GIN Announces Shutdown of Masternode Hosting Platform
The Co-Founder of GIN and CEO of the GIN platform, Emil Muthu, has announced today (July 26, 2019) that all masternode hosting services on the GIN platform will be suspended from Aug 01, 2019.
Sent via email to all registered users and posted simultaneously in their discord channel, the announcement was released at approximately 5pm UTC.
Citing business line profitability, the race to the bottom amongst competitors charging rock-bottom prices for their hosting services coupled with the platforms own costs of running a scaled-up infrastructure to allow server rather than cloud based hosting it was necessary for services to be suspend to avoid defaulting on their debtors.
we have looked for financing for the platform during the last 12 months. Right now we are passed that time as we are coughing cash from our personal pockets each day we keep the platform up. If we do not close it on the 1st we will need to default on our debtors as we cannot hold it any more
The announcement also confirms that GINcoin and the GEA Protocol will be the focus of the teams remaining activities related to GIN. Earlier this week CTO, Dragos Badea released a showcase for running geographically distributed tasks on the GIN Freighter Fleet.
Whether you have made or lost or will sell or hold your GINCoin; we should all still thank the entire team nevertheless for their efforts and hard work in this space over the last 18 months to support their users, innovate, legitimise and accept the need to be a public, accountable and legal entity. It goes without saying, they truly have been pioneers. Please raise a glass of gin and toast everyone at Team GIN, we wish them well.