THELOGICALINDIAN - The decentralized agreeable belvedere that rewards agreeable providers with cryptocurrency Steemit afresh appear a accumulated restructuring that will aftereffect in a cogent bulk of their workforce actuality cut
The announcement, which was fabricated by the company’s CEO in a recent post, explained that the weakness of the cryptocurrency markets has afflicted both the company’s cryptocurrency (STEEM) and the company’s user-base, banishment them to blow abutting to 70% of their employees.
Ned Scott, the architect and CEO of Steemit, explained the restructuring, saying:
“Given the weakness of the cryptocurrency market, the authorization allotment on our automatic affairs of STEEM diminishing, and the growing costs of active abounding Steem nodes, we accept been affected to blow abutting to 70% of the team.”
Related Reading: Crypto Rally Runs Out of Steam But Steem Is Green
Steemit Cryptocurrency Down 95% from All-Time-Highs
Steemit’s cryptocurrency has been hit adamantine by the contempo bazaar abatement and is currently trading bottomward about 95% from its all-time-highs of $7.28 that were accustomed in early-2018. At the time of writing, STEEM is trading at about $0.40, up 11% over the accomplished 24-hour trading period.
Earlier this week, STEEM set a beginning 2018 low at $0.30, from which it has gradually recovered. Yesterday, STEEM briefly skyrocketed to $0.55 afore bound abolition aback to $0.35. Its contempo abatement has led its bazaar cap bottomward from highs of $1.8 billion to lows of $91 million.
Scott added acclaimed that the actual aggregation will abode their focus on abbreviation the costs of Steemit’s absolute basement in an accomplishment to chargeless up allotment for added initiatives and belvedere improvements.
“The butt of the aggregation is blockage on to focus primarily on abbreviation the costs of the basement active steemit.com and our accessible APIs, and ensuring that the association can abide abreast of developments… We accept conducted our aboriginal all-hands affair and are prioritizing all the amount abridgement solutions we can achieve in the abreast term, including replacing steemd plugins with hivemind, pitchforking Steem to clip the alternation accompaniment admeasurement from 160gb to 0gb, AWS acceptance projections, DevOps solutions, abridgement of Staging and Testing nodes, and eliminating redundancies.”
Although Steemit’s accepted bearings looks dire, Scott reaffirmed his charge to the cryptocurrency industry, acquainted that he still believes that the markets accept tremendous potential and that Steemit could still one day battling accepted applications including Instagram and Reddit.
Steem is not abandoned in its operation actuality afflicted by the contempo cryptocurrency downturn. Blockchain media belvedere Civil was afresh affected to refund buyers of its ICO badge (CVL) due to declining to allure absorption in their token-based belvedere from the media industry.
Matthew Iles, Civil’s CEO, discussed the company’s disturbing efforts to accretion both users and investors, saying:
“This isn’t how we saw this going. The numbers will appearance acutely abundant that we are not area we capital to be at this point in the auction back we started out.”
