ConsenSys Announces Two New Investments in a Bid to Win Over More Traditional VCs

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ConsenSys Announces Two New Investments in a Bid to Win Over More Traditional VCs

ConsenSys Ventures turns back to its traditional investment methods seeking strategic partners to join their umbrella. The move is aimed at increasing the rate of Ethereum adoption globally.

ConsenSys Announces Two New Investments in a Bid to Win Over More Traditional VCs

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Huobi Set to Axe Part of Its Staff Amid Extended Bear Market

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Huobi Set to Axe Part of Its Staff Amid Extended Bear Market

Following the recent news about Bitmain and ConsenSys, another cryptocurrency giant, Huobi, has announced its plans for reducing the company’s staff.

Huobi Set to Axe Part of Its Staff Amid Extended Bear Market

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Consensys CEO: The Future of Crypto is Very Bright, 2019 Will be a Watershed

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Consensys CEO: The Future of Crypto is Very Bright, 2019 Will be a Watershed

The past month hasn’t been good for Ethereum and it’s co-founders’ company Consensys. With Ethereum going below $90 support line, and mainstream media attacking Consensys on all fronts, Consensyss’ image has already been tarnished.

Consensys CEO: The Future of Crypto is Very Bright, 2019 Will be a Watershed

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Half of Concensys’ Workforce May Soon Leave the Company

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Half of Concensys’ Workforce May Soon Leave the Company

ConsenSys announces plans to shed off at least 50% of their workforce. The bear markets are to blame for this move as the company aims to refocus their operational and management strategies.

Half of Concensys’ Workforce May Soon Leave the Company

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Biggest Ethereum Development Firm, ConsenSys, May Lay Off 50~60% of Firm’s Workforce

According to a report in The Verge, Ethereum network startup incubator ConsenSys might be about to let go of around 50 to 60 percent of its staff. The publication spoke to undisclosed insiders familiar with the company who painted a dire picture of its current financial standing.
The reports surface just weeks after ConsenSys laid off 13 percent of its workers as part of a restructure from an incubation unit for Ethereum startups to a more traditional venture investment firm, known as ConsenSys 2.0. Such layoffs are becoming the norm as blockchain and crypto startups are forced to adjust to a more thrifty business model in the wake of the 2018 bear market.
Trouble at Ethereum Incubator: Could 720 ConsenSys Employees be Laid Off?
What a difference a year makes. This time in 2017, ConsenSys was splashing out on transatlantic business class flights on the day of travel. Just 12 months later and it appears the Ethereum startup incubation firm could about to lose huge portions of its workforce.
The incubation wing of ConsenSys, ConsenSys Labs, houses various dApp development startups. As reported by The Verge, these are referred to as “spokes” and there are about 36 of them according to an email cited by the publication.
According to an anonymous insider at ConsenSys, the number of employees at each spoke ranges from five to 50. The confidential source says that many spokes could be spun out into independent entities giving them reason to believe that as much as 60 percent of the 1,200 strong workforce could be about to get the chop.
ConsenSys did respond to requests for comment from the publication. However, it would neither confirm or deny that layoffs were forthcoming. The company representative instead stated that each spoke was being contacted to determine whether it would continue to work closely with the revamped ConsenSys 2.0 or would be spun out into its own entity.
According to a source in the know, most of the spokes that are not focused on “core Ethereum tools” would be spun out in the coming weeks and months. Only those startups working on developer-facing products for dApp building would remain under the revamped structure. These include Infura, Metamask, PegaSys, Alethio, Kaleido, and Truffle.
Second Layoff in As Many Months?
Just last month, ConsenSys let go of 13 percent of its workers. This was part of the restructuring to ConsenSys 2.0 announced by the company’s founder, Joe Lubin.
An unnamed source from ConsenSys spoke of the recent round of layoffs:
“It was so shady. They were firing people they had hired two weeks beforehand. They were firing people who were pregnant. Whose wives were pregnant.”
If what the sources reported by The Verge say is true, many more individuals could be about to depart from what has become the largest conglomerate of Ethereum startups.
This is a trend we are starting to see more of in the blockchain and cryptocurrency industry as the true impact of the ongoing bear market makes itself known. Steemit, for example, recently let go of 70 percent of its workers. Likewise, Ethereum-based chat application Status is cutting its staff by a quarter.
Related Reading: Analyst: Ethereum Constantinople Will Push Crypto Miners “Out Of Business”
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News Startup Civil to Re-Launch ICO and Debut Two New Products Early in 2019

