Daniel Larimer, the founder and lead developer behind the blockchain-based social media platform, Steemit, announced his resignation on Wednesday, “I will not be posting or voting any more. I wish you all the best.,” he said.
Larimer’s two-sentence post, which gave no explanation or reason for the departure, has thrown the Steemit community into turmoil.
And some disgruntled users have accused Dan Larimer of abandoning the project at a crucial time, “Did the same thing happen with Bitshares? Will the same thing happen with next project from Dan? Grand vision, big promises and quick exit after the money is pocketed. Dan, I'm sure you could do better. I wish you all the best, Dan.,” said one Steemian.
With Larimer’s abrupt departure, some Steemians have also begun to question the long-term viability of the entire platform:
“This could be the end of Steem. Without Dan Larimer who will lead Steem development and contribute to long term strategy?”While Mr. Larimer did not provide specifics regarding his reasons for leaving, some of his replies to question posed by inquiring Steemians shed some light on the situation. When asked about a specific reason for leaving, Larimer said he was moving on to other projects:
“New opportunities to pursue my vision of free market solutions to secure life liberty and property.”However, some of Larimer’s other replies hint at increasing tensions within Steemit’s management structure, “You wouldn't believe how often I post something I think is ok only to be told it reflects poorly on Steem.,” said Larimer.
“Steem is dominated by politics beyond my ability to control or fix. The code is in good hands, the team is more than capable of implementing any thing the community desires. Let's hope the community chooses wisely.,” he adds.
Ned Scott, CEO and Co-founder of Steemit, has not released a statement at press time, however, Mr. Scott said in one of his replies that an official statement will be released “as soon as possible.”
The resignation of Steemit’s lead developer comes at a time when the value of Steem tokens is trading near all-time lows.
While Steem tokens were going for $4.70 a piece on July 20, 2016, amid plenty of hype and a steady stream of news articles from news outlets across the globe, Steemit’s digital currency has continued to decline over the past nine months.
Today, the Steem/Bitcoin exchange rate is 0.00006160 ($0.076 per token) and the market capitalization of Steem is sitting at an all-time low of $18.8 million: