Social media site Steemit has announced sweeping “economic changes” following a 90%+ drop in value of its currency token, STEEM.
Also read: Steemit to Hold First-Ever Public Event in Amsterdam
Steemit: Changes ‘Reflect Wishes of Wider Community’
The alterations, published in a blog post on Friday, have already drawn criticism from the cryptocurrency community, which has been suspicious of Steemit since its rocky inception earlier this year.
“Change is always controversial, but we feel the changes we have implemented reflect the wishes of the wider community,” the blog post reads.
Steemit allows users to earn from posts via a voting system, mimicking sites such as Reddit but using exchangeable Steem dollars and STEEM, as well as points-based rankings knows as Steem Power.
The platform saw huge growth in its first month of operation, before a hack in July raised questions about security.