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Just In: Steemit Moves to Tron (TRX) Blockchain

Steemit makes an announcement about its “strategic partnership” with Tron .

Blockchain-powered Reddit alternative Steemit is migrating to the Tron blockchain, according to a press release shared with U.Today. This a major partnership for Tron that already boasts more than 800 dApps under its belt.

STEEM tokens will be moved to the Tron blockchain. There will also be a new accelerator program created for the community of developers.

“We are very excited to welcome Steemit into the TRON ecosystem,” says Justin Sun, Founder of TRON and CEO of BitTorrent.

Tron was rumored to acquire Steemit back in January but it turned out that Sun hinted at a deal with blockchain-based streaming platform DLive. Notably, Steemit hosts another video sharing website called D.Tube that will now be migrating to Tron along with a slew of other dApps.

Since its creation in 2016, Steemit has managed to attract more than 1.2 mln registered users. Like with other blockchain projects, decentralization is its main selling point — one can create content that will not be subjected to moderation and censorship. It also rewards content creators with STEEM tokens

Even though Steemit is a rare example of a successful crypto project with mainstream appeal, it has suffered from financial woes and leadership reshuffling. Back in November 2018, it had to lay off 70 percent of its staff. 

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Steemit

Steemit & Tron Partner Up, What Will Happen Next?

  • Steemit has announced at the end of last week that it will be partnering up with the Tron platform. 
  • The two companies will start working together in order to solidify Steemit and it’s blockchain-based decentralised applications with the blockchain on Tron.

The decentralised blockchain-based social media platform, Steemit announced at the end of last week that it will be partnering up with the Tron decentralised platform. The two companies will start working together in order to solidify Steemit and it’s decentralised applications with the blockchain with Tron.

The official release revealed that the two firms are set to use both of their services and products to help users. The Tron Foundation is bringing on board more than 20 million users to access services and products which are being offered by Steemit.

However, on the other hand, Steemit is going to be bringing in more than 1 million users into the community. This is, of course, a massive difference however, the two bodies will be offering different services to the users in question. This partnership will result in a strategic alliance between both Steemit and Tron. 

As it is a social media-based website, Steemit rewards its users with the STEEM cryptocurrency for making content published on the website. 

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Tron

TRON Virtual Machine To Get Three New Features

  • TRON’s CEO, Justin Sun, tweeted that the TRON Virtual Machine will get three new features as proposal number 32 was approved.
  • Justin Sun and the TRON foundation’s moves have changed a lot of things in the virtual machine system.

TRON’s CEO, Justin Sun, tweeted that the TRON Virtual Machine will get three new features as proposal number 32 was approved. The new features of the TRON virtual machines will be support for parallel signature verification, multiple signature verification, and judge whether the address is the contract address.

TRON is one of the largest blockchain-based operating systems around the world. TRON has a high throughput, high scalability, and high availability.

TRON also has a wallet that supports TRX and other tokens on the TRON mainnet, which is available to download for various clients through their website.

The explanantion of the new features is given below:-

  • Support parallel signature verification in TVM:  The keyword that is to be used in the contract for parallel signature verification is ‘batchvalidatesign’.
  • Support to judge whether the address is a contract address in TVM:  The developers may face the problem of calling another contract in a contract, in the development of smart contracts. But in some contracts, the contract may not want to be invoked by any other contracts. This call can be restricted, and that can be done by using the ‘isContract’ command.
  • Support multi-signature verification in TVM:  The TRON blockchain supports the feature that lets an account use the multi-signature feature, and this is used a lot of time in scenarios such as permission control. Now the Virtual machines will also support the multi-signature feature. But the multi-signature will only support a maximum of five private key signatures.

This will further enrich the application scenarios of smart contracts. Justin Sun and the TRON foundation’s moves have changed a lot of things in the virtual machine system, and the users with open arms have welcomed these new features.

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Tron News Today – Headlines for February 21

  • Tron has lost more than 10% in the last 24-hours
  • The coin has continued to slip amid an overall poor sentiment
  • Justin Sun’s acquisitions to boost adoption haven’t paid off

Tron News Today – digital currency protocol, Tron’s price has dropped by over 10% in the past 24- hours, has today continued to slip even further down the charts in its ranking. The digital asset which wasn’t ranked among the top ten largest coins by market cap until recently has dropped to number 15 since this decline began. The most recent results for Tron have come despite the continued efforts of Justin Sun to foster growth in the Tron ecosystem with many new acquisitions.

Stiff Competition for Tron

Sun’s efforts to see that his brainchild Tron becomes a success once more has instead ensured that Tron’s native token TRX rallies only in the short-term. It appears that the digital asset has then withdrawn after the news of the decline phased out. What this implies is that even though the digital asset manages to perform well and enjoy some ‘bullish occasions’, it also nearly finds it difficult to extend this situation or climb higher. It lacks consistency.

In contrast, competitors Tezos and Chainlink have been consistent. After many weeks of rallying, both digital assets have successfully ensured that their market cap rose and now they are now sitting above Tron in the list of largest coin’s by market cap. Tezos has outdone other popular coins like Cardano and Stellar, to climb into the top ten. Meanwhile, Chainlink is just at the number 12 position with Cardano above it.

But Tron, on the other hand, could be phased out if it doesn’t rise and act more competitive against the other coins. Just like Ethereum Classic, NEM and IOTA, which were once ranked high but now only feature above number 20, Tron could act like these and follow their trend.

Sun’s Acquisitions Haven’t Paid off

Finallythe main reason why Sun’s acquisitions phase-out quickly remain to be seen. While the Tron chief continues to expand his coin’s ecosystem (as we can see from his previous acquisitions), none of these have paid off in a huge way. And with no long term plan, the projects he acquired or partnered with means nothing. These projects only create hype for the network which in turn drives in just short-term gains for TRX.

The only project that has long-term strategic partnerships is Ripple. Ripple looks for other protocols that make sure adoption comes to XRP as well as more use cases. In most instances, the XRP digital currency doesn’t make short term change. However, space places more trust in it especially on notions that it will come to the top for the long-term.

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