Losing Steem: One of the Most Active Crypto Projects Cuts Staff

Steemit, a social media platform built on top of a distributed ledger, has encountered trouble exacerbated by the drop in market prices. In a Steemit community announcement, Ned Scott, the CEO and co-founder, outlined its challenges and plans.

“Given the weakness of the cryptocurrency market, the fiat returns on our automated selling of STEEM diminishing, and the growing costs of running full Steem nodes, we have been forced to layoff close to 70% of the team,” wrote Scott.

The Steemit platform has existed since July 2016, and became a prominent hub for crypto-related information. The platform, one of the projects by Dan Larimer, was the successor of BitShares, and served as a prototype of the mechanism for EOS. In its prime, Steemit with…

This article appeared first on Cryptovest

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