Justin Sun, one of the largest crypto entrepreneurs in the world, has bought Steemit.com. A blogging application halfway between Reddit and Medium that works on the Steem Blockchain. Causing the community alert of this blockchain. Which has introduced a soft fork to prevent Sun from participating in the Blockchain decisions.
The purchase of Steemit
Steemit.com is a rising blogging platform. Allowing its users to express their visions on the most diverse topics. While they are housed in a Blockchain like Steem’s. And now, it is owned by Justin Sun, the mogul behind Tron and BitTorrent.
This acquisition has generated great concern within the crypto community of Steem. Which has felt threatened against the financial power of Sun, not knowing the projects that the entrepreneur can have for the Blockchain. So they have decided to act to try to avoid their domination over the chain.
Thus, a reversible soft fork has been proposed and executed to prevent a group of tokens from being able to vote in Steem’s decision making. Assuming they are now owned by Justin Sun, due to the acquisition of Steemit.com.
Although in the past these tokens have not participated in any voting regarding the blockchain. They would have a decision power equivalent to 20% of the total tokens authorized to vote within the Blockchain. What makes, in practice, the owner of these tokens have decisive power over the entire community.
Immediately, Sun has reacted to the soft fork designed to stop it. Writing and publishing an open letter on Steemit.com. In which he lends a hand to the Steem community to work on the development of the Blockchain. Admitting that, although this soft fork took him by surprise, he is willing to collaborate and make all Tron resources available to the Steem community.
«With so many things happening in Steem that affect me and everyone in Tron and Steemit Inc, such as the launch of Communities and a 22.2 soft fork that we did not expect, I feel it is important to show that I am here and ready to start building with your”…
«Our team, the people of Tron and Steemit Inc together, are an incredible group of talented people and are working hard behind the scenes to coordinate our plans after the acquisition process, which always leaves some questions open. My plan now is to make sure we start communicating with the Steem community, and make sure we are a positive force to make Steem and Steemit 2.0 great.«.
Although Steem hosts other decentralized applications other than Steemit.com. This platform would be the most important of the Blockchain. And therefore, the one that gathers the largest number of users in the community. So, in practical terms, Justin Sun has acquired the fundamental piece of the blockchain.
International Studies student, interested in economics and international politics. Passionate about the progress of the Fourth Industrial Revolution in general and cryptocurrencies in particular.