Editor’s note: This article from the chain: the smell of ChainNews (ID:chainnewscom), the author of this chain smell, the daily planet authorized reprint by Odaily.
Block chain incubator ConsenSys focus on the etheric workshop ecological may have been the world’s largest chain block. The founder of the Joseph Lubin receive chain Wen interview when he said, “ConsenSys was employed in the world within the scope of more than 1000 employees.
This is a block chain era of huge monster, has ridden halo. Lubin is the co-founder of Joseph Ethernet square, once the identity and the Vitalik Buterin chief operating officer together founded the etheric fang. In 2014, Joseph Lubin left the etheric square, create a new project incubator ConsenSys Broolyn in New York, focusing on all kinds of incubator Ethernet to the center of the square on the application. Market rumors that Joseph Lubin may be one of the biggest holders of ETH tokens, its holdings of ETH value has been more than 1 billion U.S. dollars.
Ethernet Fang co-founder, ConsenSys founder Joseph Lubin
Now, with the money in a bear market for encryption, Ethernet token ETH Fang continued to decline, even ConsenSys the world’s largest block chain enterprises, also have to find the way of existence.
The smell of chain information obtained shows that Joseph Lubin is restructuring of ConsenSys, implementation of a new “ConsenSys 2” project. According to the plan, the already very bloated ConsenSys will pay more attention to efficiency, strict assessment of financial indicators, requirements of its investment or incubation enterprises pay attention to the ability to create revenue. In addition, will also make snap reduction performance is not satisfactory and the incubator project, ConsenSys also confirmed the layoffs, is expected to cut 13% employees.
“We must maintain, and to rediscover in certain circumstances, let us entrepreneurial spirit: simple, A new force suddenly rises. determination! “To all the employees in ConsenSys mail in an Joseph Lubin chain smell obtained, he wrote.
The United States time on Friday evening at about 7:45, after the company Broolyn’s headquarters has to work hours, ConsenSys more than 1000 global employees have received this mail.
By mail, Joseph Lubin, into the “2 era” of the ConsenSys will be more focused on business performance, to remain competitive, the blockchain entrepreneurial field in the fierce competition in the end, to make snap reform.
The number of public concern in the background and the smell of the chain back to “1208”, you can get a Joseph Lubin written by ConsenSys internal message text, understand the “ConsenSys 2” project.
Efficiency, efficiency, efficiency!
ConsenSys is a block chain industry a bold attempt. The agency is on the etheric Fang to the center of the incubation, the most famous application developers and promoters, the incubation and promotion of all kinds of etheric Fang DApp covering real estate ownership, identity management, document authentication, commodity trading, legal agreement and other aspects.
“We are in full training, is to promote the new block chain technology to the most basic economic and ecological center in the facility, is essential to the core of the future commercial society. “Joseph Lubin receive chain has said in an interview in San Francisco.
ConsenSys founder Joseph Lubin accepted an interview in San Francisco Wen chain
In addition to its business activities, ConsenSys mode of operation was a very bold attempt, its organizational structure, the mode of value creation and its management method, not only different from the traditional industry enterprises, and emerging Internet companies are completely different.
Joseph Lubin love “wheel” and “spokes” in relation to the relationship between various project structure and its analog ConsenSys overall organization under the hatch. In ConsenSys system, each incubator project is called “spokes”, the main contribution of the project will have certain rights.
In the ideal design, the organization should conduct the sharing of resources, each project, namely “spokes” between cooperation is small and agile team, and the ConsenSys members can choose to work in the 2-5 projects, they can choose their own participation in the work and tasks, abandon the top-down allocation of tasks practice. This is a hierarchical organization structure from the command and control approach based on.
But in fact, ConsenSys has been criticized bloated, despite attempts to employee autonomy, but the efficiency is greatly reduced.
Now, in the ConsenSys internal management has become more refined. According to media reports, the company is taking action to cut public travel funds, and even began to build the hotel price system, thereby reducing the cost.
“We will become more and more strict control in the initial results and schedule. “Joseph Lubin told employees in the mail. He said, a single project inside the ConsenSys is still flexible, but at the same time, the company’s overall become bloated.
He repeatedly stressed the need to more clearly and more stringent performance standards. “We started the inevitable as an experiment. So is the etheric Fang and bitcoin, but up to now, has to pay a certain achievement, made some cool things, create some sparks “, he said,” the 2 version of the ConsenSys “need to be more focused, more rigorous, enhance the sense of responsibility.
In December 1st, the etheric Fang co-founder, ConsenSys founder Joseph Lubin bursts of 20 tweets, detailed block chain technology and to the center of the status quo, give an example of today’s etheric Fang ecological, more powerful than ever.
He has published such as “blockchain in solving practical problems, governments are aware of. Companies are aware of the. “Developing countries are using block chain technology to skip out of the financial system. “The blockchain universe assembled many open-source heroes, we are standing on the shoulders of giants. “The block chain is not only a market, but a movement. “This view.
