Justin Sun, the New Sheriff in Town on the Steem Blockchain

in Project HOPElast year (edited)

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About a week ago, the news broke that Justin Sun, the CEO of the TRON foundation, had bought Steemit from Ned Scott, taking over the reins of affairs of Steemit Inc - the private American company which created the Steem blockchain.

Sun, who goes by the username @Justinsunsteemit on Steemit, was also reported to now control the entire stake previously owned by Steemit Inc which is estimated at about 70 million Steem. This roughly constitutes over 15% of the entire Steem in circulation.

With this massive stake, @Justinsunsteemit becomes the single most influential person on the Steem blockchain. This article examines the background of Sun and speculates on the future of Steemit and Steem.

Who is Justin Sun?

The name Justin Sun arguably needs no introduction in the cryptospace. Sun is the CEO of the TRON foundation, the company credited for developing the TRON blockchain in 2017 after raising about $70 million through an ICO before it was outlawed by the Chinese government.

Apart from his involvement with TRON, Sun is also the CEO of BitTorrent, a company responsible for the development of the BitTorrent peer-to-peer protocol which is used for transferring large files over the internet.

According to information available on Wikipedia, Sun received his education at the University of Pennsylvania and Peking University, where he studied East Asia Studies and History respectively.

Justin Sun, the Young Business Genius

Named by Forbes magazine as one of the Chinese under 30 entrepreneurs to watch out for between 2015 and 2017, Sun has lived up to expectations in building his wealth and business bridges. Apart from founding the TRON blockchain and acquiring BitTorrent, Sun has succeeded in striking one of the most formidable deals in the blockchain industry.

In a report published by Forbes earlier this year, Sun was said to have struck a deal with Samsung, the Asian technology giant. The deal would see Samsung partnering with TRON to push the adoption of decentralized applications on top of the TRON blockchain by integrating dapps in the forthcoming Samsung S10 smartphone series.

Similarly, Sun was reported to have paid $4.3m dollars to have a dinner with Warren Buffet, an American billionaire, investor, and Bitcoin skeptic. Not much details about the discussions Sun had with Buffet during the lush dinner was made available to the public, however discerning minds would suspect key business interests.

Steemit and Steem Under the New Sheriff in Town

Being the new CEO of Steemit Inc and the largest stakeholder on the Steem blockchain, it is no exaggeration to state that the decisions of Sun would have significant impact on Steemit and the future of Steem.

Ultimately, the aim of @Justinsunsteemit is to move Steemit to TRON, of course, without disrupting the Steem architecture on which Steemit was built and in which he now owns the highest stake. This means that Sun will have to figure out a way to move Steemit to TRON and still make the Steem token valuable, while retaining the Steem userbase. This is most likely the case because as with the other acquisitions he had had in the past, Sun does not tamper with the existing structural foundation.

It is not unreasonable to predict that when Sun succeeds in moving Steemit to TRON, it is very likely that Steemit, due to the aforementioned partnership which Sun had with Samsung, will have a default presence on the Samsung smart phones of the future. If this happens, Steemit will have become one of the earliest dapps to gain mass adoption since Samsung controls roughly 1/5 of the global mobile phone market.

As for the Steem token, one can safely predict that as long as it remains the token used by Steemit and other valuable Dapps, its value is bound to increase as adoption grows. However, a token swap could have a significant impact on the Steem market cap and its prices. Ultimately, only time will tell what direction the pendulum will swing.

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@gandhibaba this is a light to all those who need clean explanation of rhis recent transformation

 last year (edited)

Are you still as optimistic about future of STEEM as you were just 1 month ago? :)

@tipu curate

First of all we should learn that Steem is not a true decentralized platform. Witnesses are bound to do whatever StinC likes. So, it was sold and now we can say that the future is grim.

Posted via Steemleo

 last year 

Very true @akdx. Steem luckily is not fully decentralized. My impression is that full centralization has problems we know, however full decentralization will come with other problems - the one we do not know yet.

Decentralization, just like democracy - is slowing things down. Noone is there to be a captain, many users fight for their own agendas. Not to mention that local warlords are raising - simply because there is no central authority (big brother) who would be "watching".

Perhaps it's best for our blockchain to be half-decentralized.

Yours, Piotr

I agree!

 last year 

Hi again @akdx

Can I ask you for little favour? I joined contest called "Community of the week" with project I manage and I would be grateful if you could RESTEEM it and help me get some exposure and drop some encouraging comment :)

Link to my post: on steemit or on steempeak

Thanks :)
Yours, Piotr

Dear @crypto.piotr! I have already resteemed the post. Thank you!

Posted via Steemleo

Very dicey question here. I am still optimistic about Steem to the extent that it remains the native token of Steemit. Cheers!

Resteemed already. Upvote on the way :)

very good and clear summary of the facts that are around at the moment. Thank you for sharing!
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It's my pleasure. And thanks for stopping by.

I like Justin Sun for his ability to invest in projects and businesses but expecting a change to steemit is not something i foresee. Sun bought a lot of project but never changed the purpose they had or moved them to tron. We might just have more publicity, move developers, and quick response in bad days.

I like Justin Sun for his ability to invest in projects and businesses but expecting a change to steemit is not something i foresee. Sun bought a lot of project but never changed the purpose they had or moved them to tron. We might just have more publicity, move developers, and quick response in bad days.

Interesting thoughts here. Deep down I hope you turn out right.

Similarly, Sun was reported to have paid $4.3m dollars to have a dinner with Warren Buffett,

Sounds like a waste of money to me.

Sure it can sound that way to you. But Sun knows that that could help him get the attention of wall street and other big names.

I see it as a real win for crypto when international issues like China and United States hesitation about our young industry can be handled in arenas like these as opposed to regulatory mechanisms. It's just this reason why I think Sun is important figure, now more than ever.

There have been lots of published article about this issue since it occurred, but I must confess that this post really caught my attention and it was worth the read.

Thanks for stopping by Tobiloba. Glad you enjoyed the post and it was worth your time.

Congratulations @gandhibaba, your post successfully recieved 0.26550788 TRDO from below listed TRENDO callers:

@city-of-dresden earned : 0.17700525 TRDO curation


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