After cryptocurrency exchange Poloniex, Tron creator Justin Sun has now got involved with the decentralized Reddit, Steemit. Tron announced a strategic partnership with the blockchain-based social media and blogging platform on Friday.
Taking it to New Heights
“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,” said co-founder Ned Scott, former CEO and Chairman of Steemit.
Co-founded by EOS co-creator Dan Larimer, Steemit was one of his many projects. The platform that lets users earn STEEM tokens for producing “high-quality” content laid off 70% of its workforce to save costs in 2018. The same day Larimer launched the decentralized social-media networking site, Voice in beta. Despite saying that it will run on the public blockchain, EOS, it was launched on a private blockchain that lets users earn Voice tokens for clicking on and watching ads. Meanwhile, EOS is losing to Tron in the Dapp arena
Leader in distributed ledger technology
Tron that claims to be “one of the largest decentralized ecosystems” has been gaining a lot of attention from dapp developers from other blockchains as it provides scalability, speed, and high throughput stability.
“We are very excited to welcome Steemit into the TRON ecosystem,” says Justin Sun, Founder of TRON and CEO of BitTorrent. “Together we will usher in a new era of decentralized social networking.”
Steemit itself is one of the largest DApps across all the blockchain that has a “growing number” of Dapps being developed on it with over a million users. Putting these dapps to Tron, this will bring the blockchain’s total tally to 800 that “empowers Tron Foundation’s title as the blockchain industry’s leader in distributed ledger technology.”
The user base of Tron Dapps already grew 33% in Jan. 2020 compared to 2019 January, however, Ethereum still dominate the ecosystem.
This partnership will also move old STEEM tokens to a new Tron-based STEEM token and will involve giveaways to the TRX users with these new tokens.
This partnership didn’t have much effect on TRX price which is up only 1.90% in the past 24 hours while trading at $0.026. But STEEM surely saw a spike as it is up about 8% trading at $0.292.