Smart contract auditor Hosho lets go 80% of staff

posted 7 months ago
Hosho was founded under the premise it could safely sell smart contract shovels in a tokenized gold rush – in fact, the company’s name itself means “security” in Japanese. The smart contract auditor now claims to have audited more smart contracts than anyone in the world during its 17-month run, then business slowed abruptly and the firm went from 37 employees to seven in a sweep of late-2018 layoffs.

As Sawhney tells it, things started taking a turn for the worse in the market around June or July, when “all of a sudden, we were seeing a lot less smart contracts to audit.” Looking back, the signs that the industry had over-inflated were there. “The level of immaturity in this space in the first half of 2018 was very high,” he said.

Looking back, Sawhney said “I would hire slower, We got a little bit excited about going to the moon in this industry.” He also would have hired broader. He said he let his staff convince him that their whole team needed to be based in the US, which makes for a very expensive team. Today, he’s focused on expanding the technical team in Ukraine. “The point is to keep the company afloat and its reputation strong until the overall industry comes back. Basically it’s a game to stay alive.”
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