Steemit, a decentralized social media platform has laid off 70 percent of its staff due to the prolonged bearish cryptocurrency market. According to a Youtube video posted on November 29, 2018, Ned Scott, the CEO of Steemit mentioned that the company will prioritize a restructuring and undergo further cost reduction strategies to ensure that the company remains economically sustainable. Steemit Experiences Poor Returns on STEEM tokens Steemit is a blockchain startup that that uses the Steem blockchain to reward their publishers and curators. Like other social network sites, users can upvote posts and comments. ... (full story)