what is steemit? steemit was created that way

in steemit •  5 months ago 

image

Blockchain startup Steemit has laid off close to 70 percent of its staff, citing the prolonged bear market for cryptocurrency.

The address did not specify how many employees Steemit had before the layoff and requests for further details were not returned by press time.

Nevertheless, elaborating on the impact of low market prices for major cryptocurrencies such as bitcoin, Scott wrote in a blog post that “fiat returns” could no longer adequately cover the “growing costs of running full Steem nodes.”

Steemit is a social media platform that leverages blockchain technology to reward publishers and content curators with tokens called STEEM.

Launched in March 2016, Steemit was early on one of the six largest cryptocurrencies operating in the blockchain space with an approximate market capitalization of $157 million. Today it ranks 48th among crypto coins, with a market capitalization of roughly $106 million, according to CoinMarketCap.

Scott described “the financial course for [the company] being very much altered,” but emphasized that the startup fully intends to keeping fighting through bearish market trends.

“There’s nothing that I want more now than to survive, to keep steemit.com operating, and keep the mission alive, to make great communities,” said Scott.

He added that the priority for the company will be short-term “cost reduction solutions” including a number of technical changes easing the storage and energy costs of running the platform.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Source
Plagiarism is the copying & pasting of others work without giving credit to the original author or artist. Plagiarized posts are considered spam.

Spam is discouraged by the community, and may result in action from the cheetah bot.

More information and tips on sharing content.

If you believe this comment is in error, please contact us in #disputes on Discord

very good day

STEM rewards have been removed from this content.

Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://www.coindesk.com/steemit-lays-off-70-of-its-staff-citing-crypto-bear-market

  ·  5 months ago Reveal Comment

Congratulations @jasper-william! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

You received more than 1000 upvotes. Your next target is to reach 2000 upvotes.

You can view your badges on your Steem Board and compare to others on the Steem Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

Vote for @Steemitboard as a witness to get one more award and increased upvotes!

I'm here for the long haul. I left this platform once, I won't be doing that again. Steem has been my introduction to cryptocurrencies (other then hearing about Bitcoin) I truly enjoy this community and want to see it grow and expand and have others see the potential and connection that I see and feel.

@jasper-william
If you had added a few paragraphs of your own thoughts in this post, you would not have lost out and been branded a plagiarist.

Learn to do it the right way, or else you are only condemning yourself.