It has been revealed that the Tron Foundation is now a partner with Steemit, a leading blockchain-based blogging and social networking website. The purpose of the partnership is to offer its network for Steemit services.
The partnership involves the movement of Steemit and other Steem blockchain-based decentralized applications (DApps) to the Tron blockchain. It was announced by both companies on February 14.
There will be giveaways to the current TRX users with the new Tron-based STEEM token and a fresh accelerator program for the developer community.
The old Steem (STEEM) token will also be shifted to a new STEEM token based on the Tron blockchain. The announcement led to an upsurge in Steem token by about 26 percent within 24 hours. Likewise, TRX has moved the upside, trading 10 percent higher at press time.
According to Tron founder and CEO Justin Sun, the new partnership will take the firms to a new period of decentralized social networking. The CEO commented on the partnership on Twitter:
Ned Scott, the joint founder and chairman of Steemit, noted that the platform was established in 2016 to ensure mass adoption.
Steemit offers a service like Reddit on the Steemit’s proprietary Steem blockchain. Steemit is among the biggest DApps, with more than 1.3 million registered accounts, based on data from Steem block explorer. Steemit likewise released blockchain-based options for leading media websites such as YouTube and Instagram.
There will be more traction for Tron’s blockchain through the partnership based on the robust user base of Steemit. Data from SimilarWeb shows that Steemit’s website had more than 7.8 million visits in January 2020. The announcement stated that there are more than 800 DApps running on Tron’s ecosystem.
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