“Steemit joining the Tron Ecosystem” - What it means

in #steem4 years ago (edited)

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This morning it was finally announced (by Tron) that Steemit was bought by Justin Sun. Let’s note that there has still been no announcement by @steemitblog or response to the many questions by top witnesses.

So, this is my opinion on the situation, and what will happen, based on months of watching it unfold and one of the main reasons I started a full power down.

First, the announcement -

Steemit Joining Tron Ecosystem

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TRON and Steemit’s development teams will immediately begin working together to bring Steemit and other Steem blockchain based DApps to TRON blockchain and its community of over 20 million users, products, and services.


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That’s an important part of this announcement that I think many should take note of - Steemit inc devs will be working with Tron to migrate Steemit, as well as some other selected DApps to the Tron ecosystem.

I assume this also means that the many technical updates to the Steem chain we have been anticipating will be integrated into Tron as well (probably part of the deal).

Meaning, they won’t be on Steem.. they will be on Tron.

What does this mean for DApps built on Steem?

Not sure, many probably already got an offer to move and will do so (Justin has a fund where dApps get scholarships to build on Tron). Those not chosen will have the choice to stay or go I guess, on their own dime.

Here is the big kicker


including moving old STEEM token to a new TRON based STEEM token, giveaways to the existing TRX users with the new TRON based STEEM token

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So based on this announcement they will be moving the “old STEEM token” to Tron.

How is that possible? Good question.. better question is - What does that mean for everyone holding STEEM?

I assume there will be an airdrop to move the community to Tron. A matching of your current STEEM holdings.. but what does that mean for the native STEEM token?

Technically Justin could easily control consensus and do as he wishes (fork, code change etc) I guess we will have to see about that one.

What does that mean for content creators?

I think you’ll be fine, if your primary focus is just content creation. You will most likely just be now blogging on Tron.


What does this mean for stakeholders?

Well for those who actually bought STEEM and believed in STEEM, I’d say it’s not looking good. If you don’t swap to the Tron version, I assume you will be left on a dead chain.


What about the Steem blockchain?

Depends on what happens to the code. Technically the chain will still exist. But many of you know the core developers are Steemit inc employees and therefore much of the development will no longer be here.

Many could stay and actually build on Steem (As the Steem blockchain is separate from Steemit inc and steemit.com), hell it would probably be much better off without Steemit inc holding it back.. but I very much believe Justin Sun will do what he needs to do to ensure his new project is just that, his.

I have no interest in Tron, and will not be part of this move.



Call me negative all you want.. but I think it would be smart to decide what your goals are and make decisions accordingly.

Most content creators will do great and may even see more traction on Tron - they very much have marketing down and no doubt will be a popular site.

For those that believed in the original idea of Steem, and what it could be, I can’t see that Tron fits into that idea. So I’ll say .. it was a fun ride.. message me if you build something that actually will accomplish it, I’d love to help.

Much love,

Justine

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SteemPeak still strongly believes in decentralized content posting and decentralized governance. We wait to see where they stand and if they leave us.

That is really good to hear @steempeak! This whole thing seems like Steemit Inc. is just doing what I know as a colloquialism as 'cutting and running' and seems like a massive disservice to the community that has been both supportive and albeit tolerant of them through all of it's growth.

Just my not-so-humble-opinion there.

I think you are very well positioned to become the #1 front end for any STEEM Classic legacy blockchain if that is what you aspire to.

We want to be a solid site that exists for years to come and it not dependent on crypto price fluctuations.
Once the site and the chain proves a solid retention rate then the millions will come. And we for sure do NOT want to be the only site... one of our propositions for content creations is that steem has decentralization. We will always work to exceed expectations and make it the best user experience possible.

You were always the #1 front end to me Steempeak <3

Hoping for STEEM Classic...
If that doesn't work out, it's been nice to have met you, although it's been way too brief!

but maybe with a better name :) Like Steem 2.0 :) Classic sounds old :D

'Legacy Steem' has a nice ring to it!

❤️❤️❤️

I thinks as of now we need some time to see how this thing will play out for the community.
I can see it as a good thing though. but again nothing is for sure.

