Justin Sun just announced that Steemit will be migrating to the Tron network. At first glance that might be FUD inducing, but I'd like to remind folks of something. While Justin may not have nailed every detail about Steem in his Dlive thing with Ned he was able to distinguish arguably the most critical detail of all.
Steemit does not equal Steem.
So, when you read the tweet, and we know that he knows the difference between Steemit and Steem then we know that he's specifically talking about Steemit and phrased it to not encompass Steem. Maybe his audience doesn't what he just wrote... but what he's saying is true, and taken as truth at the surface level it's probably ok for Steem given the other things he said in his Dlive presentation. Let me walk you through why I think that.
Here's the live Tweet if you want to see it there.
What did Justin Buy?
Justin Sun bought Steemit Inc. With that purchase he now owns approximately 75Million Steem or approximately 20% of the supply. He owns a corporation called Steemit Inc which employs developers (+ managers and staff ) who run infrastructure, develop the blockchain, and add features to Condenser, which is the program that powers the website steemit.com. That said he also purchased the website domain steemit.com.
It's worth noting that the blockchain and condenser are open source. Steemit Inc owns the repositories that Witnesses on the chain have used in the past to pull trusted code to deploy for soft forks and hard forks. Elected witnesses do have their own github repositories and have all of this information redundantly stored.
Steemit inc employs several key developers. I don't know them all by name, but @justinw who manages the infrastructure, @roadscape who manages things having to do with condenser/steemit.com, @vandeberg who develops the steem blockchain itself, and @gerbino who does blockchain work as well.
There may be other things he purchased. I'm not fully looped in, but those are the things that appear in the public domain to be owned by Steemit.
Shoutout to the guys at Steemit Inc
I bet the devs are going through a rough time. Just want to know I'm thinking of you and sending you some love as you navigate this transition. Hang in there Steemit employees!
What Justin Didn't buy.
Justin didn't purchase a blockchain. The blockchain is owned by all the steem token holders. The blockchain holders are not plantation slaves. Everyone here is a free person voluntarily interacting with a chain. He didn't purchase every node in the network, nor every Dapp, nor ownership rights over each and every human interacting here. He also likely doesn't have the copyright to content of every post that authors make on the Steem blockchain.
That much stake tho
Justin did buy a defacto controlling stake in the platform. You have a guaranteed controlling stake in the platform by owning 51% of the blockchain. You can have a defacto controlling stake in a platform by owning enough voting power to control the witnesses. Currently there's ~46M steem power sitting on Yabapmatt for votes. He has 75M. So, if no other accounts are witness voting and Justin decides to witness vote he could setup 30 servers and vote himself into the top 30 positions. He has enough stake to make proposals and vote them in, and control witnesses and blockchains.
The tron foundation owns something like 55% of all Tron. While he may be personally influencing "Super Representatives" (witnesses) on Tron he's not currently voting for Super Representatives on Tron with a 55% stake vote.
Is owning this much stake on a platform cause for concern? YES. That said; it's the same concern we've always had about Steem. Is it really decentralized if there's that much stake controlled by one entity? As it turns out this was also a concern while Ned had the keys. Ned also had this ability to control witnesses and people were uncomfortable then as well, but there was at least a tacit understanding or history of not using the stake for witness voting.
BUT! Good news came yesterday from the Livestream:
Justin shared during the livestream that he will
- Keep Steem running for now
- Not vote witnesses
- Implement Communities (he didn't mention it by name, but it's the product he described)
- Implement
MSTSMTs - Not do a swap (for now)
- Help get more Steem listings on exchanges
- Hire more developers for Steemit
So, what's it all mean?
Justin tweeted 5 hours ago that SteemIT would be joining the tron network. As far as I'm concerned that's fair game. He bought Steemit Inc. He can bring the steemit.com website or a website like steemit.com to Tron. He's got every right to do that. He purchased it.
The question/threat/danger is will he shut Steem out of Steemit? The current answer is no. That's an imperfect answer for people who care about Steem and steemit.com because it's a "current answer" rather than a long term plan incorporating a healthy steem ecosystem. It's also day 2.
