Over the years, we have seen the increase in the user base of cryptocurrencies as well as the platforms that can be used for trading. We have also seen new cryptocurrencies coming to the limelight with every passing day, but two significant currencies that always stay on the podium are- Bitcoin and Ethereum.
We all know about the founder of bitcoin, Satoshi Nakamoto, no one knows whether it is a single person or a name used by a group of people, but they like to live a life off the radar.
Whereas on the other hand, the co-founders of the blockchain-based cryptocurrency Ethereum, Vitalik Buterin, and Joseph Lubin have gracefully accepted the fame and credit for the creation of one of the most used cryptocurrency.
Who is Joseph Lubin?
A graduate in electrical engineering and computer science from Princeton, Joseph Lubin is a Canadian entrepreneur who has founded and co-founded many companies including Ethereum and a software production studio, ConsenSys.
With the family background of being a dentist and real estate agent, Joseph decided to choose the stream of engineering and science. But destiny had some other plans for him, and he ended up in the field of finance.
Early days of employment
After getting his degree from Princeton, Joseph started working in the tech department of the robotics lab of Princeton. But later on, he worked with Goldman Sachs and helped them by building software for the firm.
After spending some time in Goldman Sachs, he moved on to work on his own and ran an independent quant hedge fund venture which worked out well for him.
Entering the crypto world
In early 2011, Lubin was introduced to the cryptocurrency-Bitcoin, and he read everything that he could find about it. This is the time when he realized that decentralization could be a game-changer for everything.
Lucky for him, he was introduced to Vitalik Buterin by Di Iorio in the year 2013. Vitalik was a 19-year-old genius who had created a cryptocurrency known as Ethereum. Once Joseph read Ethereum’s white paper, he was on board to work with the team to make this project work.
In 2014, he continued to be a part of the $18 million ICO, and it was also said that he had the biggest buyers share during the initial crowdfunding when prices were lower than a dollar. But soon the team fell apart and went on their paths. It is said that Joseph might have a fortune of more than $5 billion in Ethereum as he has the majority share in the company.
Joseph by this time got so involved in the world of blockchains and decentralization that he went ahead to find his own company called ConsenSys in 2015. It is a decentralized blockchain production studio that would make software for Ethereum blockchain system and to other companies too.
ConsenSys is a growing company which has more than 800 employees, and over 200 job opening is posted on consensys.net. With more than 50 projects, ConsenSys has seen a growth in its system. Joseph and investors fund the whole project.
Initial stages of ConsenSys
Joseph decided to go for a hipster-heavy Brooklyn neighborhood for the company office. The door looks like that of a bar bathroom, and the building is surrounded by graffiti. Joseph didn’t want to follow any corporate hierarchy for his workplace, which explains why there were no managers or reporting structures for the employees.
Its first project was to build an accounting software for transactions of cryptocurrency and a blockchain-based platform that provided digital rights for musicians. Most of these ideas came from the employees, and once the project was approved, he would give a starting fund ranging from $250,000 to $500,000 to help it get off the ground.
A handful of his ventures have gained user base and attention. Balanc3, an accounting software project has 25 customers that pay at least $25,000 per year for the services.
Rough times
But recently it was discovered that the ConsenSys is not doing that well in the market and most of Joseph’s businesses are in the red zone with very little hope of getting him some profits.
Another bummer for him was the massive drop in the prices of Ethereum. From $1390 to barely $100, it leaves him with significant problems in the market and also reducing his fortune to less than $1 billion.
He had various ventures in which he has provided the start off fund. One such venture is Bounties Network, a place for freelance jobs for people. After a year of staying the business, Bounties Network has a team of 7 people and only $250,000 for funding. The offers for jobs range from $171 for an 800-word article to $67 for translating a white paper into Portuguese. It has only generated a revenue of $50,000 so far, which is not looking good for the company.
Various projects funded by ConsenSys are not making any profits for the company, but Joseph believes in providing the opportunity when he thinks the idea is worth giving a shot. The company uses approx $100 million per year for everything they do, but Joseph is still a billionaire. The company may not stay in business for long, but Joseph is not ready to give up yet, and he is trying his best to keep the business afloat.
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