the developer of the blockchain interoperability platform Polkadot, has reportedly laid off more than 300 employees. This news was shared by “chainyoda,” a core contributor, on October 12. The number of employees affected by the layoffs is said to be higher than the number of developers working on decentralized applications (dapps) deployed on the Polkadot blockchain. Parity Technologies has not provided an official confirmation of the exact number of employees affected. However, the company has shared its plans for the future, emphasizing its commitment to decentralization and its desire to foster a strong community of developers. As part of this transition, Parity Technologies will be sunsetting its go-to-market functions to make room for new ecosystem leaders who will drive the development of Polkadot.
The announcement of the layoffs garnered mixed reactions. Some believe that the decline of centralized finance platforms in 2022, such as FTX and Terraform Labs, has affected the industry and led to a decrease in capital and liquidity. However, others are optimistic that this new approach by Parity Technologies might spark activity and attract more users to the Polkadot ecosystem. Dot prices have been under pressure in recent months, but the development team plans to increase the number of parachains to 1,000, allowing for over 1 million transactions per second. This upgrade will be implemented through a series of software updates, including the introduction of Asynchronous backing to enhance throughput by reducing block time.
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