Forks (sister projects)
Also, at one point @smooth said something that I've kept in mind-
No good project dies because of a fork. Fork has a lot of definitions, but in this context he was talking about sister projects using the same codebase. He was referencing something like telos vs eos or steem vs whaleshares. Just having someone else use the code doesn't mean your project dies. It means the ecosystem gets bigger, and it validates that you have something that other people want.
In a world where steemit.com and Tronit.com exist or steemit.com integrates keychain and tronwallet to facilitate both tokens interacting together then this could be a thing of beauty for everyone holding either token. Steem gets new eyeballs and Tron gets a new application.
In a world where one happens at the expense of the other, that's likely bad for Steem holders.
We'll have to see what develops, but here's my summary of the timeline so far:
- Justin Sun and team said it's going to be a swap
- Something changed his mind
- By the time the conversation happened he walked back a lot of what he said and further added that Steem will get development and support
- In the tweet shared in this post he said SteemIT will begin migration to Tron.
In that context, especially because he knows the difference between Steem and Steemit I actually think it's fairly exciting... FOR-NOW.
It's good to bring this technology to other chains. The more the merrier. We're not going to die because other people start blogging on their blockchain too.
And that's why one single account should only be able to vote for five to (at maximum) ten witnesses.
After considerable thought, I have come to the mind that this is an extraordinary opportunity that we - Steem - aren't prepared to seize. @starkerz well points out we have been naive, and this is more a comment regarding those with substantial stake implementing governance of the blockchain than regarding the wider community. @ned's benign neglect eased us all into complacency regarding our place on Steem. @justinsunsteemit is demonstrating similar benevolence, but he will not neglect to bring Steem up to speed and we need to make us worth his while.
I have posted today what I reckon are some things we need to do quickly to better sidle up to our new suitor, because this is a mighty attractive situation compared to what has been, and what could have been. I hope you have a gander and chime in to set me straight where I'm off course. I expect you have more to gain here than almost anyone on Steem, and could do more to bring Steem to it's fullest fruition than any other here. You have proved your competence over and again in that regard, to all our benefit.
Thanks!
Really? Then what is this all about? The author is TronLink posting on Medium. Something don't smell right.
I'm sorry, what? Steem was never part of EOS nor was it based on EOS! This guy is blowing smoke.
My point exactly. Pure disinformation. Anyone that is not familiar with STEEM, especially Tron folk may take this information as gospel and that we are formally a subsidiary of EOS.
Misinformation campaign maybe?
Not anymore. They removed the article. It was deleted by the author.
that's convenient, this is biz , big biz pure and simple
I wrote a post under my "Battleaxe" account regarding Poloniex today and a satire weird one yesterday
It's Mergers, Acquisitions or to some a takeover, am neutral on what the intentions are for now but that seems hostile op/ed
this medium post has been removed already :/
I am aware and as noted earlier, have removed links to it on my Twitter profile as well. Thank you.
I appreciate your communication skills @sgt-dan :)
Hi again @sgt-dan
Can I ask you for little favour? I joined contest called "Community of the week" with project I manage and I would be grateful if you could RESTEEM it and help me get some exposure and drop some encouraging comment :)
Link to my post: on steemit or on steempeak
Thanks :)
Yours, Piotr
Tronlink is a wallet. At first glance it appears to be a separate entity from Justin Sun. They either didn't get the memo or got a different memo. it could be evidence of a mixup. It could be evidence Justin in lying. it's something to keep an eye on for sure.
Justin owns TronLink. He bought it. This is known by most in the Tron Community.
New user from Tron? Welcome!
What is your relationship to sesameseed?
Thank you for your response.
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this medium post has been removed already :/
Lol this article has been been deleted from medium 😂
Being proactive is sometimes better than being reactive. I have been searching the News most of the morning for disinformation regarding this acquisition of stake and company.
Unless I am misunderstanding, our blockchain is still autonomous and under the governance of the Top 20 witnesses and the 21st Witness in reserve.
We know that Steemit,Inc. is not STEEM, but a large stakeholder and Blockchain Development Company. Evidently, the rest of the cryptoworld does not understand this fact, to include TRON.
that medium post is now deleted?? Obviously there was some sort of discrepancy.
