ConsenSys Unveils New Strategy For Its Future
The working studio ConsenSys, announced that it has entered a new phase that is called ConsenSys 2.0. The main intention behind it is to provide greater efficiency, accountability and be focused on revenue. The information was recently reported by Breaker.
Joseph Lubin, the founder and CEO of ConsenSys unveiled the plans that the company has for the future and 2019. Apparently, underperforming projects will get the axe and they will also be working more like a traditional startup accelerator.
Lubin wrote in this letter:
“We must retain, and in some cases regain, the lean and gritty startup mindset that made us who we are. We now find ourselves occupying a very competitive universe… We must recognize that what got us here will probably not get us there, wherever ‘there’ is.”
ConsenSys will not only be eliminating underperforming projects, but it will also place a renewed emphasis on the creation of value by different initiatives.
During an interview that Lubin gave a few days ago to Breaker, he admitted that there are several individual projects that remain agile within ConsenSys. However, he explained that it is necessary for the company to have a better oversight and stricter standards for performance.
He went on saying that with ConsenSys they started an experiment as they’ve done with Bitcoin (BTC) and Ethereum (ETH). Lubin is also the co-founder of the third largest virtual currency in the market, Ethereum. Lubin explained that they will be judging projects taking into account three different metrics: revenue, benefit to the Ethereum ecosystem, and social good.
Lubin mentioned that they aim to become more rigorous in terms of milestones and timetables. And this means that they would dissolve projects if they consider that their earlier assumptions were incorrect. There will also be five pillars that will be the base of the future of ConsenSys with the intention of creating tangible value on top of Ethereum.
They will also be funding decentralized applications through the company’s venture studio, selling blockchain solutions to different clients and educating developers and the general public about virtual currencies and blockchain technology.
As Lubin explains, these pillars are currently being implemented. However, the goal is to increase accountability and open ConsenSys up more to the world, to outside funding.
At the same time, it seems that ConsenSys is also tightening its belts. There is a small team working in order to make travel cheaper and more efficient within the company. It is clear that ConsenSys must be present in different conferences and countries, and this is something that can be expensive for a startup.
In charge of making trips more efficient will be an employee that worked in the past in the travel division at American Express. Lubin mentioned to employees that they must retain and regain the startup mindset that brought the company to where it is now.
“Our industry has contracted in interesting ways,” commented Lubin. “Riskier assets around the world are correcting, and price overhang in Bitcoin is affecting all the different tokens… Lots of ICOs are selling tokens.”
Although we are in a bear market, Lubin believes that virtual currencies have exponential growth ahead. As blockchain technology expands to new sectors of the economy, the market and adoption continue to grow as well.