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News Startup Civil to Re-Launch ICO and Debut Two New Products Early in 2019

Despite the recent failure, a community-owned journalism network based on transparency and trust, Civil, will take another ICO chance in February.

News Startup Civil to Re-Launch ICO and Debut Two New Products Early in 2019

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LinkedIn Report Names “Blockchain Developer” the Top Emerging Job of 2018

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LinkedIn Report Names “Blockchain Developer” the Top Emerging Job of 2018

LinkedIn, a social network for finding business contacts and job opportunities, has published its annual Economic Graph, where it listed top-5 emerging jobs that develop at the quickest pace among the others.

LinkedIn Report Names “Blockchain Developer” the Top Emerging Job of 2018

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The Crypto Markets May be in a Rout, But the Blockchain Job Market is in Full Swing

Although the crypto markets are caught in a persisting bear market, blockchain jobs are in a raging bull market, with blockchain developer job growth topping this year’s LinkedIn Emerging Jobs Report.
The report, which was released by LinkedIn on December 13th, analyzes the fastest growing jobs in the US, and notes that the blockchain industry was the fastest growing job market in 2018.
Crypto Crashed, But Blockchain Still Thriving 
Although the cryptocurrency markets have faltered throughout 2018 and are currently sitting at their lowest price levels since mid-2017, the blockchain development industry is thriving.
The LinkedIn report notes that in the United States, blockchain developer jobs saw 33x growth in 2018, significantly more than the second fastest growing job of machine learning engineers, which grew by 12x throughout the year.
The report notes that within the blockchain development sector, the most widely sought-after skills are knowledge and experience with Solidity (smart contracts), blockchain technology, Ethereum, cryptocurrency, and Node.js.
Within the market, most of the demand for workers with skills and a knowledge base in the aforementioned technologies stemmed from three main companies, including IBM, ConsenSys, and Chainyard, and three main cities, including San Francisco, New York City, and Atlanta.
Although the demand for blockchain developers is incredibly high, the crypto rout has undeniably stagnated this growth, as many companies in the blockchain sector have been impacted by the market crash.
ConsenSys, who LinkedIn notes as being one of the biggest blockchain employers, recently underwent a company restructuring that resulted in 13% of the company’s staff being cut.
The restructuring, which has been dubbed as “ConsenSys 2.0” by the company’s leaders, will result in more rigorous milestones and will lead to increased focus on the projects with the most long-term potential, while the more experimental and risky projects will be cut.
Blockchain Industry Not Going Anywhere
Although the blockchain industry may be starting to feel some pressure resulting from the cryptocurrency market crash, it still has a significant amount of growth ahead of it.
Recently, MouseBelt, a blockchain and ICO accelerator service, funded UCLA’s first accredited blockchain engineering course, which will start in January of 2019. The course will be for undergraduate students with an interest in computer engineering and will be considered by the university as a 4-credit special topics course.
In the past, students have had access to blockchain and cryptocurrency courses through the Anderson School of Management, but this is the first course that is actually being offered by UCLA to undergraduate students.
Although the cryptocurrency market’s current situation looks dire, the growth in the blockchain job market and the advent of new blockchain-centric courses from top universities signals that development in DLT tech, which is inexorably tied to crypto, continues pushing ahead and that the best is still yet to come.
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Crypto Bear Market Has Even Led $15 Billion Bitmain to Lay Off Employees

