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Ethereum [ETH] co-founder’s Consensys seeks massive investment from external sources after significant layoffs

Akash Anand

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Ethereum [ETH] co-founder's Consensys seeks massive investment from external sources after significant layoffs
Source: Pixabay

Companies and organizations in the field of cryptocurrencies have been trying hard to go mainstream, despite the significant losses incurred over the bear run that occurred over the past few months. One of the largest crypto-companies making headlines almost regularly is Consensys. According to new reports, the Joseph Lubin-founded organization is seeking $200 million from investors and venture capitalists to complete its pipeline projects.

The Ethereum [ETH]-based company’s objective to complete the investment round comes in the wake of reports which state that Consensys managed to generate only $21 million in revenue, a marked difference from its earlier projections. There have also been rumors of the company asking for a $1 billion valuation, a figure that raised eyebrows amongst the crypto-community, with many rooting for the idea that “Consensys was worth far less”.

The Joseph Lubin-led company’s decision to ask for more funding was taken a few months after the Ethereum co-founder said that employees would be laid off as “the blockchain space had become too competitive and crowded”. The comment was made in December 2018, at the same time when Lubin talked about the different directions that Consensys planned to take with its developments. He said:



“We are creating transitions for some projects that we believe don’t fit as well into the ConsenSys 2.0 vision as they did in ConsenSys 1.0, and we are working on ways to continue to support these projects going forward as we sketch plans for a ConsenSys alumni network. We continue to invest in external projects, and continue to hire for internal projects that remain core to our forward-looking business.”

Consensys is best known for incubating projects like Civil, a media company based on the blockchain that was created to reduce bias and increase journalistic integrity. Joseph Lubin had earlier claimed that Civil would include “game-changing” features like live tie-ups with media houses and permanent archiving of stories so that none are lost to technological or human errors.

Lubin had also grabbed headlines when he stated that the field of blockchain technology and cryptocurrencies was seeing a good spike in interest. Calling the crypto-verse a “new trust infrastructure”, Lubin commented:

“Instead of relying on intermediaries to provide trust, in different situations, in different industries, content creators or service providers or resource providers can directly access and interact with their consumers.”





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Ethereum

Ethereum [ETH] witnessed 6 of 10 of its highest usage days in the past three weeks despite bear attacks

Akash Anand

Published

on

Source: Pixabay

Ethereum [ETH]’s movement on the cryptocurrency charts has been termed ‘slow’ or ‘unresponsive’ by many people involved in the world of digital assets. This subtle attack on the Vitalik Buterin co-founded network has been a prolonged process with many betting on the “death of the Ethereum network” due to the rise of faster and more efficient technologies and blockchain networks.

The second largest cryptocurrency, however, seems to have taken all these comments in stride as new data emerged that 6 of the 10 highest usage days in Ethereum’s history occurred over the past 3 weeks. Data from Etherscan.io showed a rise to a peak as Ethereum recovered well after the downturn in mid-January. The astounding peaks in terms of usage were also made evident when compared to the usage data in December/January 2018, the time period when the cryptocurrency market had reached its all-time high.

Some users in the cryptocurrency space were still critical about the data, with dk_holdnaut, a cryptocurrency enthusiast tweeting:



“I have never seen or even heard about anyone using any Ethereum app. If it was truly decentralized and censorship resistant I believe the people that value these perks the most atm and have the most funds to devote would’ve build a drug market dApp by now.”

However, Ethereum’s competition, EOS and Tron are not far behind. Just recently Tron, the Justin Sun-led cryptocurrency had announced that the TRX mainnet had crossed 2.5 million accounts, beating Ethereum with 8 million blocks. Ethereum, despite having the chronological advantage, had only 7.5 million blocks.

Ethereum had taken another hit when EOS set the record for the most number of cryptocurrency transactions in one day. Daniel Larimer, the CTO of Block.one had tweeted:

“#eos recently set a record of over 70m actions processed in one day. An average of over 810 actions per second. Our team is making great strides in further optimization and scaling. #B1JUNE”





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