Introduction

On October 8, 2023, the founder of Steemit Inc. publicly confirmed the sale of the company to Justin Sun, founder of the Tron Foundation. This acquisition has significant implications for the Steem blockchain and its ecosystem. This article will delve into the ongoing developments and the potential impacts.

Tweet from Steemit Inc. Founder

Stephen Kbench, the founder of Steemit Inc., tweeted the confirmation of the sale to Justin Sun, who is the head of the Tron Foundation. This tweet sheds light on the future trajectory of the Steem blockchain and its integration with Tron.

Acquisition Details

Justin Sun, through the Tron Foundation, has acquired Steemit Inc., the company responsible for developing the Steem blockchain code. Steemit Inc. currently owns approximately 75 million Steem Power out of a total supply of 360 million STEEM, with about 200 million staked as Steem Power. Here are some key points:

Steem Power Ownership: Steemit Inc. holds a significant portion of Steem Power, which is crucial for governance and voting on the Steem blockchain. Domain Name and Website: Steemit Inc. owns the valuable domain and website Steemit Application: The Steemit application is one of the many applications using the Steem blockchain as a backend, but only a small part of the ecosystem.

Future of Steem and Tron

Justin Sun has assured Steemit Inc. of continued development on the Steem blockchain. Key features like the SMT protocol and the communities feature will be rolled out as planned. Steemit Inc.’s funding is now secure due to this acquisition.

Both the Tron and Steem ecosystems are set to merge. The long-term implications of this integration are yet to be fully understood, but it is clear that the Steem blockchain is here to stay. The Steem community is optimistic about the potential benefits of a multi-chain approach and dual-chain apps that leverage the strengths of both platforms.

Potential for Dual-Chain Apps and Smart Contracts

The acquisition opens up the possibility for multi-chain applications and atomic swaps between all cryptocurrencies, which could significantly enhance the network effect and boost the overall value of the cryptocurrency ecosystem.

One key highlight is that while Steem does not natively support user-defined smart contracts, Tron does. This could lead to more versatile decentralized applications (dApps) that combine the strengths of both blockchains. For instance, smart contracts on Tron could complement the Steem blockchain’s content creation and reward mechanisms, leading to more dynamic and interactive dApps.

No concrete plans for migrating the Steem blockchain to Tron have been announced yet. However, the integration of functionalities on a multi-chain basis presents a promising path forward.

Conclusion

The acquisition of Steemit Inc. by the Tron Foundation marks a significant development in the Steem blockchain ecosystem. While the future is still unfolding, it is clear that both Justin Sun and the Steem community are committed to advancing the platform in innovative ways. The integration of these two ecosystems has the potential to drive substantial growth and create new opportunities for blockchain technology.