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Steemit Lets Go Over 70% of Employees, Blames Bear

Steemit, a popular blockchain-based social media platform, has laid off more than 70% of its workforce according to an announcement by founder and CEO Ned Scott. This is largely due to the crash in cryptocurrency prices during 2018. The native cryptocurrency of Steemit, STEEM, has declined from nearly USD 8 in January 2018 to USD 0.30 on 26 November. Steemit depends on selling STEEM at regular intervals for cash flow and, therefore, operational cash is now drastically reduced until the market rises again.

The price of STEEM is actually up 20% today at USD 0.37, so it appears investors find this news to be favorable. Cuts in the number of employees and infrastructure costs are being undertaken to ensure the survival of Steemit long term. Scott says, “However, in order to ensure that we can continue to improve Steem, we need to first get costs under control to remain economically sustainable. There’s nothing that I want more now than to survive, to keep operating, and keep the mission alive, to make great communities.”

In addition to laying off 70% of its workforce, Steemit is cutting costs by replacing steemd plugins with hivemind, reducing the chain state size, reducing staging and testing nodes, eliminating redundancies, closely monitoring Amazon Web Service (AWS) usage, and in general will be restructuring all operations to reduce spending.

This layoff at Steemit comes only two months after the Steem velocity hard fork, which touted major improvements to code and usability, but for the most part increased the cost of posting on Steemit by basically requiring users to buy more Steem Power (SP) to be able to post as much as they want to. The price of STEEM has fallen 70% since the velocity hard fork was implemented, and Steemit’s Alexa rank has declined from about 2,200 to 3,646 as of 28 November.


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Should Ethereum Be Worried About Token Migration?

Although Ethereum is the ICO favored go-to platform, there is a trend emerging towards migration away from its native ERC20 token to home-baked alternatives once projects get underway.

Despite Ethereum’s undisputed dominance owing to the ease of setting up ERC20 tokens to facilitate ICOs, issues such as scalability and transaction speed problems, along with network clogging, have had the effect of driving ICOs to look elsewhere for a better solution.

Ethereum’s ERC20 technical standard has essentially been used by startups as a kind of incubator, it being the primary tool that allows creating tokens for trading.

One of the latest to take this route is the Kin Foundation, which boasts some 300 million monthly users of its Kik Messenger app. A spokesman for the Kin Foundation has explained that the company has been talking to exchanges to allow users that transfer their tokens from wallets to exchanges to forfeit the original ERC20 tokens to Kin’s own native KIN token on its own blockchain, although users can still sit hold their tokens on Ethereum as long as they wish with no time restraint.

KIN’s promotional PR suggests “incredible speed and scalability” along with security and scalability after the shift to its own blockchain. The concept of migrating in this way, of course, is not new. Others who have made this move, notably EOS and Tron, also took the migration route away from the Ethereum blockchain which got them up and running.

Since the launch of the EOS mainnet earlier this year, EOS have scooped up EOSBet, Medipedia, Tixico, Billionaire Token, Insights Network, WAX and Sentinel Protocol. Justin Sun, Tron’s founder and CEO, said that their shift from ERC20 protects their user’s interests.

T-21 days until Mainnet launch! #TRON will be one of the most competitive mainstream blockchains with the most users. We graduated #1 from the ETH platform with 1.08M+ users, more than OMG and EOS combined. ETH was just a prelude. Now for the main act 🎵😎$TRX

— Justin Sun (@justinsuntron) May 9, 2018

Sun added, “We will compete face to face with Ethereum, and we have confidence we will build a large ecosystem; a much large ecosystem than the Ethereum.”

However, despite such fighting talk from Tron’s top man, the sheer size of the Ethereum blockchain means that it is unlikely that any sleep will be lost just yet for Ethereum backers but migration from ERC20 is a space well worth watching.


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Tim Draper: Crypto Market Will See $100 Trillion Cap by 2028

Venture capitalist and Bitcoin bull Tim Draper has predicted that by 2028 the cryptocurrency market will be capped at USD 100 trillion, despite the recent downturns in the market.

Draper has become notorious in the industry for his seemingly outlandish predictions, and this one does not largely differ from this trend. The current market cap stands at just above two hundred eighty billion, meaning that an arguably unprecedented amount of growth would be required to meet his forecast.

His comments came during an interview with the financial news publication The Street, where he also predicted the Bitcoin market alone would account for USD 10 trillion of the aggregate market worth in the same period.

The primary reasoning behind Draper’s comments comes from his belief that the use of fiat currencies is on the decline in lieu of crypto alternatives. He used Litecoin, Bitcoin Cash, and Bitcoin Gold to illustrate his point that cryptocurrencies can surprise investors with exponential growth.

Draper sees that a turning point will arrive in around four years time when he believes people will be able to pay for everyday items with cryptocurrencies. This change he foresees instigated his belief that central banks are on the way to becoming obsolete.

He even suggested that he should tell Federal Reserve employees ”to start looking for a new job.”

For Draper, cryptocurrencies themselves represent a valuable investment. When asked if he would sell his assets should Bitcoin reach USD 250,000 he answered ”Moving from crypto to fiat is like trading shells for gold…It is reverting to the past. I’m thinking long term I’ll use it, spend it, invest it, or just keep it”.

While Draper’s prediction may seem massively ambitious, the cryptocurrency market has exploded in recent years. The value of Bitcoin was just USD 0.008 when it was first developed, increasing 900% in its first five days. Just 8 years later, the value of Bitcoin stands at approximately USD 6,500.

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