Steemit, crypto’s answer to Reddit, gets a new boss to rebuild after widespread layoffs

TechCrunch | 1/23/2019 | Staff
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Steemit, an early blockchain startup that’s developing an alternative to Reddit, has a new chief less than two months after laying off most of its staff as part of cost-cutting measures.

Celebrated as an early success story in the crypto world, the company shed 70 percent of its employees back in November on account of the ‘crypto winter’ which has seen the price of Bitcoin, Ethereum and other cryptocurrencies plummet by 90 percent or so. Steemit is far from the only blockchain startup forced to restructure, and now its rebuilding plans rest in the hands of newly-appointed managing director Elizabeth Powell.

Company - Head - Communications - Advocacy - Powell

Formerly the company’s head of communications and advocacy, Powell has replaced former CEO Ned Scott — who is now executive chairman — at the helm of the business, which has 12 full-time staff.

“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,” Powell said in a post introducing her to the community.

July - Steemit - Blockchain - Project - Promise

Founded in July 2016, Steemit was an early blockchain project that showed promise and, with over a million registered users, it has been one of the most successful in terms of adoption. The premise is a Reddit-like space that is supposedly decentralized — so not subject to removals — and where users are compensated in tokens for creating or curating popular content.

However, like many blockchain startups, it has so far failed to compete with existing...
(Excerpt) Read more at: TechCrunch
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