The ongoing bear market has begun to take its toll on a number of businesses, as many seek to close up operations, reduce staff, or make other changes that impact their ability to stay afloat. The latest cryptocurrency firm to feel pressure due to continued price decline, is the $15 billion-valued mining giant Bitmain.
Bitmain Closes Israeli Dev Center Due to Crypto “Shake Up”
After a mere two years in operation, Bitmain will be shutting down its development center in Ra’anana, Israel, citing continued turmoil and uncertainty in the cryptocurrency market.
“The crypto market has undergone a shake-up in the past few months, which has forced Bitmain to examine its various activities around the globe and to refocus its business in accordance with the current situation,” said Bitmain VP International Sales and Marketing Gadi Glikberg who also serves as the Branch Manager at Bitmain’s Israeli development center.
Related Reading | Bitmain Restructures Leadership Board Positions Ahead of IPO
According to Globes Israel, the Ra’anana office has 23 employees who will be laid off in the process. Glikberg himself is also leaving the company in the wake of the closure.
Back in September, before Bitcoin’s price broke through the critical support floor of $6,000 and plummeted yet another 40% from previous 2018 lows, Glikberg appeared unfazed, suggesting that the “market will find a way to perfect itself” when discussing the influence falling prices had on sales of Bitmain’s Antminer ASIC miners. In the same interview, Glikberg revealed that he had aimed to expand his team to up to 30 employees before the year’s end and was anticipating growth into 2019. However, the tides have turned and many business have been forced to either shut down, or alter their business operations significantly to remain competitive in the current market climate.
ConsenSys and Coinbase: Other Crypto Giants Struggling to Survive
It’s not just Bitamin that is suffering amidst the current downtrend in cryptocurrencies. This past week, blockchain innovation firm ConsenSys laid off over 13% of its 1,200 employees in a major restructuring the company is calling ConsenSys 2.0. The company’s founder Joseph Lubin, who also helped co-found Ethereum, said the the market was extremely “competitive” and the company would need to “retain, and in some cases regain, the lean and gritty startup mindset that made us who we are.”
Related Reading | ConsenSys CEO is Planning Company Restructure Following Bear Market
Coinbase, who generated a whopping $1 billion in revenue during 2017’s bull market, also laid off nearly 3% of its workforce this past October. It’s especially surprising for Coinbase to be dropping employees as the firm’s CEO Brian Armstrong has said that bear markets are a time to “build a strong foundation so we can thrive in the next growth cycle.” The company was also recently valued at $8 billion after a successful $500 million round of investment.

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Crypto Jobs Get Squeezed as Markets Continue to Free-fall

Crypto traders are not the only ones to suffer when prices plummet and markets crash. The wave of startups that emerged over the past year or so to ride the crypto train has also started to feel the pinch and downsize, or close up altogether.
Crypto Startups Feeling the Pinch
As the crypto winter intensifies, the number of companies forced to lay off employees is growing. The impact has been so significant that even Bloomberg ran a story last week on the demise of a number of crypto startups. Companies that have raised funding in cryptocurrency and have been using it to pay for staff can no longer do so as the prices are now well below what they were when they started.
The Ethereum Classic developer group, ETCDEV, has been one of the victims when it announced its closure as reported by NewsBTC last week. A group executive cited financial issues as the root cause of the closure which comes as no surprise in the current climate.
Other crypto firms such as Steemit and Spankchain have also been forced to downsize with losses of up to 70% of their employees. One of the biggest names in the ecosystem, ConsenSys, has also felt the squeeze with the loss around 13% of its estimated 1,200 employees. A press release last week labeled the workforce culling as a new chapter in the development of the organization, 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,” it added.
Since the company deals primarily with Ethereum, downsizing comes as no surprise considering that the price of ETH has downsized itself by 93% since its all-time high.
The explosion of new crypto media outlets witnessed over the past year will also inevitably contract as the smaller ones go under because can no longer afford to pay for writers and editors due to diminishing ad revenue from crypto projects. Like an episode from a nature documentary, only the fittest will survive the crypto winter.
Hope is not all lost, however, and the crypto community is pulling together in its own way. Twitter, being the social media of choice for crypto aficionados, has been put to use by some members to post lists of crypto companies that are still hiring;

