Steemit to Shift Its Proprietary Blockchain and Token to Tron Network

Blockchain News

by Crypto 3 Views

The Tron Foundation, a cryptocurrency agency that is known for hyping its lengthy ledger of partnerships, seems to have entered a very essential one immediately.

The maintainer of major cryptocurrency Tron (TRX) has just partnered with Steemit, a serious blockchain-based blogging and social networking web site to offer its community for Steemit providers.

Steemit previous token STEEM to maneuver to the Tron blockchain, too

As a part of the strategic partnership, the Tron Foundation will work with the firm to maneuver Steemit and other Steem blockchain-based decentralized purposes (DApps) to the Tron blockchain, the companies stated in an announcement shared with Cointelegraph on Feb. 14.

The partnership additionally consists of the shift of previous Steem (STEEM) token to a brand new STEEM token based mostly on the Tron blockchain. Following the news, Steem token surged virtually 26% over a 24-hour interval as of press time. TRX has also edged up notably, trading 10% larger at the time of publication.

Moreover, the collaboration will allow giveaways to the prevailing TRX customers with the brand new Tron-based STEEM token as well as a new accelerator program in the direction of the developer group.

Tron founder and CEO Justin Sun expressed confidence that the brand new partnership will permit the companies to “usher in a new period of decentralized social networking.” Sun confirmed the information on Twitter, giving the identify Steemit 2.0 to the upcoming Tron-based Steemit.

Tron and Steemit can be driving mass adoption collectively

Ned Scott, a co-founder and chairman at Steemit, emphasized that the platform was created in 2016 with the unique mission of meeting cryptocurrencies to realize mass adoption. Scott continued:

“From launching the platform in 2016 on a shoestring finances to right now, I’ve loved the event of the platform and the growth of its consumer base -- now I’m excited to see a strategic associate try and convey it to new heights.”

Offering a Reddit-alike service operating on the Steemit’s proprietary Steem blockchain, Steemit is among the largest DApps, with over 1.3 million registered accounts as of press time, in line with data from Steem block explorer. Steemit can also be recognized for releasing blockchain-based options for main media websites like Youtube and Instagram resembling DTube and APPICS.

The partnership will apparently deliver far more traction to Tron’s blockchain with Steemit's strong consumer base. Based on knowledge from website visitors analysis software SimilarWeb, Steemit web site had over 7.8 million visits in January 2020. Based on the announcement, Tron’s now has over 800 DApps operating on its ecosystem.

The news follows a reported bug on the Steem blockchain-based rewards platform for publishers in September 2019. Actually, the platform apparently experienced a number of bugs on its blockchain, with some of them halting the network operation for at the very least two days.

Andrew Levine, head of communications at Steemit, noted to Cointelegraph that the company has been actively working over the previous yr despite largely avoiding the highlight in 2019. Levine stated:

“Lots of people assume we've been standing still for the previous yr, but we've been working lots 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 chairman and famous Bitcoin (BTC) critic Warren Buffett after a collection of delays in 2019.