Category Archives: ConsenSys.2.0

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Joe Lubin Sees “Bright Future” for Ethereum: “Sky Not Falling”

Joseph Lubin, Co-Founder of Ethereum and Founder of ConsenSys sees a “very bright” future for Ethereum.

The ConsenSys founder’s comments give some comfort to Ethereum investors after a tumultuous year on the markets, which is only just beginning to show a bullish side in the lead into Christmas. His comments were responding to criticism of a proposed final total of 60% of staff being laid off due to significant ConsenSys restructuring.

The “sky is not falling” said Lubin after staff was notified last month of “a sweeping plan to make ConsenSys more focused and competitive in an increasingly crowded field,” with the adoption of ConsenSys 2.0.

“It’s focusing, it’s adding rigor, it’s adding accountability, and it’s opening ConsenSys up more to the world,” assured Lubin, but with some home truths for investors:

“Excited as we are about ConsenSys 2.0, our first step in this direction has been a difficult one: we are streamlining several parts of the business including ConsenSys Solutions, spokes, and hub services, leading to a 13% reduction of mesh members… Projects will continue to be evaluated with rigor, as the cornerstone of ConsenSys 2.0 is technical excellence, coupled with innovative blockchain business models.”

The wave of negative responses and tweets which followed the announcement of ConsenSys 2.0 prompted an attack from the Ethereum co-founder, arguing:

“What I’ve witnessed among the chattering class the past few weeks in response to ConsenSys 2.0 is a rather typical tune: the alarmed, the eulogistic, and the gleeful.”

Lubin argued that layoffs are not necessarily the outcome of the restructuring of ConsenSys stating that in the last week the company has hired 15, and has other positions available which the company is posting opportunities for, commenting that, “Some within ConsenSys whose roles have been eliminated recently are looking to fill other roles at ConsenSys. This is a rebalancing of our activities and workforce.”

Rather than “the sky falling” Lubin asserts that Ethereum protocol development is accelerating, resulting in “the continued maturation of the token economy, which will see many exciting consumer utility tokens and tokenized security launches in the new year.”

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