Major blockchain-based blogging and social networking website Steemit has announced that it will partner with a cryptocurrency firm Tron Foundation (TRX). The plan is for Tron (TRX) to provide its network for Steemit services, and also the STEEM token.
An announcement made last week detailed the plan. The Tron Foundation said that Steemit and other STEEM blockchain-based decentralized applications (DApps) will moved to the Tron blockchain. Existing STEEM tokens will be moved to a new STEEM token based on the Tron blockchain as part of the strategic partnership.
STEEM surged on news issued while TRX has also edged up based on the partnership. Moreover, the existing TRX users will be given the new Tron-based STEEM token. It appears that the markets are backing the partnership, and see synergies in the tie-up.
STEEM is a Winning Idea
Ned Scott, a co-founder, and chairman at Steemit highlighted that the platform was launched in 2016 with the original mission is to meet cryptocurrencies then achieve mass adoption.
“From launching the platform in 2016 on a shoestring budget to today, I’ve enjoyed the development of the platform and the growth of its user base — now I’m excited to see a strategic partner attempt to bring it to new heights.”
Steemit has one of the largest Dapps platforms, with over 1.3 million registered accounts. It is providing a Reddit-like service running on the Steemit’s proprietary Steem blockchain. Also, Steemit is releasing blockchain-based alternatives for major media websites, such as Youtube and Instagram, DTube and APPICS.
A Popular Platform
Website traffic analysis tool SimilarWeb reported that there were over 7.8 million visits on the Steemit website in January 2020. With Steemit’s solid user base, the partnership looks to bring much more traction to Tron’s blockchain. Tron announced that now has over 800 DApps running on its ecosystem, which will make a nice complmet to Steemit’s user base.
Andrew Levine, head of communications at Steemit, asserted that the company has been working hard to improve its functionality.
“A lot of people think we’ve been standing still for the past year, but we’ve been working a lot on our infrastructure including Hivemind, Mira, and with communities on Steemit.”
It would appear that all that hard work is paying off in the form of a strong user base, as well as a strong new partnership with TRON. As people look for alternatives to online media giants like Google (YouTube, Etc…) Steemit may see a big rise in its already thriving user base.