Two years ago, we set out to solve the oracle problem and to build the truth layer of tomorrow. We believed that decentralization should also happen at the data sourcing layer rather than just at the transport layer.
Along the way, we launched an MVP to prove our hypothesis by running one of the biggest pilot projects in the Ethereum ecosystem. Over 250,000 transactions on the Ethereum network (and almost 100,000 votes on Verity Network) which resolved 1,600+ events while testing 15 different verticals with numerous use cases including finding fake news, sentiment analysis, solving insurance claims and resolving prediction markets, all with a single goal, to find the truth. We’re proud of the product we built, but even more so, we’re grateful for the community that made it a reality.
In order to deliver the fully working network we needed to secure the next round of funding, which we have been trying to do relentlessly since the beginning of this year, but ultimately we have failed to do it. This means that we have no choice but to close our doors and stop the development and support of the project. We do however have a choice as to what happens to the work we have done and the platform we have laid. So in order to see Verity continue to live on we are releasing all other important parts of the network, marketplace and supporting tools as open-source in hopes that the community continues the mission we started – to build a fully decentralized oracle solution for Web 3.0.
This also means we will not be supporting the marketplace (Verity Hive), adding new events, running new experiments, actively developing the oracle, nodes or any other part of the network. We will try our best to support the development by community members as well as keep the community channels currently in use alive as long as we can. We will nominate the most respected community members as admins and let the community run the project forward in a truly decentralized way.
Why did this happen and why you couldn’t secure the funding?
We ran Verity as lean and experiment-driven as possible. We believe in doing as much as possible, to learn the most in the shortest time and to do it with the best people available. We could do what most other projects did – have few developers, pay for conferences, spend hundreds of thousands of dollars to list on exchanges and slowly die out while spending the investors’ money. We instead choose to spend every dollar and every second of our time to build, test and deliver what we’ve promised in the most scientific way possible.
Unfortunately, even if you have the best product in the world, the current market conditions and the right timing are even more important. As mentioned, in order to continue our mission we had to find new investors and even though we had great interest from multiple funds we couldn’t secure a lead investor in time – we exhausted every option we had and kept fighting till the end, but it was ultimately unsuccessful.
What does that mean for the project and what did Verity accomplish?
In two words – a lot. In the last year we built a fully decentralized network out of a simple MVP, solved scaling problems, re-engineered the UI, released validation nodes to public, ran interesting and engaging community events, showcased Verity at dozen events all over the world, started a Q&A and podcast video series, educated the ecosystem through blog posts and most importantly delivered what we promised – a beta version of the Verity protocol. Every single person that helped build Verity delivered more than we asked – it literally took thousands of hours to develop the technology behind Verity, but it took, even more, to test it out, to build UIs, to prepare and engineer test events, to figure out how to acquire new data providers, to run UX experiments, to grow the community and support it, to write integrations, to design smart contract logic… this was one of the best-orchestrated missions we had the chance to be part of and an amazing experience for all of us. We also had the opportunity to witness and feel the power of (literally!!) the best community on the planet. We couldn’t do it alone – we couldn’t even start without having you guys to take part in the events and take on a roll of data providers even when it was 4 AM in the morning and you had to report a football match you were not interested in and which lasted several hours. Without you, we couldn’t discover bugs, test industries, and run experiments, get the data for the recommendation engine, grow the social channels or get encouraging words when we needed it. We couldn’t even imagine we would get such support and such dedication! As every decentralized project, the tech is only a part of the story, the social aspect of it – the people behind the network is the important bit.
As said in the beginning, we, unfortunately, can’t move forward in the way we wanted, but we are hoping that you can take it to the next level and build amazing things on top of it. That is why we are releasing (on top of the core network code which is open-sourced at https://github.com/verity-network) supporting components, the marketplace, deployment scripts, and other tools as open-source in hope that Verity will be a building block of the future. Because Verity was built to be decentralized, anyone is able to run a validation node and be part of the network (or fork it and launch a new network), launch events, build apps on top of it or create verticalized data feeds for a specific industry – nobody can stop the truth! We will keep the social channels alive and nominate the right people from the community to be the initial administrators. We will try to answer any upcoming questions and support future development as much as possible with advice, guidance, and suggestions and if you have a project that would benefit from direct integration or merging of Verity network and we can help you with the transition, do not hesitate to write us at firstname.lastname@example.org and we’ll try our best!
Thank you for everything you’ve done, for the love and support you’ve shown and, sorry!