Individual project leaders have to take up the effort and focus on the strategic points that keep their projects running, focusing on the team, roadmaps and building out what is necessary to provide more value to the world via the use of the blockchain technology. These project leaders can execute well because they are focusing on the aspects of their projects that matter, the aspects that can take them into a stronger and brighter tomorrow. For projects that have significant ambitions and affect a considerable user base and has significant implications for the world, projects like Ethereum and Bitcoin, which are taking place in an open source setting, a larger community must be built to push the efforts further to its fullest reach.
This is where organizations like ConsenSys play a large role. ConsenSys is a startup that keeps making the news in the crypto community because of the contributions that it is making to the growing crypto ecosystem. The latest move it has completed has been that of collaborating with the European Commission on the matter of research and development. The two organizations will be working together, over the course of two years, on the development of blockchain based projects. Funds more than $400 million will be allocated to make keep develop and grow the projects. The two organizations have been looking into working together for some time now, and they have noted that they were heading into the space early last year. The main reasons for doing so, hinged on the fact that there needs to be further institutional understanding of the blockchain technology.
Working together on this initiative means that the organizations are interested in and are invested in understanding the improvements that the blockchain and distributed ledger technology can bring in the long term. The organizations aren’t merely chasing short-term gains; they are chasing long-term growth and real dividends in how large organizations that capture value can be built on top of this new technology. One of the largest problems in the sector might be the aspect of commitment, many projects may be started, but very few actually receive long-term commitments and to see it through to the end. Having a central player like ConsenSys allows for the right alignment of intellect, labor, capital and human resources, focus and more to reach long-term objectives in the EU as well as worldwide.
The European Commission Comments
Commissioner for the Digital Economy and Society Mariya Gabriel said:
“I see blockchain as a game changer and I want Europe to be at the forefront of its development. We need to establish the right enabling environment – a Digital Single Market for blockchain so that all citizens can benefit, instead of a patchwork of initiatives. The EU Blockchain Observatory and Forum is an important step in that direction.”
The European Commission has been funding blockchain projects through the European Union’s research programmes FP7 and Horizon 2020 since 2013. Up to 2020, it will fund projects that could draw on blockchain technologies for up to €340 million.
ConsenSys is a venture production studio building decentralized applications and various developer and end-user tools for blockchain ecosystems, primarily focused on Ethereum.
The ConsenSys “hub” coordinates, incubates, accelerates and spawns “spoke” ventures through development, resource sharing, acquisitions, investments and the formation of joint ventures. These spokes benefit from foundational components built by ConsenSys that enable new services and business models to be built on the blockchain. In addition to the development of internal projects and consulting work, ConsenSys is interested in the identification, development, and acquisition of talent and projects on an ongoing basis.