The crypto winter is stronger and is lasting longer than many expected. As such it is causing many involved in the cryptosphere to reassess their operations. No one has been unaffected and investors, miners, and businesses are all having to make changes. ConsenSys is having to restructure its business plans to adapt to the current market and continue to survive.
In response to the ongoing bear market that has seen cryptocurrencies like Bitcoin and Ethereum plummet by as much as 90% from their all-time high prices, ConsenSys will be altering their business strategy to ensure its long-term survival.
Forbes reports that in a note to ConsenSys employees from founder Joseph Lubin, told his staff that the company is reorganizing, and entering a new phase of the company’s strategy which he calls ConsenSys 2.0.
Lubin explained that the company has found itself “occupying a very competitive universe,” and that it “must retain, and in some cases regain, the lean and gritty startup mindset that made us who we are.”
“We must recognize that what got us here will probably not get us there, wherever ‘there’ is,” Lubin added.
The ConsenSys 2.0 strategy will see the company drop its underperforming projects and the firm’s investment branch will now act more like a traditional startup accelerator that demands strict deadlines and tough standards.
The ConsenSys CEO told Breaker Mag that the company will become “a lot more rigorous in terms of milestones and timetables,” and will sacrifice projects with less long-term potential “if we’ve come to the conclusion that our earlier assumptions were incorrect.”
ConsenSys 2.0 will focus on five “pillars,” which includes further developing the Ethereum ecosystem, funding startups through its venture arm, offering businesses blockchain solutions, providing education about blockchain, and instilling a “culture of excellence and accountability.” The firm will hold itself more accountable in the future to ensure its ongoing profitability during these difficult market conditions.
Despite the ongoing downturn, Lubin remains undeterred in his beliefs that blockchain and Ethereum will ultimately be a huge success.
“In ConsenSys 1.0, we built a laboratory instrumented to prove the moon existed, using complex engineering and math and creative philosophical arguments,” Lubin explained. “Now we need a streamlined rocket ship to get us there, since the actual proof, ultimately, is in the landing,” he stated.