Could be we got somebody's attention.
seems like it. I don't think anyone has ever dealt with a community like steemit and its army of steemians. We won't go down without a fight...
Oh boy. This keeps getting more interesting.
UPDATE: This article was deleted by the author. Therefore; I have unpinned the link to the above article from my Twitter™ account.
What I don't understand is, even if he wants to move Steemit to Tron, how is that supposed to work? I mean, the whole post creation, reward distribution thing etc. is not even on Tron. He wants to just take Steemit and remove all the blockchain functionality from it, or what?
Asking the real questions. So I take it you looked at the code / documentation as well?
It's a trainwreck compared to Steem... Gets worse the deeper you go, too!
I haven't looked at it tbh^^. I just assumed that storing text/JSON is not possible because I've never seen an app that does this.
Thanks for a very reasonable summary of the situation as we appear to know it at this moment.
I may be that Justin didn't understand the difference between Steemit and Steem. A bit naive but possible.
Anyways, currently I am more interested in two answers:
Thanks for being active!
Did the tweet get deleted?
Seems to be the case. Steem / Steemit seems to confuse a lot of people - here's another tweet that included the link to Justin's vanished tweet:
Great Hustle?
Keepin it Classy as always Cryptosphere
The is ~#new~steem
We are regressing. Crypto De-evolution.
Yeah @acidyo it apparently got deleted shortly after @therealwolf pointed out to Justin Sun several things in it that were inaccurate or just blatantly false.
Lol!
lol :)
You will be happy to know that @shadowspub also corrected the TronLink folks on Medium.
Nice!
Created by @sgt-dan using Fodey.com
Justin: Yes is this Damage Control? ... Ok. That last one. Yes, abort that Tweet. No, just DO IT! NOW!
Cuz he got called out by myself and others I reckon.
Bad optics
Interesting that Justin's tweet has been deleted.
interesting, indeed.
@wakeupkitty I tag you on this post. I thought that you would like to follow up with @aggroed here. Their conversation swem to be easier for me to understand a bit. As I thought so, I found him from @kenny-crane tweet.
How is 20% of the supply suddenly 51% of the stake?
75 million SP is not 51% of 200 million SP. Also, isn't a supermajority (17/21) of witnesses required for a hard fork to go through? Is there an error in your logic?
@aggroed's point is that with 75M Steem Power, one would have enough votes to elect all top 21 witnesses. This is because the most highly voted witness of @yabapmatt currently has 46M Steem Power voting for him. This assumes the rest of the community does not create additional votes to counteract any voting done with the STINC stake.
Note that an account can vote for multiple witnesses. I didn't originally realize this because it's so counter-intuitive. Basically voting for multiple witnesses does not diminish the contribution of each individual vote.
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Not even close to 200 million votes for witnesses, and it is likely that it never will. Similarly, 75 million is 20% of the total supply of STEEM, not SP. And also similarly, it is very unlikely that anything close to 350 million total STEEM will ever power up as SP.
75 million is 37.5% of the currently powered up SP, not 20%. 37.5% is easily more than enough exercise total control given that not all of the powered up SP votes.
In theory, in some extreme hypothetical, 75 million might not be enough for total control, but in reality that is very unlikely.
Just gonna leave this here
https://steemit.com/ninjamine/@epic-fail/here-is-a-description-of-what-the-ninja-mine-is
It's funny that after all those announcements, tweets and amas we still don't have a f. clue what's going on :D I think that the most possible scenario is that Justin neither.
I think as a business decision it makes no sense to kill Steem, when both blockchains can come out stronger, especially when he owns so much Steem currently.
Why kill something you just invested so much money in, unless it will make the original company somehow stronger. I don't see how killing Steem now makes Tron stronger.
I'm looking forward to the future as I have a feeling that this will go down like the fork wars did in Bitcoin. Something that makes Steem come out stronger.
Maybe he thought people would happily give up their steem for some new tron token in which the future steemit would run on? (but it would only make sense if the majority users are thinking "steemit = steem")
Basically its an investment for him to increase tron users?
After seeing the livestream i feel like justin is flexible enough to change his original plan and let steem and tron run separately.
Maybe now steemit would get you steem and tron? Who knows.
