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Home / Technology / What we know about the ConsenSys Layoffs, as told by a 'fired' employee

What we know about the ConsenSys Layoffs, as told by a 'fired' employee




ConsenSys the blockchain behemoth powering a swath of Ethereum-related software, is letting 13 percent of its staff go in a bid to retain a sense of viability.

: The exponential growth enjoyed by Joseph Lubin's decentralized business experiment can not, and will not, go on forever.

A dubbed the new 13-percent lighter company as "ConsenSys 2.0," presumably an attempt to spin the situation positively.

"Excited as we are about ConsenSys 2.0, our first step in this direction has been a difficult one," the press release read.

Well, one anonymous person claiming to be an ex-employee took to Reddit to

Anyhoo, here's some of the key takeaways:

Life at ConsenSys what 'confusing, sometimes toxic, and empowering'

The big chunk of respondents were talking about living in the walls of one of blockchain's most powerful companies.

toxic, empowering, and like no other professional setting.

Traditional leadership took a backseat to making it more flexible and imaginative ative in their roles.

"Our remote first culture and emphasis on electronic communication could sometimes lead to toxicity, as ego can be emphasized or challenged in strange ways through thesis tools versus face to face communication and work. "

Employees were allowed unlimited vacation (but apparently more workers in the US took less than two weeks). They could also work remotely from anywhere, even afford the power to shape roles themselves.

Other comments explained a lot of ConsenSys' employees are young.

"It was at times debilitating when it came to accountability and internal processes (from expense reporting and onboarding to designing new initiatives ), "They wrote. "How do you keep people accountable in a remote first leaderless (but leader-full) company?

But when asked about morale, considering how ugly this years' bear market has been, they replied: [1

9659002] "I can only see what I have said at ConsenSys, which is myopic at best with regards to morale: currently pretty damn low, but still hopeful and eager to build," they wrote. "Changes in price certainly impacted mood, but never development. Iwas at ConsenSys who had zero ETH or very little – including developers. "

Although pay for ConsenSys devs (and non-devs) reportedly" generous, "this particular employee was not paid in cryptocurrency ,

"Seemed like a lot of tax and regulatory clarity", they said.

The writing was already on the wall

The source was asked if there was any indication their jobs were in jeopardy. They replied a "town hall" meeting had taken place, where they were told in a straightforward, respectful manner that would downsizing and to layoff lay out.

"Prior to that, the writing may have been on the wall following internal

"Joe [Lubin] has repeated that the runway of the organization is long, regardless of the price of the ethers needed to change priorities. "

[…] Leadership has a tremendous opportunity to pay now, at this price, vs [sic] in the future at a higher price, "they added.

In hindsight, they have come to be known. They recapitulated memories of "teams being downsized" in the months prior to this announcement, and a "somewhat strong-armed" restructuring of internal team leaders.

They should be silent in decentralized tech, but …

It should be made clear this ex-employee is not exactly disgruntled.

"The current batch of layoffs only impacts 13 [percent] of people is remarkable," they noted. "That said, not all investments are good ones and some are better than others. Like the larger blockchain ecosystem, a little downsizing and pruning at Consensys from time to time is probably a good thing overall. "

But, it's clear the time spent at ConsenSys left a certain ambiguous mark on this particular ex-employee, despite

"I want to believe in decentralized tech and crypto, [but] [plus] doubt [equals] sanity," they confessed. Crypto et ethereum is a positive trend. "

" Think banks, hedge funds, insurance companies, and governments. Ultimately, tech is just a tool, like a hammer, and a hammer can build or smash it, "one comment continued. "Will this tech be used responsibly by governments like the UAE? Hard Fork has reached out to Consensus for a statement, and will update this piece should we hear back.

Ultimately,

Much akin to Consensys (2.0), the source warned they would be using this as a "moment to break and consider" the next steps .

This news solidifies downsizing as a verifiable blockchain trend. Last week, Hard Fork reported at least three other cryptocurrency-related startups.

Most notable (except ConsenSys) is "decentralized" content sharing platform Steemit, which recently fired 70 percent of its workforce in order to stay alive.

Published December 7, 2018 – 14:43 UTC
                                


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