Steemit for Sale: Popular Crypto Blogging Platform Sold to Tron, Community Reacts

Steemit for Sale: Popular Crypto Blogging Platform Sold to Tron, Community Reacts

Crypto blogging platform Steemit is undergoing a big change, migrating from its own Steem blockchain to the Tron network. The struggling crypto blogging platform launched in 2016 and made waves when big name libertarian users began to make thousands of dollars per post. The platform’s heyday was short-lived, however, and after the departure of co-founder Dan Larimer of EOS fame, attempts to rebrand, and layoffs, it has finally ended up in the care of crypto mogul Justin Sun, founder of the Tron platform.

Also Read: Ethereum vs Tron: Comparing Data, Defi and Stablecoins from Both Chains After Viral Tweet Steemit Sold to Tron Founder

The once highly popular social media hub for anarchists, libertarians, and crypto heads in general — not to mention all sorts of other demographics like photographers and lifestyle bloggers — is moving operations to the Tron network according to a press release issued on Valentine’s Day.

“Steemit Inc., the largest decentralized blockchain-based social media and blogging platform, announced a strategic partnership with TRON Foundation,” the release states. “TRON and Steemit’s development teams will immediately begin working together to bring Steemit and other Steem blockchain-based DApps to TRON blockchain and its community of over 20 million users, products, and services.”

Former Steemit CEO and co-founder Ned Scott tweeted: Steemitans and Twitterers, after four beautiful years, I have sold Steemit to @justinsuntron . AMA tomorrow at 9am PT.

The Ask Me Anything video finds Tron founder Justin Sun in discussion with Scott, elaborating on the details and implications of the deal. In explaining why he sold the company, Scott stated he is “moving on for personal reasons” and that “there’s a couple other companies that I’m working on behind the scenes privately.” This is notable since one of the common criticisms of Steemit historically has been the project-hopping of leaders, with Bitshares creator Dan Larimer, who helped Scott create Steemit, leaving the project in 2017 to work on EOS development.

Steem Community Reacts to Sun’s Latest Acquisition

Tron founder Justin Sun has gained a reputation in the crypto space for making big moves financially, acquiring Bittorrent in 2018 and blockchain based streaming platform Dlive last year. Dlive was originally built on the Steem blockchain and was popular with users on the Steemit platform before migrating to the Lino network prior to Tron migration. In recent news, Sun was also able to finally have his postponed lunch meeting with multi-billionaire Warren Buffet after spending $4.57 million to do so.

Sun’s big moves are not impressing everyone, though, and some Steemians are very concerned with how the steem token will be migrated, and what the new “tron steem” platform might look like. Sun’s announcement post on Steemit, which has garnered over $150 in steem at press time, has elicited lots of questions from community members. One user commented: I am here for Steem, not Tron. I have zero interest in anything Tron offers, and moving Steem to Tron’s network is something that’ll happen without me as a result.

Another details that “the community is very worried about what the next steps are and there is a lot of talk about a fork away from Tron within the Steem community as many members presently see this as a hostile take over by Tron and not a mutually beneficial partnership.” Veteran steem whale @berniesanders lashed out in trademark fashion as well, with an incendiary comment on the post:

Regarding the concerns about currency migration, Sun stated in the Feb. 16 AMA with Ned Scott: I don’t think we have a plan for immediately like token swap, so I think we will keep both steem and the tron tokens separate and run separately … there is no token swap for right now … I just want to talk with the team and found out the best solution to integrate eventually for steem, Steemit, and Tron.

That may sound well and good, but for the dedicated bloggers who came to Steemit seeking a real decentralized social media and fell in love with the chain and platform, the official press release is clear: “Together, TRON Foundation and Steemit Inc. will look to create further value for their users and to augment their advancements in decentralized technologies,” it states, “including moving old STEEM token to a new TRON based STEEM token.”

Some are not so pessimistic, hoping the sale could bring steem a long overdue shot in the arm of recognition in the crypto space and beyond. As for Scott, he states in the press release, “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.”

What are your thoughts on the sale of Steemit to Justin Sun and the upcoming migration to the Tron network? Let us know in the comments section below.

Images courtesy of Shutterstock, Piotr Swat, fair use.

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Graham Smith is an American expat living in Japan, and the founder of Voluntary Japan—an initiative dedicated to spreading the philosophies of unschooling, individual self-ownership, and economic freedom in the land of the rising sun. Please enable JavaScript to view the comments powered by Disqus.