Update from the TEN Network Association Board
Notice of the termination of the service agreement with Obscuro Limited (Obscuro Labs), issued under Articles 87 and 88 of Regulation (EU) 2023/1114.
We are writing to inform the TEN community pursuant to Article 88 of Regulation (EU) 2023/1114, that Obscuro Limited (“Obscuro Labs”), the UK-based software company that developed the TEN Protocol intellectual property and who was contracted by the TEN Network Association to provide engineering, operational and marketing services for the TEN Protocol, is undergoing a restructuring process in the United Kingdom. The TEN Network Association Board made the decision to terminate the service agreement with Obscuro Limited on the basis it could no longer provide the required services.
What this means for TEN Protocol
The TEN Network Association is a separate, independent legal entity incorporated in Switzerland. The Association’s purpose is to govern the TEN Protocol network and steward its long-term development in the interests of the community.
The core engineering work on TEN Protocol has been completed. However, Obscuro Limited is the owner of the TEN Protocol intellectual property. The Association remains committed to exploring all available paths to progress the protocol.
Next steps
The Association’s immediate priorities are:
- Completing a full assessment of the current state of the protocol, infrastructure and any ongoing obligations
- Evaluating operational contingencies, including identifying alternative operators
- Maintaining active engagement with relevant stakeholders
We understand this news is disappointing, particularly for those who have supported the TEN Protocol from the early days. Development is code complete and security audits have been completed. We will share updates as they become available.
This information constitutes precise information within the meaning of Article 87(1) of Regulation (EU) 2023/1114 and is considered likely to have a significant effect on the price of TEN-related crypto-assets within the meaning of Article 87(4), as a reasonable holder would be likely to use this information as part of the basis for their investment decisions.
The TEN Network Association will initiate any further steps required under applicable law in connection with this disclosure.
Contact
Questions concerning this notice may be directed to contact@tennetworkassociation.org.
TEN Network Association