Joseph Lubin, the co-founder of Ethereum and one of the crypto titans, accurately called the bottom of the 2018 bear market. Amidst the mass layoffs and restructuring of ConsenSys, and contrary to the “epic amount of fear, uncertainty, and doubt” in the market, Lubin asserted the industry has a “very bright” and exciting future.
Industrialists of the Blockchain Age
Joseph Lubin is one of the juggernauts of the crypto-sphere. Along with Vitalik Buterin and a handful of other co-founders, in 2014 Joseph Lubin was partially responsible for creating the second-largest blockchain by market capitalization, Ethereum. Ethereum was initially offered to the public for less than $1.00 per token and reached highs of $1,420 in January of 2018.
In early 2015, Lubin went off to head ConsenSys, a software technology company focused on building applications around the Ethereum blockchain. During the peak of the market, Forbes named Joseph Lubin the second-richest person in crypto after Ripple co-founder Chris Larsen, estimating his net worth between one and five billion.
Meanwhile, at the peak of the euphoria, Lubin’s ConsenSys became a sprawling and unyieldly organization of over 1,200 employees—and growing—with little corporate structure or hierarchy. As detailed by Forbes, in the spirit of decentralization, the company had few managers and limited reporting structures. Projects that gained Lubin’s stamp of approval would receive a reported $250,000 to $500,000 to launch with limited expectations of revenue.
All of this was possible because of Joseph Lubin’s fortune in ether, who is rumored to be the largest holder of the token.
The growth wouldn’t last. Estimates placed the organization’s burn rate at over $100 million. In conjunction with crashing ether prices over the course of 2018, ConsenSys was compelled to streamline its operations.
In December 2018, Joseph Lubin announced a new phase of the organization: ConsenSys 2.0, a new era of…