Steemit Managing Director on Acquisition by Tron

Published on by Cointele | Published on

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In an interview with Cointelegraph at Tron's San Francisco office on Feb. 25, Steemit Managing Director Elizabeth Powell expressed enthusiasm regarding the new strategic partnership between Tron and Steemit.

A recent Reddit thread shows Steemit users discussing concern over the future of the STEEM token and the reversible soft fork that Steemit initiated on Feb. 24.Despite recent remarks, Powell told Cointelegraph that Tron's acquisition of Steemit is incredibly exciting, noting that she expects Tron to provide the resources needed to help grow the Steemit ecosystem.

"Steemit had to downsize recently, and the Tron acquisition finally provides us with marketing, engineering and more resources for both the Steemit and Tron ecosystems to thrive."

According to Powell, the Tron acquisition has saved Steemit from reaching a breaking point, noting that new features are already being implemented across the blockchain-based social media platform.

"Scaling is important, and Steemit can handle all the new traffic coming from Tron. We've already had 30% more signups this February compared to February last year. This partnership is about bringing the social media aspect to the Tron ecosystem."

Why the reversible soft fork?When asked about Steemit's recent controversial reversible soft fork, Powell explained that this was a result of people reacting quickly to Tron's acquisition of Steemit.

Certain transactions will not be processed from the pool of tokens known as the "Steemit Inc. ninja-mined stake." According to Powell, when the Steemit blockchain began, Steemit mined 70% of the stake currently in circulation.

Powell explained that the Steemit Inc. ninja-mined stake is intended to help with further support and financial developments of the Steemit blockchain.

"With so much happening in Steem right out the gates for me and everyone at Tron and Steemit Inc, such as the launch of Communities and a soft fork 22.2 we weren't expecting, I feel it is important to show you guys I am here and ready to begin building with you."

Sun's letter also mentions that there will be a Steemit town hall summit on March 6 to discuss the Tron and Steemit roadmaps and to communicate the goals and objectives of the two ecosystems.