Steemit Inc, the company behind the popular Steemit platform that uses blockchain technology to reward users for creating and curating content, has recently appointed a new chief, shortly after laying off 70% of its staff.
As first reported by TechCrunch, Steemit was initially seen as a cryptocurrency success story, as it was one of the first projects to grow rapidly in the sector. Over the cryptocurrency ecosystem’s bear market, which saw mot cryptocurrencies drop between 80% and 90% from their all-time highs, it was forced to lay off 70% of its workforce in November.
The company’s new managing director, Elizabeth Powell, was formerly the company’s head of communications and advocacy, and has replaced former CEO Ned Scott, which is now Steemit’s executive chairman. Powell is now leading Steemit, which has 12 full-time employees.
In a blog post introducing her to the community, Powell stated:
We recently published our updated Mission, Vision and Values, as well as its roadmap focusing on increasing ad revenues, protecting Steem assets’ value and cost reductions. My job is to execute the roadmap
Steemit itself was founded back in July of 2016. It recently surpassed the one million registered user milestone, as the promise of being a decentralized Reddit-like space that rewards users for their content has attracted many.
The company has, however, been struggling over the cryptocurrency bear market. Its steem token has, according to CryptoCompare data, dropped from an over $7 all-time high to about $0.41 at press time. To stay afloat, the company is now testing advertising to “improve the economic sustainability and decentralization of Steem.”
While the move is controversial, Powell noted that it is “very much part of the roadmap.” The company’s new chief has been criticized for being new at the company as users raised concerns over her inexperience. Others, however, noted that as an ‘outsider’ she may bring in a fresh take on the company’s situation.
As CryptoGlobe covered, Steemit’s centralization has recently been questioned after a group claiming to have sensitive documents relating to the 9/11 terrorist attacks in New York was banned from the platform after being banned from Reddit and Twitter.