Steemit Joins with Tron Foundation to Migrate Its Blockchain to TRON Network
Tron Foundation is now a partner with Steemit, leading blockchain-based blogging and social networking website. The partnership purposes of offering its network for Steemit services.
Both companies, Steemit and other Steem blockchain-based decentralized applications (DApps) partnership and the Tron blockchain, were announced on February 14. Giveaways to current TRX users with the new Tron-based STEEM token and a new accelerator program for the developer community is ongoing.
Migrating to the Tron Network
Old Steem tokens (STEEM) token will also move to a new STEEM token based on the Tron blockchain. The announcement resulted in an increase of about 26% in Steem tokens within 24 hours. Likewise, TRX is up and trading 10% higher during the press.
Justin Sun, founder and CEO of Tron, said the new partnership would take the company into a new era of decentralized social networking. The CEO commented on the partnership on Twitter airing that the collaboration would open doors to “a new era of decentralized networking.”
As it was established in 2016, Ned Scott, the joint founder and chairman of Steemit, notes that the platform ensures mass adoption.
The platform offers services like Reddit on the Steemit blockchain. It is one of the largest DApps with more than 1.3 million registered accounts based on Steem Block Explorer data. Steemit has also introduced blockchain-based options for leading media websites such as YouTube and Instagram.
The partnership will leverage more of the Tron blockchain based on Steemit’s solid customer base. SimilarWeb data shows that the Steemit website had more than 7.8 million visits as of January 2020. According to the announcement, more than 800 DApps are operating in the Tron ecosystem.