Thoughts on the Purchase of Steemit Inc. by Justin Sun of the Tron Foundation
If anyone has been following the acquisition of Steemit Inc. by Justin Sun of the Tron Foundation since February 14th of this year, you have likely seen the increasing drama in the news. As a Steemian and a member of th of 2-years, I have mixed emotions and perspective on the situation. Let me explain what this means to me.
Steemit Inc. has been the subject of articles and cryptocurrency blogs lately, and Steemit is abuzz with resignations and members voting for witnesses to secure the network.
Justin Sun used STEEM located on the Binance and Huobi exchanges to power up Steemit accounts and vote for new witnesses. In an explanation Twitter series, he explained himself and the need to react to "hackers". The so called hackers were Steemit witnesses who voted to institute a soft-fork to limit power from old Steemit accounts made during the initial "ninja mine" that threated to centralize power on Steemit.
All this information and drama has seen at least four Steemit Inc. developers and communications workers depart. In the past 24-hours, developers have taken a stance to remove their contributions to the STEEM blockchain from the site.
At the end of the day, Justin Sun did purchase Steemit Inc., a Dapp on the STEEM blockchain. He owns the Dapp by rights, and he will likely move it to the Tron Network sooner than later. He purchased a large amount of STEEM to secure the network. His method of securing his investment was very unorthodox and authoritarian, but it was effective. Using the exchange's STEEM owned by depositors raises some questions. I am excited to see what happens next.
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Originally published in my Publish0x account I own at:
Also published in my Steemit account I own at username cryptoedify.
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Read more about the acquisition here:
A brief primer on the events of 3/2/20 during the acquisition drama:
Andrew Levine resigns from Steemit as head of communications:
Picture from Pixabay.