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Steemit, Inc., the company behind the open source steemit.com, a decentralized application on the Steem blockchain, has laid off 70% of its staff in the current crypto-bear market.
It looks like Steemit, Inc. is about to start up and has laid off 70% of its staff. How is it even possible when they have automatically extracted and sold nearly a third of the offer of tokens over the years?
Must be a blatant case of mismanagement / cash negligence. https://t.co/Zov3AREyHN– Hasu (@hasufl) November 28, 2018
According to one recent post by Ned Scott, founder and CEO of Steemit, the company was forced to consolidate its operations and restructure its infrastructure to stay afloat.
Scott highlights the weakness of cryptocurrency market, the decrease of the FIAT returns on the automated sale of STEEM and the increasing costs of exploitation of a complete Steem node, main factors at the origin of this consolidation.
"The rest of the team remains focused on reducing ongoing infrastructure costs. steemit.com as well as our public APIs and the badurance that the community can stay informed of developments, "Scott said.
Scott reveals that he has no intention of abandoning the cryptocurrency market and plans to prioritize cost-saving solutions in the short term, notably by subjecting Steem to a reduction. the size of the state of the chain from 160 GB to 0 GB.
The news comes about seven months after Steemit revealed that its blockchain had recently exceeded one million registered accounts. Steemit.com had about 250,000 unique visitors each day at that time. In the end, many social media calls Steemit for mismanagement of cash given its large automated STEEM automated sale and pre-mine.
STEEM is currently up 13.2% to $ 0.357 despite the bad news, giving the 48th largest cryptocurrency a still respectable market capitalization of $ 107.3 million millions of dollars so quickly.
More: Steemit Update
Steem Blockchain Announces Release Dates for Smart Media Tokens
Warning: The author of this article has holdings in cryptocurrency that can be followed here. This article is for informational purposes only and should not be considered as investment advice. Always do your own due diligence before making any investments.
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