On Friday (February 14), TRON Foundation and blockchain-powered social media platform operator Steemit Inc. (was founded in 2016 by Ned Scott and Dan Larimer) announced a strategic partnership in order “to bring Steemit and other Steem blockchain based DApps to TRON blockchain and its community of over 20 million users, products, and services.”
What makes Steemit different from the vast majority of social media platforms is that on Steemit users are rewarded (with STEEM tokens) for posting content and/or upvoting (and commenting on) other people’s posts.
Here is why these tokens have value:
“At its root, Steem is simply a points system. However, because this points system is blockchain-based, the points can be traded on markets as tokens. People buy and sell these tokens, and many hold in anticipation of increased purchasing power for various Steem-related services.
“By analogy, Steem is a game system where users compete for attention and rewards by bringing content and adding value to the platform. The rewards people earn are tokens that have market value and are readily tradable. It is similar to how someone playing a video game could obtain a limited item or currency by playing the game. If the currency or items are transferable between users, then they can sell or buy them on game item markets.”
The press release shared with CryptoGlobe calls Steemit, “a Reddit-alike service built on top of the Steem blockchain,” and says that “some popular real-world use cases on Steem blockchain include the Youtube alternative D.Tube, Instagram alternative APPICS, and fitness Dapp Actifit.”
TRON Foundation and Steemit Inc. want to “create further value for their users and to augment their advancements in decentralized technologies, including moving old STEEM token to a new TRON based STEEM token, giveaways to the existing TRX users with the new TRON based STEEM token, as well as a new accelerator program towards the developer community.”
Justin Sun, Founder and CEO of TRON Foundation had this to say:
We are very excited to welcome Steemit into the TRON ecosystem. Together we will usher in a new era of decentralized social networking.