Id be ok with earning both on steemit :D
now we know justin is back to his "original plan"
we're not that lucky lol
Well Tron has a side-chain for Dapps, what's stopping the steem blockchain from becoming a side-chain to Tron's with a steem and sbd trc tokens pegged at the price of steem/sbd coins respectively?
This would be beneficial to tron's frontfacing marketing as it would technically increase "Tron's" transaction outputs without that much work. Especially when you consider the nature of steem transactions with original and great quality content which is not exactly Tron's strong point since it resides in casino-land.
PS: dont hate me, I'm playing devil's advocate. Also, I'm not a dev
One thing that I feel like was never addressed is how they plan to do a fair token swap on a chain where it takes multiple months to get access to an active stake? That makes me feel like Justin doesn't really understand the mechanics of STEEM.
Either way, it would be great if all this news just entails the creation of a TRC20 token that allows for atomic swaps between STEEM and TRX but otherwise leaves the blockchains as they are and just pushes development forward with more fuel.
I really like the idea of atomic swaps. but im also afraid justin mightve been planning a one-way ticket for us to give up steem for some tron tokens.
That's what he originally said. He talked about migrating everything on Steem to Tron where he is dictator.
yea. he backed off on it on dlive. now he's back on his original plan. and now even more confusion. art of war?
I think it's just confusion. lol
I think what he originally said was his true intention: migration from the Steem mainnet to the Tron mainnet will commence right away. Then he realized it wasn't that simple for technical or social reasons and back-pedaled a little saying that he was going to keep the status quo - for now. He is going to push for moving the ecosystem to Tron but it's going to take some time.
if that's true he's only migrating steemit.com and its sheep users (which i doubt would add any value to tron or any other blockchain). anyone with even the slightest understanding on steem wouldn't give it up for some random tokens without any of its merits.
if justin wants a blind overhaul on steemit thinking that's gonna move the userbase over to tron, so be it. i'd like to see a fork without that ninja mined stake anyways :)
You seem to believe that Steem, the blockchain, will do fine regardless. STEEM on exchanges will become the TRC20, not our STEEM. Liquidity for our STEEM tokens will dry up almost entirely and the price tag will drop so low that witnesses will be working for free.
I suppose that is fine if all you want is STEEM to be a utility token exclusively used within the blockchain without much of a secondary market. But people's desire for an "immutable blog space" is going to be tested soon, because Steem Classic will have to come back from a huge drop to regain the position it has right now.
Thank you. I understand a lot more now after reading your article. I appreciate you and this post.
Have a wonderful week, and take care 🥰🌺🤙
Posted via Steemleo
The market is telling us the story right now 😑
It seems a good alliance to join the project to get to more people and achieve decentralization if the case of fear does not cease if something has justin sun is that he is an excellent businessman and I think he will take the two projects to new heights To the Moon.
Steem is officially dead. Congrats @ned, enjoy your millions from the ninjamined steem.
Thanks for the extra clarity and context on Justin's Tweet.
Posted via Steemleo
Yeah, I just saw this and was like Tha Fuq?!
Posted using Partiko iOS
So why not just clone the steemit site like weku did. Rename it originalsteem.com and keep on turning the steem blocks out?
Doesnt sound too bad. but we already have other sites like steempeak esteem etc that are doing just that :)
and doing it way better than steemit inc's "go to another site to access your wallet site"
Nice idea 👍
Posted using Partiko Android
As long as I can earn steem, SE tokens and Tron from my contributions it’s A okay with me lol
I have other interests in Steem than tokens. Decentralization, censorship resistance, and pseudonymity are primary reasons I am here, not financial interest. I am confident I am not alone in these concerns. You may find them actually integral to your personal interests upon reflection as well.
I second that.
Thanks for spelling it out for everyone. Are there currently any ideas, discussion, or plans for steem-engine to facilitate Tron integrations for tribes? It would be so cool to be earning, STEEM, TRON, a STEEMtoken, and a TRONtoken from one Nitrous site.
I could make a Tron tribe tomorrow. What I don't have is a source of Tron. I've long thought about starting a super representative on Tron simply to put that funding into Reward Pool for Tronians.
Hummmmm, very interesting...