Companies that are hiring:– @ZeppelinOrg – @golemproject – @AragonProject – @neufundorg – @gnosisPM – @Chainzillaio – @web3foundation – @ParityTech – @BeaxyExchange We’re putting up a list for the people downsized. Are you hiring? A lot of talent is on the loose! DM me!
— María Paula (@MPtherealMVP) December 7, 2018

Support for the growing list of unemployed crypto specialists in this still nascent industry is growing. In what appears to be a case of extended hibernation rather than capitulation, those that have recently lost crypto jobs will need to hunker down for the winter and wait for warmer times.
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Ethereum Classic Development Team Freezes in the Crypto Winter

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Ethereum Classic Development Team Freezes in the Crypto Winter

Ethereum Classic Development Team (ETCDEV) becomes the next victim to freeze in the Crypto winter. The CTO confirmed that dwindling resources resulted in the shutdown.

Ethereum Classic Development Team Freezes in the Crypto Winter

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ConsenSys CEO is Planning Company Restructure Following Bear Market

The continued bear market is taking its toll on cryptocurrency investors, miners, and businesses alike, and has prompted ConsenSys to consider restructuring its business plans so it can adapt to the new market environment and continue to thrive.
ConsenSys CEO Joseph Lubin Alerts Staff to Major Restructure
In response to the ongoing “crypto winter” that has seen cryptocurrencies like Bitcoin and Ethereum plummet as much as 90% from their all-time high prices, and in recent weeks nosedive an additional 50% as the market participants capitulate, blockchain technology solutions provider ConsenSys will be altering their business strategy to ensure its long-term survival.
In a note to ConsenSys employees from founder Joseph Lubin, who also helped co-found Ethereum alongside Vitalik Buterin and Gavin Wood, told his staff the company will be reorganizing, and entering a new phase of the company’s strategy called ConsenSys 2.0, reports Forbes.
Related Reading: Bear Market Strikes Again: Ethereum Classic Dev Shuts Down
Lubin explained that the company now finds itself “occupying a very competitive universe,” and “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.
ConsenSys 2.0 Explained
While employees first learned of the changes this past Friday in a company-wide letter, the new strategy is already being rolled out.
ConsenSys 2.0 will see the company drop underperforming projects and the firm’s investment branch will now function more similarly to a traditional startup accelerator that involves strict deadlines and tougher 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 center around five “pillars,” including 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 profitability during the difficult market climate.
Related Reading: Ethereum Price Analysis: ETH/USD Could Revisit $100
Despite the ongoing downtrend, cryptocurrencies like Ethereum have been suffering through for much of 2018, Lubin is undeterred in his beliefs that blockchain and Ethereum will ultimately become a 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 elaborated. “Now we need a streamlined rocket ship to get us there, since the actual proof, ultimately, is in the landing,” he said.
To put the market troubles into perspective, Ethereum is currently trading at $102 at the time of this writing, down 92% from its all-time high of $1,417.38 back in January of this year. Lubin attributes this to “riskier assets around the world” correcting and Bitcoin’s price “affecting all the different tokens.”
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ConsenSys and Amazon to Launch Ethereum Marketplace for Enterprise Blockchain