Block chain is not only a market, but a movement. Joseph Lubin
Income, income, income!
To build an efficient organization at the same time, ConsenSys also reflect on their investment strategies.
One of the reasons Joseph Lubin and founder of the ConsenSys people envy, is the large holdings of ETH. Joseph Lubin has been known as “the world holds ETH tokens of most people”, in 2017 digital asset prices soared, especially when ETH several times the price soaring, the ConsenSys wide net investment strategy reveals a rich style.
ConsenSys investment is never limited to one or two items, but would like to see the blockchain field, especially the etheric Fang ecological situation of ConsenSys investment All flowers bloom together., so many square start-up projects based on ethernet. ConsenSys’s list of “spokes” project has been hatched, far beyond the more than 50, this dozens of projects are in the development stage, but different, yet an explosion of DApp.
Block chain content distribution company Civil ConsenSys incubator is a very representative example.
A $5 million investment in Civil last year by ConsenSys, the plan will be aspiring traditional media content onto the blockchain platform, and had heard a lot of exciting news. The start-up company first announced and has 172 years of history of the The Associated Press reached a cooperation alliance, authorization mechanism will use block chain technology, help the The Associated Press to track the whereabouts and whether its content by illegal plagiarism. In exchange, the The Associated Press will authorize Civil network using its editorial content. Civil had confidently said, looking forward to online news market across the board after the operation, all the online Editorial Department of ecology in The Associated Press can get news authorization. Later, Civil also announced that, in collaboration with the New York Times, Washington Post, Dow Jones, Forbes old traditional media.
In order to Forbes cooperation as an example, Civil is expected to help Forbes publish content on the block chain, but also through the block chain technology test a new interactive way, this experiment will be from the first quarter of next year started, will be released as part of the article choice test in the block chain, if the results were satisfactory, Forbes to realize all content on the chain in the late next year.
In this good news, Civil plans to release the CVL token, hope that through the tokens issued, 8 million to 24 million dollars. ConsenSys’s another token issued specializes in startups Token Foundry helps Civil to send money.
This appears to be a perfect business model. However, a survey report subsequently issued by the Wall Street journal pointed out that Civil try and New York Times, Washington Post and Dow Jones, were not successful, there has been no real progress.
In mid October, Civil issued CVL token failed, a failure to raise the limit distribution plan, only to participate in the token offering investors a refund.
ConsenSys’s token distribution platform Token Foundry recently appeared personnel adjustment, CEO had left, and last week at least fired 7 employees. Token Foundry this is a start-up project Joseph Lubin high hopes and expectations, to provide services for the blockchain project issued tokens, but in the bear market, the business is difficult, the ongoing adjustment of business model.
ConsenSys has been questioned the lack of “hematopoietic ability”. In an interview with the Joseph Lubin chain smell, repeatedly stressed that businesses have been able to bring some income. He said, “ConsenSys’s academic business, namely the training department, has been in the money, they launched the Coursera course, and selling e-books and many other trading products; ConsenSys’s security audit team engaged in intelligent contract audit and a lot of work, because the demand is too high, can only choose to provide customer service; in addition and ConsenSys’s consulting business has earned millions of dollars. “
Now, Joseph Lubin needs to further promote hematopoietic ability of ConsenSys is stronger.
The Joseph Lubin in the mail sent to employees, from now on, all of ConsenSys’s projects will receive three indicators: review revenue, return on investment; the positive effect of the etheric workshop ecological and social effects.
“We will be more rigorous review of the project achievements and schedule,” Joseph Lubin told the media explained, “when we judge before the idea is wrong, the dissolution of these projects. “He has not ruled out layoffs.
According to ConsenSys recently announced the company statement, ConsenSys will lay off 13% employees. The company said, although the ConsenSys2.0 is excited, but the first step in this direction is very difficult, some are part of the company to streamline operations, including ConsenSys solutions, spoke and hub service, which leads to a decrease of 13% members.
In a letter to all employees in the letter, Joseph Lubin pointed out that the new ConsenSys will be around five “pillars” work. In addition to any enterprise will speak generally “through excellence culture and responsibility to achieve sustainable business development”, and emphasizes the creation of tangible value, including the construction of infrastructure and continuation of the etheric Fang Web3.0 as the core, investment and construction can create the value of the enterprise, the enterprise should implement effective, efficient and open business model and so on.
At the same time, ConsenSys’s venture capital sector, will also become more similar to the traditional startup accelerator property department.
This work is already at the beginning of the third quarter. At the beginning of September this year, ConsenSys’s risk investment department announced the establishment of a “super photon accelerator” project, in the global scope of Lin constituency block chain startups to join the incubator. The managing director of Kavita Gupta ConsenSys venture told the chain smell, the accelerator project will integrate the resources of ConsenSys’s invitation, academia and investment professionals, to provide guidance and support for selected enterprises, after 10 weeks, organize the project progress during the exhibition period.
