{"id":41,"date":"2018-12-04T00:58:17","date_gmt":"2018-12-04T00:58:17","guid":{"rendered":"http:\/\/surfshields.com\/index.php\/2018\/12\/04\/ethereum-giant-consensys-tightens-belt-will-axe-underperforming-projects\/"},"modified":"2018-12-04T00:58:17","modified_gmt":"2018-12-04T00:58:17","slug":"ethereum-giant-consensys-tightens-belt-will-axe-underperforming-projects","status":"publish","type":"post","link":"https:\/\/surfshields.com\/index.php\/2018\/12\/04\/ethereum-giant-consensys-tightens-belt-will-axe-underperforming-projects\/","title":{"rendered":"Ethereum Giant ConsenSys Tightens Belt, Will Axe Underperforming Projects"},"content":{"rendered":"<div readability=\"105.49463807\">\n<div class=\"post-thumbnail\">\n<p><a href=\"https:\/\/www.ccn.com\/ethereum-giant-consensys-tightens-belt-will-axe-underperforming-projects\/\" title=\"Ethereum Giant ConsenSys Tightens Belt, Will Axe Underperforming Projects\"><\/p>\n<p><img width=\"760\" height=\"400\" data-cfsrc=\"https:\/\/248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com\/wp-content\/uploads\/2018\/12\/axe-hatchet-cut-consensys-ethereum-760x400.jpg\" class=\"attachment-large-thumb size-large-thumb wp-post-image\" alt=\"ethereum consensys\"><noscript><img loading=\"lazy\" width=\"760\" height=\"400\" src=\"https:\/\/248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com\/wp-content\/uploads\/2018\/12\/axe-hatchet-cut-consensys-ethereum-760x400.jpg\" class=\"attachment-large-thumb size-large-thumb wp-post-image\" alt=\"ethereum consensys\"><\/noscript> <\/a><\/p>\n<\/div>\n<p>Ethereum development studio ConsenSys, the New York-based blockchain startup, is restructuring as part of a move to streamline its business amid the crypto bear market.\u00a0ConsenSys CEO Joseph Lubin, the co-founder of Ethereum, made the announcement in a company letter.<\/p>\n<p>\u201cWe must retain, and in some cases regain, the lean and gritty startup mindset that made us who we are,\u201d Lubin wrote in the letter, as reported by <a href=\"https:\/\/breakermag.com\/exclusive-consensys-letter-to-staff-details-major-strategy-shift\/\" target=\"_blank\" rel=\"noopener\">Breaker<\/a>. \u201cWe now find ourselves occupying a very competitive universe\u2026We must recognize that what got us here will probably not get us there, wherever \u2018there\u2019 is.\u201d<\/p>\n<p>Under the reorganization into a new phase called\u00a0ConsenSys 2.0, Lubin said the sprawling Brooklyn-based startup will eliminate underperforming projects and place a renewed emphasis on creating tangible value.<\/p>\n<p><iframe loading=\"lazy\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/lYJymzsdXmU?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>While no staff layoffs are planned right now, Lubin said he wouldn\u2019t rule it out in the future.<\/p>\n<p>The company is also figuring out how to make work-related travel cheaper and more efficient in order to cut down on costs.<\/p>\n<h2>\u2018We Need a Streamlined Rocket Ship\u2019<\/h2>\n<p>\u201cIn ConsenSys 1.0, we built a laboratory instrumented to prove the moon existed, using complex engineering and math and creative philosophical arguments,\u201d Lubin told employees in his letter. \u201cNow, we need a streamlined rocket ship to get us there, since the actual proof, ultimately, is in the landing.\u201d<\/p>\n<p>The reorganization means projects will now be judged on three metrics:<\/p>\n<ol>\n<li>Revenue, or return on investment.<\/li>\n<li>Benefit to the Ethereum ecosystem.<\/li>\n<li>Social good.