I won't call myself a doomsdayer but this is going to end badly for anyone who bought into Steem... The value of Steem will increase simply because there is news about Steem in the mainstream space of Crypto but once the news dies off and Tron overtakes Steemit, Steems value will plummet.

Don't believe the big steem accounts that are shilling the idea that this will beneift STEEM holders, because the end result will definitely be the opposite.

One thing about it if you keep your Steem tokens you'll have ownership rights to both the Steem chain & the Tron chain tokens.

Like ETH & ETC. I would expect most the value to accrue to the Tron Steem token considering but it's going to be in the details of what Sun plans to do with Steem.

That depends on the vague “token swap” mention that is still to be clarified. The fear in me is that this is a hostile takeover...

We may well have to trade our Steem for “TronSteem.” If that’s the case and it’s not an airdrop based on a snapshot of the current blockchain, then Steem “classic” could be in trouble.

If Tron forced us to decide whether to keep our Steem or get “TronSteem,” then every person who chooses to move to Tron adds Steem into Tron’s control of the “classic” chain governance and I don’t trust Tron not to stack the witnesses and essentially gut our chain to force the move. Steemians would have to almost unanimously stand firm and not move to Tron to keep control of the chain.

People who want a Steem “classic” may then be forced to create a fork that copies the old chain, etc. Not at all impossible, but then that form of “classic” becomes a whole new token and we instantly lose all our exchanges, liquidity, and probably value.

The fact that everything so far speaks of swaps and migrating to Tron has me concerned. If it had been posed as developing some cross chain interoperability I’d be much more intrigued and less worried.

I agree, it must be a hostile takeover. If it was just a snapshot airdrop Justin could do that without the buy out. The HEX project just did that for Bitcoiners, allowing them to get free HEX if they wanted to claim with no strings attached.

If Justin simply wanted to attract the community, airdropping to us would have been enough. This has to be a strong-arm tactic to force a conversion of this community over to Tron. Decentralized-smentralized, one again a social app company is treating its userbase like chattel, no different from Facebook or Google.

There is no reason to trust Tron as a blockchain. Ever hear about the Pop Network controversy? They switched from Ethereum to Tron to create a streaming dapp and when Tron founders realized it would be competition to the Bittorrent token project suddenly Pop's token "disappeared" from Tronscan and Tron all together. Might as well call Tron the XiJinPing blockchain, that is what it really is.

What big Steem accounts are doing such?

I'm just saying, in general, don't believe the positive hype. Take the positivity with a big grain of salt.

I’d very much agree with that. I’d rather know the facts and face them head on.. and therefore I don’t sugar coat much.

Many projects will be paid to move to Tron, so you will see many prominent Steemians expressing their love of this change.. I guess knowing when to sell will be key 🤷‍♀️

Key point for selling: tronsteem goes live. Mark my words and you can pay me later.

I have been on Steemit since it launched in July 2016, and I have believed in nothing more than the Steemian community to always be there to share great content and ideas with.. I remember when everyone was just blogging about crypto and I started uniting people and posting to bring more content like music, videos, poker, live streaming, sound/audio streaming, and pretty much anything besides crypto blogging.. I was mostly ignored, but I was posting videos every night of me performing DJ and Launchpad videos and @ned upvoted most of them.. I slowly watched as Steem became this hub of crypto projects and brought so many people together.. And just think I used to imagine Steem being everything it is now and the only thing missing is a merge with Decentraland, which I made a post about Steem making a VR world before Decentraland came out. ☝️

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https://steemit.com/vr/@stealthtrader/the-future-steemit-digital-world

Keep in mind that this post was made almost 4 years ago, and almost everything has came true except a VR Steem world.. 🤔

I am not sure how to feel about this, but I do know I will always consider the Steem community my family, and will not lose connections with those people regardless who’s name is on the blockchain.

Let's build something on Steem, so desperate housewives can be in charge of something besides peeling potatoes

Every time I see Justin I am like why does she keep referring to herself in the 3rd person and misspelling her name.

Meh. I dont wanna move to tron either..

Yes, saw that.. didn’t see the need to quote Ned, quoting Justin. Still doesn’t answer any of the questions above. It is what it is at this point.

Yeah quoting Justin sounds strange..

Pretty wild that Steemit inc is giving up all the principles that seemingly it was started on. Like you say, #somuchfordecentralized

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