Bearish Crypto Market Makes Ethereum’s ConsenSys Eliminate Underperforming Projects

In a new phase called ConsenSys 2.0, ConsenSys will eliminate underperforming projects, emphasizing creating tangible value. 

Photo: ConsenSys / Twitter

Photo: ConsenSys / Twitter

ConsenSys, the New York-based blockchain startup backed by Ethereum, is reorganizing. Such an announcement has been made by ConsenSys CEO and Ethereum co-founder Joseph Lubin.

Lubin wrote:

“We must retain, and in some cases regain, the lean and gritty startup mindset that made us who we are. We now find ourselves occupying a very competitive universe…We must recognize that what got us here will probably not get us there, wherever ‘there’ is.”

The move marks the entrance of the startup to a new phase called ConsenSys 2.0. According to ConsenSys, this phase will be marked by greater efficiency, accountability, and attention to revenue. The company will eliminate underperforming projects, and the emphasis will be on creating tangible value.

Lubin stated:

“In ConsenSys 1.0, we built a laboratory instrumented to prove the moon existed, using complex engineering and math and creative philosophical arguments. Now, we need a streamlined rocket ship to get us there, since the actual proof, ultimately, is in the landing.”

The ConsenSys staff learned about the initiative last Friday. In his letter, Lubin congratulated everyone for contributing to the startup’s development and dedication to “a technology and an ethos that many of us believe will profoundly reshape human society over time.” Further, Lubin said that currently, staff layoffs are not planned, but he wouldn’t rule it out in the future.

In 2017, there was a boom in crypto assets, which partly contributed to the development of ConsenSys. Since February, the company’s workforce has doubled to more than 1,100 people, spread across 29 countries, and much of that growth was funded by Lubin himself. Through it all, ConsenSys has held fast to a unique business model that prizes decentralization, worker autonomy, and project variety over efficiency.

However, changes and improvements should take place continuously for any company to thrive. And ConsenSys has found a way to ginger up its activity.

In a new phase of development, projects will be judged on three metrics: revenue, or return on investment, benefit to the Ethereum ecosystem, and social good, for which the means of assessment are still being determined.

Lubin said:

“We’re going to get a lot more rigorous in terms of milestones and timetables, even if that means dissolving projects if we’ve come to the conclusion that our earlier assumptions were incorrect.”

Commenting on ConsenSys 2.0, he further added:

“It’s focusing, it’s adding rigor, it’s adding accountability, and it’s opening ConsenSys up more to the world.”

ConsenSys to Partner with SK Holdings C&C for Blockchain Hub

The aim of ConsenSys is to develop decentralized software services and applications that operate on the Ethereum  blockchain. Recently, the company partnered with SK Holdings C&C, the information technology solutions unit of South Korea’s SK Group.

As a result of the partnership, the two companies will work on building an enterprise blockchain business model utilizing “smart contracts” among designated entities. The solutions provided will include a logistics blockchain service for shipping firms, a blockchain-based voting solution, and a Ripple-based cryptocurrency launch service platform.

Cryptocurrency as the “Natural Evolution” of Money

ConsenSys founder Joseph Lubin is renowned as an active supporter of cryptos. Just recently, he said cryptocurrency is the “natural evolution” of money. Lubin believes that decentralized tools will help to achieve better dissemination of money with the help of the most advanced technologies and, moreover, thanks to these new networks we will accept higher standards for transferring funds, including new security and speed standards.

Speaking of the current market slump, he said Bitcoin and blockchain aren’t going anywhere, and cryptos have a promising future.

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