According to the crypted space, the Blockchain Startup and Ethereum (ETH) development studio in New York, ConsenSys, is restructuring its projects. According to the company, this is part of a startup move to optimize its commercial activities in the cryptocurrant bear market.
The CEO of ConsenSys, who is also the co-founder of Ether, Joseph Lubin, made this announcement in a letter from the company. In his words from the letter:
"We must maintain, or in some cases regain, the gritty and lean startup mentality that has made us what we have become today"As reported by Breaker, Lubin went on to add:
"Now we see ourselves occupy a highly competitive universe, which is why we must recognize that what brought us to this level will not take us there. Change is vital to move forward".
Under the restructuring in a new phase known as ConsenSys 2.0, Lubin reveals that the Brooklyn-based startup will eventually eliminate all underperforming projects from its roster and instill a renewed emphasis on creating tangible value.
While the company does not plan any redundancies at this time, the CEO stated that he would not rule out the possibility of this happening in the future. The company focuses on determining how to create more efficient and cheaper work-related trips in order to reduce costs.
Aerodynamic rocket ship necessary
In the company's newsletter, Lubin told employees:
"In ConsenSys 1.0, we built a laboratory that is instrumented to demonstrate that the moon existed, using complex engineering and creative and mathematical philosophical arguments. Now, we need an aerodynamic rocket, if we want to get there, because the real test, ultimately, is in the landing".
Projects will now be determined using three metrics
The reorganization that must be implemented by ConsenSys means that the projects will be judged on three parameters, including:
- Benefits of the Ethereum ecosystem.
- Revenue or return on investment.
- Social welfare.
Ethereum Price (ETH) today – ETH / USD
These models will now be considered before determining if a project should continue or be discarded. Lubin is still optimistic about the virtual currency industry (despite the recent recession) and ConsenSys, but said that the company must now adapt its processes to become more competitive and adapt to the crowded market in the current framework. . He explained:
"It is focusing, adding rigor and responsibility, as well as opening ConsenSys up to the world."
As of February 2018, ConsenSys has doubled its workforce. The startup now has 1,100 employees and at the same time expands its services in 29 countries. Lubin, whose cryptocurrency assets are worth around $ 1 billion and $ 5 billion, has financed the expansion itself. Although it admits that ConsenSys has become unwieldy following its rapid growth towards the top.
Cryptocurrency is the natural evolution of Fiat
As reported by CCN, Lubin said that the digital currency is basically the "natural evolution" of the legal currency, so even with the current market downturn, the Blockchain and Bitcoin (BTC) initiative are not going to Nowhere. Finally, the CEO believes that Ethereum (ETH) is only a few years away from the "deep decentralization" that will facilitate a catastrophic change in society from the mentality of scarcity to that of abundance. "So you can fasten your seat belt and enjoy the ride as it goes.