ConsenSys Shuts India, Philippines Offices, Lays Off Staff

Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term outfit ConsenSys had closed down two of its offices - one in India and the other in the Philippines.

Reported by Coindesk, the organization has also removed its presence in those two locations from its website. The local team was reportedly informed via an email from Joseph Lubin, head of ConsenSys and Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term co-founder.

The shut down also followed the lay-off of all eleven staff working at those offices.

“A total of 11 roles were eliminated in India and the Philippines due to a realignment of the sales and services team in those countries,” Kara Miley, a spokesperson at ConsenSys, confirmed.

An ambitious blockchain project

Founded by Lubin in 2014, ConsenSys is focused on building a growing ecosystem of developers that work on decentralized applications and infrastructure for the Ethereum blockchain. It also advises enterprises and governments globally.

Lubin started the company with his own funds, which he received from Ethereum, but the Brooklyn-based company’s business was massively hit by the bear in the cryptocurrency market, especially when the value of Ether plummeted.

Late last year, the company let go of 13 percent of its employees, which brought down the total headcount in the company to below 1,000.

Though headquartered in New York, the company has a massive international presence with offices all over the globe. After the shut down of the two offices, it still has five more offices in the Asia-Pacific region - Sydney, Singapore, Brisbane, Hong Kong, and Tokyo.

According to Coindesk, the Indian office of the company was engaged in developing a number of decentralized projects in health care, land titling, and other areas while the team based in the Philippines was helping to drive a blockchain-based interbank payment network, dubbed Project i2i, involving UnionBank.

Without any proper update from the company, the fate of these projects is still unclear.