Me and @jonyoudyer got talking about that. If you say stake tron it would vote like steem and steem-engine tokens
So if want to use my steem account on Tron it will or I have to migrate? (Lol)
Steemit is an Dapp with a lot of steem, but steem is more that a blockchain, many content Creators love this social network and the post around here are really good. Monetize content could be a delicate thing to think but people get paid for posting on Instagram either.
My question is are we going to change the new decentralize internet, social and dapps era?
I feel like justin looks at steemit as a mere website with some active users and doesnt care at all about steem (which might not be so bad considering his priority is more on increasing the total number of tron users).
Maybe he thought a considerable % of steem holders would happily give up their steem for a better version of steemit but read the comments and changed his mind. Maybe he couldnt care less anyways as long as steemit starts distributing tron tokens (with or without steem since its more like additional perks to him).
Its all speculation for now so who knows 😏
Steem ♨ On ! ♨♨♨
Posted using Partiko Android
Oh hectic, this could go anywhere.
We are all confused
Can't really say what's going on or how things will unfold
I guess all we got to do is wait and see how things unfold
STEEM-it will going to migrate to Tron's but steemit is just a website and not the entirety of steem blockchain. :|
Why is TRON still not at steem-engine?
Well, you could buy DEC at Steem Engine and go to Splinterlands, where you can send them to a TRON wallet...
whatever Justin did, surely for the good of Steemit and he would not let the people here be sad. @justinsunsteemit from the name alone he already shows he cares about steemit. try to pay attention?
A show of good fate? He cares about Tron, not steem.
x
#ded
Ye, that got me too haha xD
Steemit will not migrate to tron but will tron will migrate to steemit and steem blockchain I think its better for both #tron and #steem blockchain community's
JustinSun care for tron, not steem. Nothing will mirgate here :)
But after purchasing steemit he should care about steem
!giphy facepalm
giphy is supported by witness untersatz!
they need to clarify this and stop the shitshow. it looks like they don't even understand that the thing they are planning is not possible as they imagined it.
So far I think this is a good thing, time will tell but for now I prefer to stay positive and optimistic! Fantastic post @aggroed , Thanks for the video Share it was very enlightening and I agree the more the merrier! Upped 💯 and resteemed!👍❤
What does "for now" means? Can he stop Steem (the blockchain), if he have not purchased the Steem blockchain?
wonder if he will be adding new people to the team 👀
The tweet seems to be removed as well now
It's great that our witnesses are watching what's going on when these things are happening. Change is always good but unknown roadmap changes aren't so good for the public community especially the bottom feeders.
Posted using Partiko Android
Yeah...that tweet could mean any number of things.
They could be moving the website over. That would be...possibly pointless? Not sure the advantages. Maybe they'd be moving the code base over somehow?
Maybe he actually meant he's moving the developers over?
Or he could be talking about actually starting to do a merger with Steem and Tron, where Steemit somehow works on both networks.
Maybe the confusion alone was why he deleted it.
Maybe he'll clear it up with a longer explanation later.
Not quite time to panic...yet.
That is factually incorrect, a DPOS chain requires two thirds (plus one) of the witness positions to control consensus. Due to voter apathy in practice you need much less than that (much less than 51% in fact).
The 51% applies to POW and traditional POS chains not to the ones based on DPOS.
I am not trying to sound smart but it bugs me that a top witness would say something like that.
I thought it was obvious he dialed back and was more relax about what he said based on the feedback he read from his original tweet and post here on Steemit. I in no way think he changed his mind, there's a reason he kept saying, "For Now". I 100% believe what-ever his intial plans were for this purchase hasn't changed.
I'm hodl. Wait and see. Some big changes are coming. New steem is dead. New new steem.is alive and well!
take it in the booty hole or fight, your choice
im betting that this whole thing is excellent for steem
Thank you for the reassuring words
Many of us nearly lost it. I do hope that whatever happens, happens for the good.
Thank you for writing on the topic
Hopefully he’s the first of many to start using the steem blockchain. Imagine if Digibyte, and Ethereum, and Dash all had their own well known and respected Steem powered front ends
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What ever they said.. The market of steem show us everything.. Time to pack my bag and leave aswell.. Waiting for everything to cool down and see what happen first.. too much pressure right now to wait in here..