ConsenSys Fortifies its Game Plan

ConsenSys Fortifies its Game Plan

Employees are bracing for ConsenSys 2.0 and it’s all about making the firm more attentive and competitive through better accountability, productivity, and revenue awareness

7:45 pm, at the firm’s Brooklyn base, a letter from CEO Joseph Lubin was disbursed to its employees. BREAKER obtained a copy of the letter which it reviewed, and which Finrazor is now reporting on.

In the letter, Lubin commended the staff for their work and commitment to the emerging technology and its ethos whilst stating that the industry has become very competitive. He declared that what got ConsenSys to where it is now is not going to take them ‘there, wherever ‘there’ is’. So Lubin lays down some important standards the company will adhere to in order to keep up with the times.

The Five Pillars of ConsenSys 2.0

Lubin highlighted the importance of creating concrete value. This can be achieved through the five pillars which are:

  • The developmental progress of Ethereum’s core architecture,
  • The financing of DApps by means of ConsenSys’ venture studio,
  • The selling of its blockchain tools,
  • The selling of its advisory services,
  • The spreading of blockchain education to developers and the populace.

He explained that the five pillars are about focus and increasing rigor in terms of schedules and milestones, that it is nothing new.

Streamlining

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

Joseph Lubin, CEO of ConsenSys

The streamlining of the company will involve scrapping underperforming projects and the evolution of ConsenSys Ventures into a startup accelerator.

Henceforth, projects worked by the company’s teams will be measured in three ways. One, return on investment and revenue. Two, the advantage contributed to the Ethereum ecosystem. And three, social good.

Cost-Effective Measures

Cost-effective measures are also being tackled. BREAKER tells that ConsenSys is tightening its belt. Company business travels are made more economical and efficient with the help of a former American Express employee. Perhaps, according to the magazine, the steps taken are connected to the market crash. During this year’s last quarter, the cryptocurrency market took a deep dive where ETH was seen trading below a hundred dollars.

A Positive Outlook

Lubin stated in his letter that the industry has contracted, high-risk digital assets are correcting, and BTC’s price is impacting altcoins. In spite of this, the CEO believes the industry will experience more growth ahead as blockchain technology penetrates into new sectors.

BREAKER is under the umbrella of SingularDTV where Lubin is among its co-founders.

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