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Steemit Lays Off 70% of Workforce, Hard Times Ahead

Discussion in 'General Discussion' started by Arpit, Dec 2, 2018.

  1. Arpit

    Arpit Moderator Premium Member

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    Blockchain-based social media platform Steemit is facing a crisis. CEO Ned Scott revealed on Nov. 27, 2018, that the company has been forced to lay off 70 percent of its workforce amid an atmosphere of falling crypto prices and high operational costs.

    In a post published on the company’s website, Scott revealed that the company is currently undergoing a fundamental reorganization, with a key focus on reducing costs and making the platform more economically sustainable.

    Background on Steemit’s Troubles
    Steemit prides itself as the first open source, decentralized, social media platform running on the Steem blockchain, a platform founded by Ned Scott, and Dan Larimer, creator of BitShares and EOS. Using the STEEM token, it rewards content publishers, curators, and consumers using a first-of-its-kind framework that promised at launch to disrupt the world of online content publishing by giving users control of their data and the monetization of that data.


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