Quora Onboarding Initiative | Question Answered: Is it true that Steemit is being bought by Justin Sun of Tron blockchain?

Is it true that Steemit is being bought by Justin Sun of Tron blockchain?

The Tron foundation headed by Justin Sun has bought Steemit, Inc, the company that develops the Steem blockchain code. Steemit, Inc. also owns about 75 million Steem Power out of a total supply of about 360 million STEEM, of which about 200 million is staked as Steem Power. Steemit, Inc also owns the domain name and website steemit.com. Steemit, the application at Steemit (http://steemit.com) is also owned by Steemit, Inc but is only one of many hundreds of applications that use the Steem blockchain as a back end data storage.

Justin Sun has told Steemit, Inc the ongoing development on the Steem blockchain will be finished. That is, the SMT protocol and the communities feature will be rolled out as scheduled. Steemit, Inc’s funding is now secure.

The Steem and Tron ecosystems will be merged. What this means in the long run remains to be seen. But the Steem blockchain is not going anywhere any time soon. What I’m hoping for is dual-chain apps that make the best use of both the Steem and Tron blockchains. Steem has no and was never designed to have user-defined smart contracts whereas that feature exists on Tron.

It was said in some early press releases that work on migrating the Steem blockchain to Tron will begin immediately. As far as I know, no such plans have been put into action according
to Steemit, Inc. Implementing the Steem blockchain functionalities on Tron as smart contracts would require a lot of work. No concrete plans of a one-way token swap from STEEM to a TRX10 token have been announced.

I actually think multi-chain apps, atomic swaps between all cryptocurrencies would greatly enhance the network effect of the entire space and boost its value immensely. The value of a network is proportional to the square of the number of its nodes. Sufficient scaling for mainstream adoption would be a huge problem for most blockchains, which suggests that the idea that there are too many blockchains on the market is completely misguided as is the notion of zero-sum competition between different blockchain projects.

To put it bluntly, I find that kind of zero-sum thinking incredibly stupid and harmful. Blockchain is powerful technology. It is the enabling technology of trustless peer-to-peer transactions. It has no other purpose.

Here’s a video of a bunch of cryptocurrency investors allowing controlling stake of meaningful financial value to fall into the hands of a Blockchain Big Boss. Such a thing can only result in the kind of clusterfuck the whole blockchain movement is supposed to provide an alternative for.

For more info on Steem, join the Steem Quora Space called The Steemian Roundup - link: Steemian Roundup (https://www.quora.com/q/otycmrjbbhahuqae)