Steemit was purchased by Justin Sun, the charismatic leader of the Tron Foundation, and the outspoken face of the 11th largest cryptocurrency. The news was announced on Valentines Day (February 14th) by Justin Sun and Ned Scott, the former CEO of Steemit Inc. STEEM and SBD both pumped, with STEEM rising to $0.28 and currently sitting at $0.21. This rise in price was confidence from investors and the market. The Steemit community, of which I am a part, responded to the news with confusion, anxiety, apprehension and with questions about the logistics of the new dApp. A Medium post detailing some logistics and marketing questions was published, but then some of the information was redacted. The removal of information including token swaps confused and angered some. It appears Justin Sun and members of the Tron Foundation listened to the Steemit community and paused some plans for token swaps with Tron's dApp exchange, Polonidex.
Justin Sun purchased Steemit from Ned Scott, and since that time members of the Steemit community have been concerned, excited and have plenty of questions. Tron has a much larger user base and marketcap than STEEM, and Steemit users have much to gain if and when the dApp is integrated. Steemit has suffered in the past due to a lack of marketing of the platform and the bear cryptocurrency market that has been harmful to most all cryptocurrency projects worldwide. The resilience of the STEEM and Tron blockchains during this time of challenge has been extremely positive for both assets, and smart contracts on both platforms have flourished. STEEM and Tron are both famous for their dApp ecosystems, with Tron's dApps represented primarily by gambling and exchange platforms including Wink and Polonidex. STEEM's dApps are primarily associated with social media and gaming. Steemit is the most prominent STEEM dApp.
All things considered, members of the Steemit community have much to gain from this acquisition. The first point to consider is that Justin Sun did not purchase STEEM, rather he did purchase the Steemit dApp. Justin Sun has a large amount of STEEM, and has purchased a large stake in the cryptocurrency. He has nothing but incentive to maximize his return. STEEM has surged on the news, and Justin Sun has been using Twitter to tout the improvements on the platform and his intentions regarding Steemit's future integration into the Tron blockchain.
The future is uncertain, and as a member of the Steemit community for the past 2-years I am concerned and optimistic. I am a user of STEEM blockchain dApps including Steemit, Dlike, Actifit, 3Speak, Steem World and have used many more in the past. My concern is primarily that I will lose functionality of my favorite STEEM dApps, and that my stake in Steem Power may become less valuable and effective. I am concerned about coin dilution, changes in functionality and a precipitous loss of value as STEEM on Steemit transitions to a Tron smart contract. I am also concerned with the recent hard-cap increase that has put inflationary pressure on the asset. We need a roadmap for Steemit's integration into the Tron's dApp ecosystem and token swap specifics. This information will allay many fears and anxiety.
Optimistically, the blockchain will be effectively integrated onto the Tron blockchain through Tron Link. I am a Tron coin owner, and use Tron Link for dApps. I have traded Tron TR-10 and TR-20 tokens on Polonidex, Justin Sun's cryptocurrency exchange and understand the extreme volatility of these assets. I am opposed to dilution and runaway inflation. As a Steemian, I am in it for the long term, and have made good use of my 12,000 Steem Power stake. I don't want to lose access to STEEM blockchain dApps or my hard won tokens. I believe Justin Sun will listen to the Steemit community and create a win for himself with his STEEM investment that is a win for us as well. The Tron dApp ecosystem has around 20 million users and we will beneift from such an association. It is an exciting time to be a Steemian and I look forward to working with Tron users in the near future. Despite some anxiety, the future looks bright.
Comment on this post if you like, Justin Sun
Respectfully,
Will
Sources:
Originally published in my Publish0x account I own at:
https://www.publish0x.com/editPost/gKnjmV0aDXv2GdP8
Published in my Steemit and Weku accounts I own.
Picture from Pixabay.
https://cryptobriefing.com/steemit-migrate-tron-blockchain-year/
https://www.google.com/amp/s/www.coindesk.com/steemit-sets-up-shop-on-tron-network%3Famp=1
https://coinmarketcap.com/currencies/steem/