The current bear market is starting to affect crypto investors, miners, and business establishments. This scenario has pushed ConsenSys to think about reorganizing its business plan to be able to adjust to new market demands in order to flourish.
According to a December 5 report by Forbes, ConsenSys founder Joseph Lubin, who also helped co-established Ethereum with Vitalik Buterin and Gavin Wood, has told his employees that the company will be restructuring as it enters a new phase of the firm’s strategy dubbed as ConsenSys 2.0.
Lubin clarifies that his company will now be “occupying a very competitive universe,” at the same time it “must retain, and in some cases regain, the lean and gritty startup mindset that made us who we are.”
The ConsenSys CEO adds by saying:
“We must recognize that what got us here will probably not get us there, wherever ‘there’ is.”
The new strategy is already underway even if employees first heard about it last Friday through a company-wide letter.
With ConsenSys 2.0, the company is expected to forego ill-performing initiatives while its investment division will start acting more like a traditional startup accelerator employing stringent deadlines and stiffer standards.
In an interview with Breaker Mag, Lubin says that the company will be “a lot more rigorous in terms of milestones and timetables,” and will give up projects with less long-term prospect “if we’ve come to the conclusion that our earlier assumptions were incorrect.”
ConsenSys 2.0 will focus on five “pillars,” in addition to improving the Ethereum ecosystem, financing startups through its venture unit, providing businesses with Blockchain solutions, offering education on Blockchain, as well as promoting a “culture of excellence and accountability.” The company will be making itself more accountable to secure profitability in times of market difficulties.
Despite the present bear market, Lubin remains optimistic that Blockchain and Ethereum will be successful. He explains:
“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.”
Putting the market difficulties into perspective, Ethereum is now trading at $102 by the time of writing. This is down 92 percent from January 2018’s record-high of $1,417.38. Lubin blames this to “riskier assets around the world” and Bitcoin’s price “affecting all the different tokens.”