17 February 2020 09:33, UTC

Denis Goncharenko

It became known that the crypto blogging platform Steemit was acquired by the eccentric crypto enthusiast Justin SUN, which means that ultimately the platform will switch from its own Steem blockchain to the Tron network. The acquisition of the popular social media hub was confirmed in a February 14
press release.

The Steemit crypto blogging platform was launched in 2016. The project began to gain attention at the moment when the popular bloggers began to earn thousands of dollars per post. However, the heyday of a decentralized platform with its own cryptocurrency was short-lived: after the co-founder Dan LARIMER left the project for a new EOS project, Steemit gradually began to lose ground.

Former Steemit CEO and co-founder Ned SCOTT commented on the event on his Twitter:

When explaining why he sold the company, Scott commented that he is “moving on for personal reasons” and that “there’s a couple other companies that I’m working on behind the scenes privately.”

The Steemit community has reacted differently to the announced merger and acquisition and a consequent move to the Tron blockchain. Many were unsatisfied with the decision, which they hastened to speak about on the platform. It gave rise to a wave of debate about what is better — to stagnate as a project in the hope of independently getting out of a difficult period or to go under the control of a major player, apparently losing in decentralization. Speaking about the migration of tokens, Justin SUN has provided his comments in a recent AMA session:

“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 find out the best solution to integrate eventually for Steem, Steemit, and Tron.”

BNT will follow developments around the merger and acquisition of Steemit and Tron.

Image source: Bitcoin.com

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