The blockchain-based social platform Steemit migrates to the TRON Blockchain after new agreement between its founders Ned Scott and Justin Sun.
Steemit migrates to the Tron Blockchain after a new agreement after announcing a strategic partnership that will involve the migration of the social platform to the TRON network. The new agreement will also involve Steemit moving his token (STEEM) to the TRON Blockchain.
According to the official statement published in Medium, both development teams – TRON and Steemit – will immediately start working together. The objective is to bring the social content platform and other DApps based on the Steem Blockchain network to the TRON Blockchain:
Together, TRON Foundation and Steemit Inc. will seek to create more value for their users and increase their progress in decentralized technologies, including moving the old STEEM token to a new STEEM token based on TRON.
In addition, the agreement will allow rewards in the new STEEM token to existing users of the TRON native token (TRX); as well as the creation of a new accelerator program towards the developer community, according to the statement. However, there still seem to be mixed positions about whether it is an association or an acquisition of Steem by TRON – or its founder, Justin Sun.
Association or acquisition?
Although various media have reported that it is a strategic partnership between the two companies in order to promote the Steemit social platform, there have been some conflicting comments on the matter. For its part, the TRON Foundation assured that the association was not derived from an investment of the platform in Steemit. Instead, he said it was a decision of Steemit “move to the Blockchain TRON and the two will launch a joint accelerator to promote further development of the Steemit platform.”
The Steemit team also published a statement shortly after the original publication of the agreement, stating:
“A mutual agreement was reached between both parties on the future of Steemit and more than money, Steemit required the infrastructure and community support of a scalable network that only TRON provides.”
Following the official statement, the TRON-Steemit association “continues the pace of TRON by partnering with companies such as Samsung, Poloniex, Opera and DLive.” Of these previous alliances, some such as the Poloniex case involved the investment of Justin Sun for a final acquisition of the intercamibio.
Something similar suggested one of the founders’ comments about the recent agreement. Ned Scott, co-founder of Steemit, commented on Twitter after the announcement that he had “sold Steemit to [Justin Sun]”.
However, and although both companies are not calling change an “acquisition,” the result seems to be the same. On the other hand, questions arise as to whether Steem’s Blockchain platform will remain in its current form.
Steemit migrates to the TRON Blockchain
Steemit Inc., offers a service similar to Reddit and stands out as one of the largest decentralized platform of social networks and blogs based on Blockchain. In addition, the growing number of DApps developed on its platform has made it an active community of users.
The new agreement will ensure that TRON technology reaches a community of more than 20 million users, products and services; a movement that “will further strengthen the title of TRON as the leader of the Blockchain industry”, now with more than 800 Dapps in its ecosystem. Justin Sun expressed his enthusiasm in the official publication of the agreement:
We are very excited to welcome Steemit to the TRON ecosystem. Together we will begin a new era of decentralized social networks.
For his part, former CEO, president and founder of Steemit, Ned Scott, added:
“Steemit is the original conception of the forums that sought the mass adoption of cryptocurrencies – where crypto could be distributed as easily as a” like “and a” vote “[…] Since the launch of the platform in 2016 with a very budget Reduced until today, I have enjoyed the development of the platform and the growth of its user base – now I am excited to see a strategic partner try to take it to new heights. “
The recent announcement marks a major change in the image of Steemit, which was created by Dan Larimer, the founder of EOS Blockchain. Although EOS and Steemit were never officially related, they are closely related in their commercial conception. Now, the image of Steemit could change, as well as its development being at the hands of TRON.