Steemit, a Reddit alternative powered by Blockchain, is migrating to the Tron blockchain, as indicated by the reports. Assuming the reports to be true, this new partnership is going to be huge for Tron as it already brags about its more than 800 dApps under its belt.
The STEEM tokens will be migrated to the Tron Blockchain. In addition, there will be a new accelerator program built for the community of developers.
Justin Sun, Founder of TRON and CEO of BitTorrent, said –
“We are very excited to welcome Steemit into the TRON ecosystem.”
Ned Scott, Founder, Chairman and CEO of Steemit, said –
“Steemit is the original conception where forums meeting cryptocurrency was born — where cryptocurrency could be distributed as easily as ‘likes’ and ‘upvotes’ and that maybe this would bring adoption and appreciation to the currency. From launching the platform in 2016 on a shoestring budget with an idealistic team to today, I’ve enjoyed the development of the platform and the growth of its user base — now I’m excited to see a strategic partner attempt to bring it to new heights.”
Tron was supposed to acquire Steemit back in January this year, yet it worked out that Sun alluded to a deal with blockchain-based streaming platform, DLive. Outstandingly, Steemit has another video sharing site called D.Tube that will be relocating to Tron alongside a large number of different dApps.
Since its creation in 2016, Steemit has figured out how to draw in more than 1.2 mln registered users. Like with other blockchain ventures, decentralization is its principle selling point — one can make content that won’t be exposed to balance and control. It likewise compensates content makers with STEEM tokens.
Despite the fact that Steemit is an uncommon case of a fruitful crypto venture with standard appeal, it has experienced financial hardships and leadership reshuffling. Back in November 2018, it needed to lay off 70% of its staff.