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Start-up Blockchain ConsenSys, an Ethereum development study that helps companies build dApp on the Ethereum blockchain, is undergoing a restructuring to "streamline" its operations and to cut low-performing projects.
Joseph Lubin, founder of ConsenSys and co-founder of Ethereum, made his comments in a business letter shared with the news magazine BREAKER.
The CEO of ConsenSys describes an "important change of strategy", with the company moving on to a new chapter called ConsenSys 2.0, a phase of the development of the startup that will see that it will pay more attention to efficiency. , responsibility and revenue.
According to Lubin, the time has come for the company to "recognize what it has achieved [it] Here [being so successful]"They may not be the same things that take them to the next level.
He added:
"We have to maintain, and in some cases regain, the lean and gritty starting mentality that has made us what we are."
ConsenSys has found itself "occupying a very competitive universe", the one that requires that the start of New York shifts attention by eliminating projects considered to be poorly performing and in their place, with a mechanism that supports those projects that they create tangible value.
Saying that the company would be "much more rigorous" when considering the stages and schedules, Lubin noted that in the future ConsenSys will judge the projects using three parameters: the revenue from a project or ROI (return on investment), the its benefit to the Ethereum ecosystem and its social good.
The 2017 cryptography boom partly explains the growth of ConsenSys, which included the workforce of over 1,000 employees in nearly 30 countries.
According to reports, Lubin has a value of about $ 5 billion in cryptographic activities, has financed most of the expansion efforts, but has admitted that the rapid growth has made the company a little cumbersome.
At the moment, Lubin does not see any of these employees lose their jobs. However, he said that future developments could affect their need to reduce their workforce, something that could not be ruled out.
ConsenSys 2.0 will try, among other things, to improve the utility of the company in the cryptography sector by developing the main infrastructure of Ethereum, providing funding to the dApps, selling blockchain solutions and providing blockchain training to the developers and to the general public.
And for this, Lubin said, the Brooklyn-based startup needs "an aerodynamic rocket". He explained the reorganization, saying that ConsenSys 1.0 was all to prove that "the moon existed".
But now, the company needs the spaceship that will take it to the "moon", "since the actual test, ultimately, is in the landing."
Remarkable, however, is the fact that the restructuring of ConsenSys 2.0 does not constitute a pivot or a total renewal. According to Joseph Lubin, it is a matter of concentrating, adding rigor and responsibility and opening the study to the world.
The crypto industry continues to swing from an overwhelming bear market, but Lubin says the sad market performance will be followed by exponential growth.
He also remains optimistic about Ethereum, noting that the dApps platform will soon reach a deep decentralization. ETH is currently trading at $ 112 against the US dollar, a huge decline from its highs of $ 1,400 at the start of the year.
(Source: BREAKER)
Disclaimer: This is not an investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.
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