As we announced yesterday, Steemit is now posting on Medium so that we can help inform people outside of the Steem ecosystem what is going on in the Steemiverse.
In an effort to help people gain a deeper understanding of who we are and what we are trying to accomplish, we will be sharing some of our old posts.
We will start by sharing an episode of The Steemit Podcast in which our Head of Communications (@andrarchy on Steem) interviewed the Managing Director of Steemit, Elizabeth Powell (@elipowell on Steem).
Reorganization of Steemit
Elizabeth was made Managing Director of Steemit in the wake of the decision to reorganize the company 9 months ago. 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 above interview Elizabeth did in the 6 months following the reorg to right the ship, and what we have planned for the next 6 months as we transition from “survive mode” to “thrive mode.”