Ethereum development is slowing down: Money is running out and laying off
1 min readConsenSys, a development studio focused primarily on Ethereum development, laid off 14% of its employees. It’s about 90 people. Due to the coronavirus crisis, there is no money to keep them in employment.
ConsenSys: A blow to the development of Ethereum
The leading blockchain development company has not escaped the coronavirus crisis. According to the published press release, the reason for the dismissal is the ongoing pandemic, which hit the prosperous company hard. The great uncertainty in the markets forced the company to release 90 people.
The press release includes, inter alia:
… This step was a precondition for the company to continue its mission and reach its long-term commitment to customers who in many cases are directly dependent on our company. All projects continue to work to develop key products and solutions.
The biggest weakness or the biggest attraction?
Ethereum is very prone to financial problems. As early as 2018 due to the rapidly falling prices, money is also running out at the main foundation.
Ethereum is a cryptocurrency that has not been mined forward. The foundation owns only what it has extracted in the first days. However, as it is not difficult to imagine, these stocks are thinning relatively quickly.
On the other hand, Ripple, for example, has faced several charges that XRP has only made as its gold mine.
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