George Brookfield and Isaac Bosher, two close friends from Brackley in Northamptonshire, co-founded Squid Networks LTD after almost 2 years of careful research and planning.
Our story begins in 2016. We were both initially interested in investing in cryptocurrency and together bought a whole bitcoin for £280. We waited until it rose in value then sold it on for a small profit. Then at the beginning of 2017, we began looking into Ethereum. Again, we bought some and sold it on for a small profit. Things were going well. Whilst we were happy making these investments, it became clear to both of us that our real interests lie with the technological potential of the blockchain and setting up and running our own business. Our focus turned to the potential of building upon Ethereum’s established blockchain. It was at this moment when the idea of Squid Networks was first conceived, although we didn’t quite know it at the time!
As 2017 ran on, we began branching into ICO investment and after making a number of successful investments, and a few awful ones, we began to consider whether we could conduct our own ICO in order to raise funds for our online gaming platform Reef, in an industry we personally knew needed a new breath of life. The reality of the ‘shitcoin’ also dawned on us and we felt we could provide something far more tangible and genuine to the crypto community. The thought trail continued. We then decided to use our proceeds to buy a bitcoin mining machine – and it was a beast! Things started off well but went downhill from there due to the halving of bitcoin blocks. We cut our losses and got out sharpish. Although we didn’t make any money, that mining rig gave us the motivation to launch our own business using the blockchain. We spent the rest of 2017 undertaking extensive research into the online gaming market and the ICO landscape.
We formed the view that there was a huge opportunity for a new and exciting online gaming platform and that the existing market had lost sight of who really mattered, the gamers and the lifeblood of the industry, the game developers. A near monopoly situation existed which we believed was causing the industry to stagnate.
Having identified that an ICO was the best vehicle for us to raise funds, we soon became live to the fact that the large majority of ICO’s that preceded us were scams, full of dodgy schemes and false promises, not to mention the thousands of bitcoin knock-offs. We knew that with the right people around us and enough capital, we could do something different and amazing. As gamers ourselves we could see the problems with the gaming industry and our ever-growing fascination with the potential of the blockchain further fuelled our determination.
The problem we set out to solve was simple: to make gaming more appealing by offering a financial incentive to gamers and make game development more meaningful and rewarding by integrating features into the platform which benefited developers – neither would be possible without the implementation of the blockchain.
Squid Networks LTD. was officially incorporated on the 15th March 2018. We appointed Luke Bosher and Radd Seiger as fellow directors. Luke is an expert in finance and project management and Radd has been one of the country’s leading lawyers and business strategists. We also have four other team members; Matthew Girard, our social media manager, Lieven Geryl, our Lead Content Creator and Callum Nisbett, our Bounty Campaign Manager.
We have taken the business forward in line with our plans. Our market research and feedback from both the gaming and developer communities since going public have only confirmed what we already knew, that we are definitely on to something with Reef. In particular, we have achieved full legal compliance and built a great team working hard towards the launch of our private sale as well as gained support from numerous game developers. In addition, we went to ‘Play Expo London’ in August and gained some insight from other gamers and game developers who shared our views and saw the need for a new service in the market. Most importantly we have fully developed our product idea which you can view here.
We will be launching our private sale at the beginning of Q2 2019 with the pre-sale and public sale following closely thereafter. Once the first sale is complete, we intended to acquire office space which we can use to facilitate the expansion of the team to further develop our platform. This will allow us to continue building up our community across social media until we achieve our goal of becoming a globally recognised platform. To further this cause in the future, expect us to be attending all possible events in both the crypto and gaming space as well as hosting our own events. We also look forward to working with our partners the developers and our gamer community which will ultimately lead us to our end goal of fully developing the Reef platform: the world's first gaming platform that will reward users based off game time alone.