Creator of the late Vine app, Dom Hoffmann, has announced that his successor project, V2, has been indefinitely put on hold. The service was in full-swing development, but the large community and number of potential interested users presented a number of problems. For starters, the size of the interested user base promises to very quickly overwhelm Hoffmann's own ability to fund the project. As if that weren't enough of an issue, the growth of the new project has led to legal troubles, for which the legal fees are beyond Hoffman's own ability to fund. The funding, of course, is not the only issue.
If funding were the only problem with the project, a Kickstarter or Indiegogo campaign could solve things pretty quickly. In order to build and use such funding, Hoffmann would have to reorganize V2 as a company, which would take time and money in and of itself. The problem with that is the fact that Hoffman already runs another company, a messaging and social outfit by the name of Peach. He told the V2 community that Peach's fans and founders would likely not appreciate him splitting his attention between Peach's fledgling growth and the rigors of turning V2 into a company. He did mention that things could progress in the future, but he made no promises as to that.
Vine did not die for lack of a sizeable fanbase, and indeed its format is kept alive by short clips and Vine compilations on platforms like YouTube. Many attempts to create a proper successor have come and gone, but V2 is the only one to date that was actually created by the original founder of the first Vine. It was meant to transcend its predecessor and create a sort of demi-social networking experience built around short posts with or without video, made for sharing quick thoughts and moments at lightning speed. It didn't take long for V2 to gain a following and a proper community to build around it, but as mentioned above, that eventually led to size issues that made it impossible for the project to continue in its current form.