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Steemit, a decentralized sharing system and a distributed application designed to reward creators of content with encryption, will fire many of its staff.
The company has announced the removal of 70% of its workforce, citing "the weakness of the cryptocurrency market, the decrease in returns on our automated STEEM sales and lower costs badociated with the operation of Steem nodes. complete. "
The remaining team members will work to reduce the operating costs of their servers by reducing the size of the Steemit blockchain to further reduce their dependency on Amazon AWS.
In the press release, Ned Scott, founder and CEO of Steemit, wrote:
"We continue to believe that Steem can be by far the most cost-effective blockchain protocol, and that improvements resulting from this new focus will make it much better for application durability." However, in order to continue to improve Steem, we must first control costs to remain economically viable. "
Founded in March 2016, Steemit.com was one of the first decentralized applications to be launched. It allowed the users of the platform to submit content and be paid for their work. The STEEMIT coin (STEEM), which was launched by the platform as a payment method, has also been hit hard, losing about 96% of its value since its historic high. It is currently trading at $ 0.37 per NCC price index.
The volatile idea of decentralized applications has been affected by the current volatility of the cryptography market, and Steem is only the testimony of decentralized applications to feel the effects of this bear market.
Another application that has suffered a lot is Civil, a decentralized application that promised to pay journalists for the work they do. A large number of companies have developed payment programs for their authors based on the Civil platform. However, given the collapse of the cryptocurrency market, these organizations have been forced to withdraw their endorsements.
Selected image of Shutterstock.
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