Steemit, the decentralized social media platform rewarding users for their work with cryptocurrency, announced that it will be migrating to the TRON (TRX) blockchain.
Steem operates a social media network called Steemit, which is similar to popular content-driven social networks like Reddit and Medium. Launched in 2016, the network was built on top of Steem’s own blockchain and rewards users with cryptocurrency (STEEM and STEEM dollars) for their participation.
At a time where the TRON ecosystem is trying to find new use case and adoption opportunities, onboarding social media industry seems like taking fish to water. Advocates of Tron blockchain were also pleased to notice that Samsung has added TRX support to its Blockchain Keystore. All users of the South Korean multinational conglomerate’s Keystore, a critical part of Samsung’s blockchain initiative, are now able to access TRON dApps and store TRX.
“Steemit is the original conception of forums meeting cryptocurrency to achieve mass adoption — where cryptocurrency could be distributed as easily as “likes” and “upvotes” and this high powered distribution mechanism would bring adoption and appreciation to the currency and the social network,” says Ned Scott, former CEO, Chairman and Founder of Steemit.
Founded by Chinese entrepreneur Justin Jun, TRON is a blockchain-based protocol dedicated to creating what it calls a “decentralized and free internet.” The TRON network provides mechanisms for allocating the value of user-generated content, with anyone who contributes content being entitled to profits of proportional value.
The company has its own cryptocurrency, dubbed TRX, which had a market cap of $1.73 billion at the time of writing.
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TRON founder and chief, Justin Sun, welcomed the social platform noting: “We are very excited to welcome Steemit into the TRON ecosystem. Together we will usher in a new era of decentralized social networking.”
— Justin Sun (@justinsuntron) February 14, 2020