Steemit Will Emerge Transformed - Two Scenarios Involving the Tron Foundation Acquisition

in #steemitlast year


Steemit Will Emerge Transformed - Two Scenarios Involving the Tron Foundation Acquisition

After all the drama, bad blood and resignations that have happened in response to the acquisition of Steemit by Justin Sun, current Steemians may end up winners. Let me explain how the acquisition and transition processes could go using two broad scenarios.

As we all know, the acquisition of Steemit has been rocky by any standard. Justin Sun and three centralized cryptocurrency exchanges used their influence to take control of an "ninja mined" STEEM asset, which was part of the 65-million STEEM purchased by Justin Sun worth $12 million. Legacy Steemit witnesses created a soft fork to limit voting and control rights and were referred to as "hackers" by Justin Tron in a Twitter exchange. It for ugly, but there is a potential for healing and transition.

Steemit has been acquired by Justin Sun, and will be integrated in some way into the Tron Dapp ecosystem. As a user of both Tron Dapps and the Steemit Dapp, I have profited on both networks using different strategies, and think that the Tron Network could profit heavily from Steemit, as most Tron Dapps are gambling websites. Steemians stand to prosper as well, as Steemit has suffered during the cryptocurrency winter, and has not been promoted to meet its potential.

There is now Steemians could see their platform migration play out:

Scenario one:
Justin Sun retains his stake in STEEM on the Steemit Dapp. He takes the entire Dapp onto the Tron Dapp ecosystem. Users access and use Steemit with Tron TR-20 tokens that users must swap their STEEM to purchase using the Poloniex exchange.

In this scenario, the old Steemit website (which we now use) ceases to exist outside of Tronlink, and users must use a Tron browser or enabled wallet to use Steemit.

Scenario two:
Steemit, the STEEM Dapp, is forked. Justin Sun takes the Steemit website onto the Tron Dapp ecosystem, and essentially credits holders of Steem Power on the Tron Steemit with an equivalent exchange of staked TR-20 tokens. The site maintains functionality on both websites, and both sites provide value for present Steemit users with Steem Power.
Both scenarios have their pros and cons, but most users would prefer scenario two. Either scenario has nuances, and we need to keep our perspective as time goes by. As global stock markets dip, Justin Sun's timeline may compress, so expect anything to happen to your stake. What will happen with the "ninja mined" tokens? Will the Steemit development funds and Smart Media Tokens bear fruit as Steemit Inc. developers and businessmen leave the platform? Stay tuned!

Originally published in my Publish0x account I own at:

Also published in my Steemit account I own under Cryptoedify.

Keep up to date on the Steemit acquisition drama:

The source of the controversy:
A great overview of the timeline:

Picture from Pixabay.