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Blockchain social media platform Steemit to migrate to TRON network

Mon, 17 Feb 2020, 05:13 am UTC

Blockchain-based social media and blogging platform Steemit has announced its plans to migrate to the TRON blockchain.

In a press release, Steemit announced its partnership with the TRON Foundation and said that it will immediately start working towards bringing Steemit and other Steem blockchain-based DApps to TRON blockchain and its community of over 20 million users, products, and services.

Importantly, Steemit will move its old STEEM token to a new TRON based STEEM token. It said that it will hold token giveaways to existing TRX users and launch a new accelerator program towards the developer community.

Founded in 2016, Steemit offers a Reddit-like service built on top of the Steem blockchain. There are several DApps running on the Steem blockchain, including the Youtube alternative D.Tube, Instagram alternative APPICS, and fitness DApp Actifit.

“Steemit is the original conception where forums meeting cryptocurrency was born -- where cryptocurrency could be distributed as easily as ‘likes’ and ‘upvotes’ and that maybe this would bring adoption and appreciation to the currency,” says Ned Scott, CEO, Chairman and Founder of Steemit. “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.”

TRON, on the other hand, is known for its high throughput stability, and scalability. It has forged partnerships with some of the leading names in the industry including Samsung, Poloniex, Opera, and DLive.

“This partnership further empowers TRON’s title as the blockchain industry’s leader in distributed ledger technology with over 800 DApps now in its ecosystem,” the release said.

Welcoming Steemit to the TRON ecosystem, Justin Sun, Founder of TRON and CEO of BitTorrent, said, “Together we will usher in a new era of decentralized social networking.”

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