Justin Sun buys Steemit but doesn’t have access to the vote!

A few days ago, the TRON Foundation led by Justin Sun bought Steemit, the most important application built on the blockchain Steem. This purchase may have brought a significant number of Steem tokens under Sun’s control.

In a preventive spirit, the Steem community voted to block its voting rights in the network.

Steem is a blockchain that operates on the basis of the delegated proof-of-stake (DpoS) system, similar to EOS.

“In these early stages, the most important task for witnesses – the Steem version of Bitcoin miners or EOS block makers – is to ensure the security of the Steem blockchain. To that end, we have upgraded to a temporary protection protocol to maintain the existing status quo regarding the token owned by Steemit Inc and how they can be used. “

It is estimated that Steemit Inc holds approximately 20% of the total number of tokens in circulation.

So far, they have been under the control of founder Ned Scott. He was never interested in intervening in the network’s decision-making process, but if these tokens came under Justin Sun’s control, the situation might change.

Justin Sun buys Steemit but doesn’t have access to the vote!

For this reason, the Steem community considered it necessary to implement a soft fork. Network validators, called witnesses, blocked STEEM held by a limited set of accounts from the vote on who governs the network and blocked participation in other ways that could allow them to take control.

Justin Sun posted a response to this decision Sunday night:

“We have so much work to do to fulfill the real potential of Steemit.com.”

He went on to list the plans for incorporating the various cryptocurrencies based on the Tron blockchain. He also wants to list STEEM on multiple exchange platforms and attract more popular personalities to the blogging site.

Sun has announced that it will hold a summit called STEEMit 2.0 City Hall on March 6. The highest 50 witnesses were invited to this meeting. One of the most important topics to be addressed will be the Tron plans. One of the possibilities that could be discussed would be a STEEM and TRX token swap.

Steemit is a blogging site that functions as a hybrid between Reddit and Medium and is the most popular application on the Steem blockchain. In addition, there are several decentralized applications running on the blockchain.

The total number of STEEM tokens in circulation is 373,442,235, according to the block explorer Steemd.com.