Kaleido, a subsidiary of ConsenSys, is launching a marketplace of plug-and-play services to help blockchain projects from proof-of-concept to live production business networks.
The firm, which announced the product at the Web Summit in Lisbon, is working with Amazon Web Services to provide the enterprise blockchain platform.
ConsenSys’ Kaleido Launches Marketplace for Plug-and-Play Enterprise Blockchain Solutions
According to the company, early adopters of the Kaleido Marketplace have eliminated 80 percent of the custom code required to build their blockchain project, saving time and energy to focus on what comes next.
The full-stack platform includes plug-and-play tools from Kaleido, Amazon Web Services, and third-party developers. A survey conducted by PwC in August 2018 found that 84 percent of executives said their companies were “actively involved” with distributed ledger technology.
However, due to a shortage of skills and talent across the industry, companies struggle to complete their blockchain solutions to get them up and running. The marketplace includes native AWS integrations, HD wallets for privacy and ID registries for organizational identity.
The platform also offers blockchain tools and services for smart contract oracles, supply chain management, and real-time legal contracts. Kaleido’s Blockchain Business Cloud has helped companies create more than a thousand blockchain networks, Sophia Lopez, chief operations officer and co-founder, claims.
“We’ve seen successful patterns of deployment as enterprise networks go into production and we’ve baked these best practices into the Kaleido Marketplace services, to help radically simplify the adoption of blockchain and eliminate some of the specialized blockchain expertise needed.”
Steve Cerveny, Kaleido co-founder and CEO, explained there is much more to an enterprise blockchain project than the distributed ledger itself. The platform, built in cooperation with Amazon Web Services and ConsenSys, aims to help firms adopt blockchain in their operations.
“The reality is only about 10 percent of an enterprise blockchain project is the blockchain itself. There are many other application, data and infrastructure components required to go into production. I’m very excited that we have a whole cloud of blockchain technologies pre-integrated for our clients to use. The Kaleido Marketplace is a one stop shop for all things enterprise blockchain.”
The announcement, made at the Web Summit in Lisbon, shows how ConsenSys is at the forefront of enterprise blockchain solutions.
The firm has recently made the news for partnering with ING Bank, Citigroup, MUFG Bank, Societe Generale, BNP Paribas, Credit Agricole, Koch Supply & Trading and Shell, to create an ethereum-based platform via a new firm called Komgo. Souleïma Baddi, its CEO, said the company uses the marketplace to select the best protocols in development and use existing building blocks for an optimized solution.
Related Reading: Ethereum Price Analysis: Regulation is Important for Joseph Lubin, the CEO of ConsenSys
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Ethereum [ETH] co-founder’s ConsesSys launches Rimble Design System to foster adoption of Ethereum

Joseph Lubin, the co-founder of Ethereum and the founder of ConsenSys, a blockchain software development company, tweeted the release of Rimble Design System [RDS]. RDS, as the founder claims, is a package of adaptable components and tools to help make the development of decentralized apps [dApps] on Ethereum more user-friendly.
The design team at ConsenSys developed Rimble Design System as an open-source project that provides dApp designers and developers adaptable components and design standards to create common dApp UX patterns, validated through user research, and built for developers.
The launch was tweeted by the founder, Joseph Lubin:
Source: Twitter
The design team at ConsenSys agrees that the development of dApps requires users/developers to learn new patterns, which are a hurdle for both designers and front-end developers.
Amanda Gutterman, the Cheif Marketing Officer at ConsenSys, tweeted recently that the ConsenSys Grant Program will be awarding $500,000 to projects in the Ethereum space which focus on infrastructure, research, interoperability, usability, and developer tools. This was announced at Devcon 4 by Joseph Lubin.
ConsenSys aims to create a new internet because “the current internet is broken”. In a Medium post, it described how digital information on the internet can be stolen without the creators getting the required credits. It plans to eradicate this model of the internet and create a new one. It stated:
“It’s time to change this model; to reward those who enrich our digital worlds. It’s time to use ethical collaboration to foster innovation and growth, with infrastructure built to support just that. It’s time to decentralize the Internet, to move to version three.”
In its effort to help decentralize the world and help companies, ConsenSys oversees the project of a startup called Kaleido. The startup aims to help enterprises implement blockchain technology and is collaborating with Amazon Web Services to do just that.
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Japan’s NRI Presents Its New Blockchain Security Tool, Becomes ConsenSys‘ Development Partner

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Japan’s NRI Presents Its New Blockchain Security Tool, Becomes ConsenSys‘ Development Partner

Nomura Research Institute’s cybersecurity subsidiary revealed its new security tool called “Blockchain Security Monitoring Service” and confirmed its partnership with ConsenSys.

Japan’s NRI Presents Its New Blockchain Security Tool, Becomes ConsenSys‘ Development Partner

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