Steemit, the blockchain-based social media site where users are paid in crypto for creating content, is partnering with the Tron Foundation to bring Steemit dApps to the network. The companies announced their partnership, saying that Tron and Steemit developers will both be looking into how to migrate Steemit products and users to the Tron network. However, no timeline for this move was presented. So, Tron has officially acquired Steemit – now what?
What is Tron?
Tron is a blockchain-based decentralized platform, that was founded by Justin Sun in 2017. Since then, Tron has grown into a blockchain with a $1,456,699,341 market cap (at the time of writing), holding a position in the top 20 blockchains. Tron aims to develop a free, global digital content entertainment system, that allows for easy and cheap sharing of digital content.
A bit about Steemit
Steemit was originally founded by Dan Larimer and Ned Scott, and has around 1 million users – at least according to a press release.
“Steemit is the original conception of forums meeting cryptocurrency to achieve mass adoption – where cryptocurrency could be distributed as easily as ‘likes’ and ‘upvotes’ and this high powered distribution mechanism would bring adoption and appreciation to the currency and the social network,” said Scott, former CEO and chairman of Steemit.
A Steemit user predicted the move on Friday, after Ned Scott shared a tweet by Tron founder Justin Sun.
Steemit to Shift Its Proprietary Blockchain & Token to #TRON Network.#TRON has just partnered with @steemit, a major blockchain-based blogging & social networking website to provide its network for #Steemit services.https://t.co/qwB22sL9bc
— Justin Sun (@justinsuntron) February 17, 2020
This move comes at a time when Tron is already on the rise. Justin Sun’s blockchain is proving to be a worthy adversary in the altcoin community. So, Tron has officially acquired Steemit – now what?
If Steemit really has 1 million users, it’s unlikely that we’ll see them completely abandoning the blockchain altogether. In fact, most of those users will migrate over to the Tron network, and ultimately switch the STEEM token for a new Tron-based one. We’re likely to see a lot more traffic on the Tron network – but it has solid scalability so should thrive.
Tron is known for its high throughput stability and scalability. Because of this, it’s no stranger to partnerships – having partnered with major companies like Samsung, Poloniex, Opera, and DLive.
The release continued, “This partnership further empowers Tron’s title as the blockchain industry’s leader in distributed ledger technology with over 800 dApps now in its ecosystem.”
Welcoming Steemit to the Tron community, Justin Sun said: “Together we will usher in a new era of decentralized social networking.”
Tron and Steemit are partnering, which could bring huge things to both networks. Could this partnership usher in a new era of blockchain collaborations? That remains to be seen, but this is still a pretty huge move for the networks.
A big move
Tron has officially acquired Steemit – now what? It’s likely that we’ll see some big changes for both of the networks, although no migration date has been set. Obviously, the biggest changes will be for Steemit. Steemit users will need to migrate to the new network and will need to adapt to the Tron-powered Steem cryptocurrency. However, change is good – and this could prove to be a major catalyst in bringing blockchain closer to mainstream adoption.
Disclaimer: This a paid post, and should not be treated as news/advice.