Steemit To Move Its Proprietary Blockchain And Token To Tron Network
The Tron Foundation, a crypto firm that is identified for exciting its long ledger of alliances, seems to have entered a particularly significant one today.
The maintainer of primary cryptocurrency Tron (TRX) has just collaborated with Steemit, significant blockchain-based blogging, and social networking websites to present its network for Steemit services.
As part of the strategic alliance, the Tron Foundation will operate with the firm to transfer Steemit and other Steem blockchain-enabled decentralized applications (DApps) to the Tron blockchain, the firms stated in a release on Feb. 14.
The association also incorporates the shift of old Steem (STEEM) token to a new STEEM token based on the Tron blockchain. Following the news, Steem token climbed almost 26% over 24 hours as of press time. TRX has also bordered up notably, trading 10% higher at the time of publication.
Additionally, the partnership will facilitate giveaways to the enduring TRX users with the novel Tron-based ‘STEEM token’ as well as a new accelerator program towards the developer community.
Tron founder and CEO Justin Sun showed the belief that the new partnership will enable the companies to “usher in a new era of decentralized social networking.” Sun verified the news on Twitter, addressing the name Steemit 2.0 to the upcoming Tron-based Steemit.
Tron and Steemit will be encouraging mass adoption collectively
Ned Scott, a co-founder and chairman at Steemit indicated that the platform was developed in 2016 with the original mission of meeting cryptos to attain mass adoption. Scott proceeded:
“From launching the platform in 2016 on a shoestring budget 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.”
Offering a Reddit-alike service operating on the Steemit’s proprietary Steem blockchain, Steemit is one of the greatest DApps, with over 1.3 million listed accounts as of press time, according to data from Steem block explorer. Steemit is also recognized for publishing blockchain-based alternatives for major media websites such as Youtube and Instagram, DTube, and APPICS.
The association will bring much more friction to Tron’s blockchain with Steemit’s solid user base. According to data from SimilarWeb, website traffic analysis tool, the Steemit website had over 7.8 million visits in January 2020. According to the declaration, Tron’s now has over 800 DApps running on its ecosystem.
The news followed a reported bug on the Steem blockchain-based rewards platform for publishers in September 2019. The platform experienced various bugs on its blockchain, with some of them stopping the network work for at least two days.
Andrew Levine, head of communications at Steemit, noted that the company had been actively running over the past year, notwithstanding mainly avoiding the spotlight in 2019. Levine stated:
“A lot of people think we’ve been standing still for the past year, but we’ve been working a lot on our infrastructure, including Hivemind, Mira, and with communities on Steemit.”
Tron founder Sun, earlier in February, eventually had his charity lunch with Berkshire Hathaway chairman and famous Bitcoin (BTC) critic Warren Buffett after an array of obstacles in 2019.