ConsenSys Kavita Gupta managing director of venture capital
“Super photon accelerator” the first phase of the project ended. A total of 16 blocks of chain startups from around the world in the first period, including from Shanghai China start-up company “FastX”. “FastX” is to the center of Plasma exchange protocol based on a development, the founder of Grameen Weng ever mobile application “Parking” le.
To the moon?
With a Toronto accent Joseph Lubin is experiencing a challenge in your career. At the beginning of last year Forbes magazine put him on the world’s second richest man “encryption”, estimated his net worth about $5 billion at the time.
That is based on rumors that Joseph Lubin holds about 5% ~ 10% ETH circulation.
If the rumors truthfully, but this small fortune at the time. The beginning of 2017, the price of ETH but about $10, in the autumn of 2017, a ETH price rose to $300, three months after ETH, a record high of $1389.
However, after the ups and downs in 2018, the price of ETH has fallen to less than $100. The media attitude toward Joseph Lubin has also undergone a great change.
Forbes magazine has just published a lengthy report about Joseph Lubin, the title has become another taste: “crisis in the experimental workshop Ethernet encryption — Joseph Lubin is a mess. How long he could support? “
The article simply pattern on the ConsenSys question: “what will ConsenSys in the” Harvard Business Review “in a case of how to end? Whether it will change the structure of the company, or a disaster? “
This is a good question. Is estimated that only time to answer, Joseph Lubin your answer is not.
As the famous founder of the Vitalik Buterin Joseph Ethernet square, Lubin also grew up in canada. He grew up in Toronto, his father is a dentist, the mother is a retired real estate broker. He graduated from the Princeton University in the United States, the study of electronic engineering and computer science. One of his roommates, former Wall Street star hedge fund manager, currently in the world celebrated encryption tycoon Mike Novogratz.
Galaxy Digital founder Mike Novogratz
In the University, Mike Novogratz love is wrestling, while Joseph Lubin likes to play squash. At present, there is a little similar to two people: Mike Novogratz now also often by the media out of the bear market in the crypto currency a “loser” typical.
Mike Novogratz founded the encryption assets investment bank Galaxy Digital has just announced the three quarter results can only be used to describe the “dismal”. The company’s third quarter loss of $42 million in the first 9 months of this year, the cumulative loss of $176 million. Galaxy Digital’s shares in the performance of the day before the announcement has fallen 20%,
Just as the market changes direction and love in different media, Joseph Lubin experienced too much market volatility.
After graduating from Princeton University, Joseph Lubin as a laboratory for artificial intelligence researchers, also wanted to become a occupation squash player. At the time of his research work is to help the robot to create nerve and visual system. He had married, had a son, later divorced.
In a few years, and in programming including the Wall Street institutions Goldman to work a few years later, he learned and mastered how to use cryptography, encryption software system. He also developed a set of foreign exchange and securities trading software, created a fund company, with remarkable achievements. He experienced several times of financial market turmoil, already no longer worry about this.
Impact of the 2008 financial tsunami let him reflect, plus his early on science fiction, the cypherpunks cultural obsession, let him have the “doomsday” view of the world. He believes that 9/11 is an internal conspiracy. He is considering buying land in Peru or Ecuador, because he expected the financial system will collapse violently. However, he eventually set up a vertical farm in New York City, Brook forest, met a Jamaica model and actress, and in 2011 the investment bitcoin.
The end is Vitalik Buterin Joseph Lubin changed the etheric White Fang’s life, also let him into the etheric Fang establishment and the whole process of the development of.
Ethernet Vitalik Buterin founder Fang
“Our industry is rapidly tightening, high risk assets have suffered price correction in the global scope, bitcoin prices fell to spread all the encrypted currency…… Many ICO projects are selling coins. However, encryption assets have rapid development index in the future. “Joseph Lubin said in a recent interview said.
In a letter sent to employees, Joseph Lubin wrote more impassioned. He said: “in the ConsenSys 1 era, we use complex philosophical debates in mathematics, engineering and creative, to create a laboratory,” Moon “to prove that it is feasible. Now, we are pushing the moon rocket iteratively updated gradually, because the final test is the realization of the moon. “
“Moon” is a phrase with a double meaning.
11 at the beginning of the month, ConsenSys has just acquired in the exploration of natural resources space startups Planetary Resources.
Planetary Resources is a story of the company. The company was founded in 2012 in Seattle, by the “X” Prize Foundation Director Peter Diamondys and former NASA Mars exploration project director Chris Levich Co founded. Including the Google founder Larry Paige in the field, many Internet heavyweights celebrities have carried on the investment. Unfortunately, over the years, the company has little effect, starved of cash, waiting for rescue.
Planetary Resources has the confidence to develop “trillion” space mining resources, but has poor operators, Joseph Lubin and ConsenSys now need to come to the rescue
Joseph Lubin acts as a rescue Planetary Resources knight. Now, his responsibilities include remodeling ConsenSys the world’s largest block chain enterprises, realize both companies landing in the cold.