Joseph Lubin Announces New ConsenSys Strategy
ConsenSys CEO and Ethereum co-founder, Joseph Lubin, sent out a letter stating that the firm is entering a new phase known as Consensys 2.0, Breaker reports.
Consensys will be marked by greater efficiency, accountability, and attention to revenue. Underperforming projects will get the axe, and the arm of ConsenSys that oversees venture investment will become more like a traditional startup accelerator.
The projects will be judged on three metrics: revenue, or return on investment, which could mean projected future value rather than cash value today; benefit to the Ethereum ecosystem (as with protocol development); and social good, for which the means of assessment are still being determined.
The letter states that new ConsenSys will be built around five “pillars”. General “culture of excellence and accountability” is out off question, with an emphasis on creating tangible value, they include the ongoing development of core Ethereum infrastructure; the funding of decentralized apps through the company’s venture studio; the selling of blockchain solutions, including advisory services, to enterprise clients; and the educating of both developers and the general public in blockchain technology.
Lubin also hopes that despise the crypto winter, the market will come back to life and crypto has exponential growth ahead.
ConsenSys has taken the first steps already by signing a Memorandum of Understanding (MoU) with South Korean technological holding SK Group on December 4, CoinDesk reports. SK Holdings C&C is the information technology solutions arm of the SK Group, one of the the largest conglomerates in South Korea. They aim to create and develop an “enterprise blockchain development hub.”It is noteworthy that in November, Joseph Lubin announced the launch of the ConsenSys Grants program as an effort to encourage the growth of the Ethereum infrastructure layer with bounties and grants for open source projects. It’s a $500,000 USD fund that will be dispersed in amounts of $10,000 to $25,0000 via Gitcoin.