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The development study of Ethereum ConsenSys, the startup blockchain in New York, is being restructured as part of a move to streamline its activity in the crypto-bear market. The CEO of ConsenSys Joseph Lubin, the co-founder of Ethereum, made the announcement in a corporate letter.
"We have to maintain, and in some cases regain, the lean and gritty startup mentality that has made us what we are," Lubin wrote in the letter, as reported by Breaker. "Now we find ourselves occupying a very competitive universe … We must recognize that what brought us here probably will not take us there, anywhere & # 39; there is & # 39 ;."
With the reorganization in a new phase called ConsenSys 2.0, Lubin said that the sprawling Brooklyn-based startup will eliminate the less performing projects and place a renewed emphasis on creating tangible value.
While no staff layoff is planned at this time, Lubin said he would not rule it out in the future.
The company is also trying to make work-related trips cheaper and more efficient in order to reduce costs.
We need a simplified rocket ship & # 39;
"In ConsenSys 1.0, we built an instrumented laboratory to demonstrate that the moon existed, using complex engineering, mathematical, and philosophical topics," Lubin told employees in his letter. "Now, we need an aerodynamic rocket ship to take us there, since the actual evidence, ultimately, is on the landing."
Reorganization means that the projects will be judged on three parameters:
- Revenue or return on investment.
- Take advantage of the Ethereum ecosystem.
- Social welfare.
Joseph Lubin is still optimistic about the cryptocurrency industry and ConsenSys itself, but said that the company must adapt to a more competitive and crowded market.
"It's focusing, it adds rigor, it's adding responsibility, and it's opening ConsenSys more to the world," he explained.
Since February 2018, the company has doubled its workforce to more than 1,100 people, expanding in 29 countries. Lubin – whose encryption is worth around $ 1 billion to $ 5 billion – personally personally financed the expansion, but admits that ConsenSys has become a little cumbersome after its rapid growth.
Crypto is "natural evolution" of money
As reported by CCN, Lubin said that cryptocurrency is the "natural evolution" of money, so despite the current market downturn, bitcoin and blockchain are not going anywhere.
Moreover, he believes that Ethereum is only a few years away from a "deep decentralization" that will fuel a cataclysm in society from a "scarcity to a mentality of abundance". Fasten your seat belts.
Check out the exclusive CCN interview with Joseph Lubin here.
Interview: Joseph Lubin, co-founder of Ethereum & ConsenSys https://t.co/4MGvp4jAYa
– CCN (@CryptoCoinsNews) September 15, 2018
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