In today’s episode of The Steemit Podcast, @andrarchy interviews the Managing Director of Steemit, Elizabeth Powell (@elipowell). Elizabeth was made Managing Director of Steemit in the wake of the decision to reduce Steemit’s staff by 70%. Ned Scott, the founder of Steem and steemit.com, made the decision to step aside and hand the reins of the company over to Elizabeth who had spent the previous 6 months building Steemit's Communications team from scratch.
At that time, Elizabeth was facing a Herculean task. Steemit was hemorrhaging money. During the crypto bull market, the cost of running Steem nodes had ballooned peaking at around $220,000 a month. Those nodes aren’t just used by steemit.com, but by most of the major Steem applications.
The length and depth of the crypto bear market meant that Steemit was eating into its cash reserves at a rapid rate. Drastic measures had to be taken in order to return Steemit to an economically sustainable path, and restore stability to the Steem ecosystem that depends on Steemit Inc. to run public nodes and produce software upgrades to the Steem blockchain.
In this interview Elizabeth describes what Steemit has been doing over the course of the last 6 months to right the ship, and what we have planned for the next 6 months as we transition from “survive mode” to “thrive mode.”
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