“We want to survive”: Steemit cuts 70% …

“We want to survive”: Steemit cuts 70% of employees

Popular blockchain blogging platform Steemit announced a “restructuring” this Wednesday. The announcement was posted on the blog of Ned Scott, CEO and founder of the project..

“Given the weakness of the cryptocurrency market, the fiat profitability of automated STEEM sales is declining, and the cost of servicing full STEEM nodes is increasing. We had to lay off about 70% of our team members, ”writes Scott. “The remaining team members will focus on reducing the costs associated with maintaining the steemit.com infrastructure and public APIs, and providing the community with information on current events.”.

Scott says they have hosted a meeting with all team members and have identified key priorities to reduce costs in the short term, including replacing steemd plugins, evaluating AWS use cases, DevOps solution, node trimming, blockchain, and more..

“To ensure that we can continue to improve Steem, we first need to take control of costs and ensure economic sustainability. Right now, what I want most is for steemit.com to survive and function further, to continue to pursue our mission of building great communities, ”adds Scott.

He also promised in the coming weeks to show the world “a multitude of assets that will help Steemit realize its mission.” According to Scott, the creation of these assets took several months of work, and their success will be useful both for the project itself and for cryptocurrencies in general..

Cryptocurrency blogger Hasu wonders how a project that mined and sold almost a third of its cryptocurrency emission could find itself in such a position.

It is worth noting that one of the founders of Steemit is Daniel Larimer, who currently holds the post of CTO of Block.one, which develops the EOS blockchain protocol, for the creation of which it raised over $ 4 billion. The popular Twitter commentator WhalePanda has already dubbed the situation in which he fell Steemit, “The Dan Larimer Effect”.

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