In November 2018, Steemit made a cut of 70% of its workforce.
The new executive director, Elizabeth Powell, was the communications chief of the organization
Steemit Inc., the company responsible for the social network Steemit.com, appointed a new executive director who took office this Wednesday, January 23. This was announced by the startup on its official blog.
The new person in charge of the project is Elizabeth Powell, an executive who had been working at Steemit as Head of Communications and Promotion since May 2018. At the end of last year, the organization began a restructuring process that implied changes in its roadmap and the dismissal of 70% of its workforce.
CEO Ned Scott said at the time that the startup's operations were impacted by the drop in the cryptocurrency market and high operating costs of the full nodes of the Steem network. As a solution to these problems, Scott said they would initiate a plan to reduce costs in the short term and optimize their processes.
Steemit is a platform that seeks to function as a decentralized social network in its own blockchain, known as Steem. The project was popularized thanks to its system of rewards to users for publishing or voting for the contents of third parties. Its rapid growth, since its creation in 2016, placed it as one of the success stories of projects based on critto-actives. However, in 2018 the STEEM token value fell by more than 95%, forcing managers to reconfigure their business objectives.
The new executive director said that her mission will be to execute the new road map of the project, focused on increasing advertising revenues and reducing the costs of the STEEM cryptoactive. Powell said that most of his career was developed advertising agencies, experience that will be useful to implement plans of this nature.
Although the movement of the directive seems sudden, the Steemit community, in general, reacted positively to the new appointment. However, some users expressed their concerns about the relationship of communication and collaboration between the witnesses (nodes) of the Steem network and its developers.
The price of STEEM is located at $ 0.39 at the time of writing this note, with a market capitalization of around 121.5 million dollars, according to CoinMarketCap. Currently, the Steemit network has more than one million registered users.
