ConsenSys Looks to Patch Up Its Spiraling Employee Equity Disbursements

ConsenSys-Looks-to-Patch-Up-Its-Spiraling-Employee-Equity-DisbursementsConsenSys-Looks-to-Patch-Up-Its-Spiraling-Employee-Equity-Disbursements

For a while now, employees of ConsenSys, a New York venture studio based in Brooklyn, have been lamenting the management’ inability to keep their promise. had been promised a portion of the ConsenSys equity, but over a year later, no disbursement has been made.

The discontent had been going on since and, four out of the seven former and current employees of the firm interviewed by CoinDesk felt they were lied to. All the promised made, either verbally or contractually, had taken a year and still, no sign of the company fulfilling them.

But finally, after repeated verbal assurances, Joseph Lubin, the Ethereum co-founder, and the company’s head, is determined to ensure they all receive their rightful ConsenSys shares. The company, according to an anonymous insider, will soon release an official policy addressing employee share options.

It is an issue that had dragged on for a while and left many feeling taken advantage of. And even though slightly over 100 early employees have reportedly received theirs, only a handful of them have successfully sold off their shares.

Generally, it has been a thorny issue, especially because of their inability to sell them. Some of those interviewed even termed equity as not being valuable.

But not everyone in the organization seems comfortable with Lubin promising to fix the crisis. The CEO, who allegedly owns over half of the entire ConsenSys shares and stakes in several successful incubated startups, is believed to be up to no good.

A revealed that “Joe,” as he’s known, is eagerly hunting for potential investors, who include the Saudi Arabia’s Public Investment Fund, to snap up 10% of the ConsenSys equity. This has created a noticeable feeling of suspicion among a few shareholders who already fear that he might dilute the value of employee shares or even swap them for shares in incubated startups.

They believe that he’s probably promising them “spoke equity” on projects that never took off or even have no potential to attract investors. According to them, Lubin could be doing this since the firm’s cap isn’t structured to bring them any value.

CoinDesk had previously tried to explain the genesis of the problems bedeviling most of ConsenSys’ incubations. Most of them can’t attract investors because he fights to maintain majority shareholding. In fact, 3Box is the only one to have been successfully launched, having raised $2.5 million in venture capital.

Not every employee, however, sees a problem in how the organization is run. One gave a more optimistic view of the happenings, saying they get paid on time and often solve issues on bonuses swiftly and amicably.

There’s Problem

Still, it seems ConsenSys has another bigger problem to deal with. Of the seven who spoke to CoinDesk, six were of the opinion that the organization is “highly political.” According to them, there’s rampant unfair distribution as some of their colleagues handle various projects and, in turn, earn bonuses, equity, tokens or opportunities.

Describing the arrangement as “chaos,” one former employee seemingly believe that no clear line of authority exist in the firm. Six others alleged that the executives where to blame as they stole compensation from projects unlawfully. Only one of these dissenters, however, said the vice wasn’t widespread and only targeted a few “short-term” incentives.

But, while the issue of sharing ConsenSys equity has been around for over a year, even the new recruits are among the affected lot. As one of the anonymous group revealed, they too were “misled” while getting recruited.

Three executives have since left over the past few months, a testament to the growing disharmony within the firm’s inner circles as well. Rumors on employees’ frustration, meanwhile, continue to grow louder.

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ConsenSys Looks To Patch Up Its Spiraling Employee Equity Disbursements


Source: cryptoassethome
ConsenSys Looks to Patch Up Its Spiraling Employee Equity Disbursements

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ConsenSys Looks To Patch Up Its Spiraling Employee Equity Disbursements

For a while now, employees of , a York venture studio in Brooklyn, have been lamenting the management’ inability to keep their promise. They had been promised a portion of the ConsenSys equity, but over a year later, no disbursement has been made. The discontent had been going on since and, four […]
: bitcoinexchangeguide
ConsenSys Looks To Patch Up Its Spiraling Employee Equity Disbursements

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ConsenSys May Finally Fix Its ‘Chaotic’ Employee Equity Situation

founder Joseph Lubin is responding to employee complaints about how shares in the venture studio are doled , sources say.
: worldnewsoffice
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ConsenSys May Finally Fix Its ‘Chaotic’ Employee Equity Situation

founder Joseph Lubin is responding to employee complaints about shares in the venture studio are doled out, sources say.
Source: coindesk
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Rob Dawson: PegaSys '" Enterprise-Grade Ethereum Protocol Engineering

We’re joined by Rob Dawson, of Product at PegaSys. PegaSys is the protocol engineering spoke of ConsenSys, and the team building Pantheon, a Java implementation of the Ethereum client. The Pantheon client was built from the ground up as both a mainnet, and consortium chain client. Written in Java with an Apache 2.0 license, it benefits from being easily accessible to enterprises, who predominantly use that language. The PegaSys team has built additional features into the Pantheon client , permissioning, and the ability to deploy on IBFT, a consensus algorithm better suited for consortium networks of up to 40 validators. Working closely with protocol (Geth and Parity), and being a founding member of the Ethereum Enterprise Alliance, PegaSys is also working Ethereum 2.0.

