Unfortunately we are like 90% of startups

8 November 2021 | News

Laurent Lourenço

Unikname Connect successfully audited by Vaadata

Dear customer, Dear partner, Dear user,

It was in 2012 that I discovered Bitcoin and one of its underlying technologies: Blockchain. It took me a few years to understand the societal stakes behind this technology and its major impacts, both on software engineering and on the potentials it opens up.

In 2017, it was during a meet-up organized by the Nantes-based association “Blockchain & Society” on the theme of the Ethereum blockchain, that I made two decisive meetings : those of Damien Lecan and Guillaume Nicolas, the co-founders and speakers of the event.

It was at this very moment that I decided to devote the rest of my life fighting for individual freedoms, promoting decentralized models and systems based on Blockchain.

Space Elephant Startup was born from this meeting in April 2018, with Fabien Tréguer who joined the list of co-founders. Our dream was to change the world by offering a solution allowing the decentralization of digital identity. The Unikname brand was created. A mock-up presented at Money Conf two months later was a success: 83 contacts in a single day and 13 potential customers! That was all we needed to convince ourselves to go into product design. It took us almost a year to propose a functional prototype based on the specialized Unikname Network blockchain: The Unikname Connect decentralized authentication solution and its My Unikname App.

Between the end of 2020 and the beginning of 2021, we spent more than 9 months trying to market the solution (User Test Group, demo, POC and POV with clients, webinar, cold calling, specialized landing page, etc.) in the hope of identifying our market and our business model. As the results were not conclusive enough, we decided to make a strategic shift and present Unikname as an SSI platform for integrating digital identity services within companies, with some killing features like an innovative business model based on Token.

It is then in June 2021 that we decided to launch the sale of the Utility Token of the Blockchain Unikname Network (UNIK) with the objective of financing the commercial and product development dictated by this pivot.

Today, five months after this decision, we managed to attract a large community of users around the Unikname Project, but we fail to find a strategic partner willing to implement the solution. The SSI market is ruthless!

And unfortunately, we haven’t been able to convince enough crypto investment funds to participate: the market is currently looking for very strong ROI B2C solutions that we can’t compete with. It is also with many regrets and frustrations that we had to stop the process of the sale on October 26. We wanted to avoid disappointing a community that would have spent its money on a project that could not have been completed. The immediate consequence of this decision is that our start-up is currently short of financial resources. 

Also, like 90% of startup, I regret to inform you personally that the company is obliged to stop its activity in the coming days because we’re out of cash. It is an immense regret for all the employees and members of the community who have been involved and invested throughout this adventure.

The team will split up in the next coming days, reluctantly, but with the will to individually integrate new projects related to decentralized systems and Blockchain. Each of us remains firmly convinced that Web 3.0 is one of the strategic challenge of the future and the protection of individual freedoms remains at the heart of our expectations.

With this post, I would like to thank you for your loyalty and trust.

Wishing you all the best for the future. 

Laurent Lourenco – President