February 21, 2020 – The Tron Foundation and decentralized blockchain-based social media platform Steemit jointly announced a strategic partnership that will bring Steemit and other Steem blockchain-based Dapps to the Tron blockchain.
The two companies said they look forward to creating value for their users. Some of these include:
- moving the old STEEM token to a new Tron-based Steem Token
- giveaways to existing TRX users with the new Tron-based Steem token.
- new accelerator program towards the developer community.
Steemit Co-Founder Ned Scott, however, said on Twitter that he had sold Steemit to Justin Sun.
Some Steemit users apparently do not like the idea, arguing how a decentralized application’s fate can be decided by one person.
How can one person decide to sell it? I thought it was decentralised?
— 6709E (@CdennehyChris) February 14, 2020
When news site The Block Crypto inquired with the Tron Foundation if it had indeed invested or acquired Steemit, the Foundation denied it and said it chose to move to the Tron blockchain. Steemit team also said the following to the Block Crypto:
“A mutual agreement was made on both sides involving Steemit’s future and more than money, Steemit required the infrastructure and community support of a scalable network that only TRON provides.”
At the time this article is written, STEEM tokens are trading at $0.211 a piece, down 18% from the previous day and ranking 76th at Coinmarketcap. STEEM tokens’ all-time high is $8.57 per token on January 3, 2018.
Steemit is a social media network that seeks to be the source of community-driven curated content. The more valuable a piece of content is, the greater the reward its creator receives.
Sources: Press Release, The Block Crypto
This article is published on BitPinas: Steemit Transitions to Tron