Steemit to shift its own blockchain and token to Tron network

By February 15, 2020 DApps
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The Tron Foundation, a cryptocurrency company known for its long ledger of collaborations, has played a particularly important role today.

The manager of major cryptocurrency Tron (TRX) has just entered into a partnership with Steemit, an important blockchain-based blog and social networking website to offer its network for Steemit services.

As part of the strategic partnership, the Tron Foundation will work with the company to move Steemit and other Steem blockchain-based decentralized applications (DApps) to the Tron blockchain, the companies said in a February. 14.

The collaboration also includes the shift from the old Steem token to a new STEEM token based on the Tron blockchain. After the news, the Steem token rose nearly 26% over a 24-hour period from the press time. TRX has also risen considerably, trading 10% higher at the time of publication.

In addition, the collaboration will give away existing TRX users with the new Tron-based STEEM token and a new accelerator program for the developer community.

Tron founder and CEO, Justin Sun, expressed confidence that the new partnership will enable companies to “herald a new era of decentralized social networking.” Sun confirmed the news on Twitter and named Steemit 2.0 to the upcoming Tron-based Steemit.

Ned Scott, co-founder and chairman of Steemit, emphasized that the platform was established in 2016 with the original mission to meet cryptocurrencies to achieve mass acceptance. Scott continued:

“From launching the platform in 2016 with a limited budget to today, I enjoyed the development of the platform and the growth of the user base – now I am pleased to see a strategic partner trying to take it to new heights bring.”

Steemit offers a Reddit-like service that runs on its own Steemit blockchain and is one of the largest DApps, with more than 1.3 million registered accounts at the time of the press, according to data from Steem block explorer. Steemit is also known for releasing blockchain-based alternatives for large media sites such as YouTube and Instagram such as DTube and APPICS.

The partnership will apparently bring much more traction to the Tron blockchain with the solid user base of Steemit. According to data from the analysis tool for website traffic analysis, the Steemit website visited more than 7.8 million visitors in January 2020. According to the announcement, Tron now has more than 800 DApps on its ecosystem.

The news follows a reported bug on the Steem blockchain-based reward platform for publishers in September 2019. In fact, the platform apparently encountered several bugs on its blockchain, some of which stop networking for at least two days.

Andrew Levine, Head of Communications at Steemit, noted that the company has been actively working in the past year, despite largely avoiding the spotlight in 2019. Levine said:

“Many people think that we have stood still over the past year, but we have worked a lot on our infrastructure, including Hivemind, Mira and with communities on Steemit.”

Earlier in February, Tron founder Sun finally had his charity lunch with Berkshire Hathaway president and famous Bitcoin (BTC) critic Warren Buffett after a series of delays in 2019.

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The manager of major cryptocurrency Tron (TRX) has just entered […]

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