Topics discussed in this episode:

  • Rob’s background as an enterprise Java developer and how he became involved in the blockchain space
  • The of PegaSys in the broader ConsenSys ecosystem
  • The Pantheon client and they chose to build a new Ethereum client
  • The case for Java and why enterprise has a preference for this language
  • Pantheon’s unique features of privacy, permissioning, and performance
  • What is Istanbul BFT and how it differs from Parity POA and Tendermint BFT
  • The types of applications which are better suited for IBFT
  • The Ethereum Enterprise Alliance (EEA) and PegaSys’ work on standards
  • PegaSys’ work on Ethereum 1.x and Ethereum 2.0
  • The team’s recently announced certification program

Links mentioned in this episode:

Sponsors:

  • Trail of Bits: Trust the team at the forefront of blockchain security research
  • Azure: Deploy enterprise-ready consortium blockchain networks that in just a few clicks

Support the show, donating:

This episode is hosted by Sebastien Couture. Show notes and listening options: epicenter.tv/294


Source: letstalkbitcoin
Rob Dawson: PegaSys ‘” Enterprise-Grade Ethereum Protocol Engineering

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ConsenSys Monthly Report — June 2019

ConsenSys Monthly Report — June 2019 submitted by /u/twigwam
[link] [comments]


: ethereum
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ConsenSys Spin-Out 3Box Raises $2.5 Million to Build ID Tools for Dapp Devs

ID startup 3Box is spinning of ethereum incubator with $2.5 million in funding.
: coindesk
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Gitcoin and ConsenSys Labs partner for Beyond Blockchain hackathon

and ConsenSys Labs will host a three-week virtual hackathon called Beyond from June 24–July 10.

The event gives participants the chance to win prizes in Ethereum and ERC-20 tokens posted as bounties on Gitcoin. According to the announcement, the event focuses on bringing blockchain tools and technologies to a wider audience.

Source: Beyond Blockchain

Funding open-source projects

$10,000 in prizes are for grabs in categories media, healthcare, and decentralized finance and more sponsorships and bounties will be announced as the event approaches.

Prizes will be offered as bounties on Gitcoin’s platform using a featured hackathon prize explorer. The virtual hackathon continues efforts by Gitcoin and ConsenSys to develop funding for open-source projects.

Interested , designers, and entrepreneurs can sign up here. Organizations interested in pitching sponsorships related to the event’s theme of increasing the adoption of blockchain tools and technologies can contact [email protected].

Gitcoin has promised to deliver more announcements regarding prizes and bounties in the weeks approaching the hackathon.

Previous events

The announcement comes just over a month after the close of the Ethereal Virtual Hackathon, and Ethereal Summit New York. Held in partnership with Microsoft, the hackathon saw over 600 participants competing for $67,000 in prizes offered by 14 different companies.

Gitcoin offers a crowdfunding platform connecting projects with software developers. The project boasts 20,000 developers who have completed over 4,000 projects for a total of more than $1.5 million using the platform. Gitcoin’s hackathons give participants the opportunity to meet and work with important figures in the open source ecosystem.

ConsenSys Labs is the venture arm of Consensys, supporting projects in the Ethereum ecosystem through seed and pre-seed investments and their accelerator.

The post Gitcoin and ConsenSys Labs partner for Beyond Blockchain hackathon appeared first on CryptoSlate.


Source: cryptoslate
Gitcoin and ConsenSys Labs partner for Beyond Blockchain hackathon

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ConsenSys Ireland developers answering questions on Ethereum Stack Exchange

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Source:
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ConsenSys’ Truffle announces new partnership with Microsoft

Truffle, a subsidiary of Ethereum development studio ConsenSys, entered into a partnership with Microsoft. According to a press release shared with CryptoSlate, Truffle will integrate its tools with Microsoft Azure to bring quality developer experience and DevOps to blockchains.

Truffle announces Microsoft as preferred cloud and services partner

One of the first companies to offer tools for Ethereum developers, Truffle, partnered with Microsoft. The company announced the news in a press release where it said that it will integrate its developer tools to Microsoft’s Azure cloud computing service. The partnership will enable to and manage enterprise blockchain .

Tim Coulter, the founder and CEO of Truffle, said in the release:

“Truffle recognizes the importance of this opportunity to bring our blockchain-native experience to enterprise developers across the world through our partnership with Microsoft.”

New partnership brings new services

One of the first services to be integrated into Azure and Truffle is Truffle Teams, an extension to Microsoft’s Visual Studio Code. According to the press release, the service will enable developers to create and compile smart contracts and test them locally using the Ganache testing environment.

The partnership will also provide a new set of tools that will enable teams to monitor the performance of blockchain apps in real time. Truffle Teams will remain free for open source users, the company said, adding that providing high-quality, enterprise-grade tools to developers will help drive blockchain adoption.

Microsoft announces VeriSol: Ethereum smart contract verification
Related: Microsoft announces VeriSol: Ethereum smart contract verification

According to Forbes, Truffle tools have been available on Microsoft Azure since May 2, and have already been used by thousands of people on the platform. Marc Mercuri, the principal program manager at Azure Blockchain Engineering, said that Microsoft “really believes” in the power of blockchain and that the partnership with Truffle is a natural extension of the company’s foray into blockchain.

This has been a great year for Truffle–so far, the company integrated with Quorum, an open-source enterprise blockchain where JPMorgan launched its JPMCoin, and AxCore, an Axoni blockchain that has been used by the Depository Trust & Clearing Corporation.

The post ConsenSys’ Truffle announces new partnership with Microsoft appeared first on CryptoSlate.


Source: cryptoslate
ConsenSys’ Truffle announces new partnership with Microsoft

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