<\/li>\n<\/ol>\n<p>Joseph Lubin is still bullish about the cryptocurrency industry and about\u00a0ConsenSys itself but said the company must adjust to a more competitive, crowded market.<\/p>\n<p>\u201cIt\u2019s focusing, it\u2019s adding rigor, it\u2019s adding accountability, and it\u2019s opening ConsenSys up more to the world,\u201d he explained.<\/p>\n<p>Since February 2018, the company doubled its workforce to <a href=\"https:\/\/www.ccn.com\/interview-joseph-lubin-co-founder-of-ethereum-consensys\/\">more than 1,100 people<\/a>, while expanding into 29 countries. Lubin \u2014 whose crypto net worth reportedly hovers between $1 billion to $5 billion \u2014 personally financed the expansion himself, but admits ConsenSys has become a bit unwieldy after its rapid growth.<\/p>\n<h2>Crypto is \u2018Natural Evolution\u2019 Of Money<\/h2>\n<p>As CCN reported, Lubin said cryptocurrency is the <a href=\"https:\/\/www.ccn.com\/cryptocurrency-is-the-natural-evolution-of-money-ethereum-co-founder-joseph-lubin\/\">\u201cnatural evolution\u201d of money<\/a>, so despite the current market slump, bitcoin and blockchain aren\u2019t going anywhere.<\/p>\n<p>Moreover, he believes that Ethereum is just a few years away from <a href=\"https:\/\/www.ccn.com\/ethereum-is-a-few-years-from-profound-decentralization-but-thats-ok-co-founder-joseph-lubin\/\">\u201cprofound decentralization\u201d<\/a> that\u2019s going to fuel\u00a0a cataclysmic shift in society from a \u201cscarcity to an abundance mindset.\u201d So fasten your seat belts.<\/p>\n<p>Check out CCN\u2019s exclusive interview with Joseph Lubin <a href=\"https:\/\/www.ccn.com\/interview-joseph-lubin-co-founder-of-ethereum-consensys\/\">here<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\" readability=\"6.13953488372\">\n<p lang=\"en\" dir=\"ltr\">Interview: Joseph Lubin, Co-Founder of Ethereum &amp; ConsenSys <a href=\"https:\/\/t.co\/4MGvp4jAYa\">https:\/\/t.co\/4MGvp4jAYa<\/a><\/p>\n<p>\u2014 CCN (@CryptoCoinsNews) <a href=\"https:\/\/twitter.com\/CryptoCoinsNews\/status\/1041089404771753989?ref_src=twsrc%5Etfw\">September 15, 2018<\/a><\/p>\n<\/blockquote>\n<p><em>Featured Image from Shutterstock<\/em><\/p>\n<p><b>Get Exclusive Crypto Analysis by Professional Traders and Investors on Hacked.com. Sign up now and get the first month for free. <a href=\"https:\/\/hacked.com\/continue-reading\/\" target=\"blank\">Click here.<\/a><\/b><\/p>\n<p><center><br \/>\n<b>Advertisement<\/b><br \/>\n<\/center><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>https:\/\/www.ccn.com\/ethereum-giant-consensys-tightens-belt-will-axe-underperforming-projects\/<\/p>\n","protected":false},"author":1,"featured_media":42,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/surfshields.com\/index.php\/wp-json\/wp\/v2\/posts\/41"}],"collection":[{"href":"https:\/\/surfshields.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/surfshields.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/surfshields.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/surfshields.com\/index.php\/wp-json\/wp\/v2\/comments?post=41"}],"version-history":[{"count":0,"href":"https:\/\/surfshields.com\/index.php\/wp-json\/wp\/v2\/posts\/41\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/surfshields.com\/index.php\/wp-json\/wp\/v2\/media\/42"}],"wp:attachment":[{"href":"https:\/\/surfshields.com\/index.php\/wp-json\/wp\/v2\/media?parent=41"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/surfshields.com\/index.php\/wp-json\/wp\/v2\/categories?post=41"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/surfshields.com\/index.php\/wp-json\/wp\/v2\/tags?post=41"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}