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Merging of Blockchains - there's an oxymoron if ever I've heard one! Aren't blockchains meant to be immutable? By its very nature steem blockchain is an autonomous space for decentralized interaction.
Whether it be transactions of value (sending magic internet $$$), sharing of information (content creation), or building communal games that share the value of shared interaction (splinterlands) - one thing is for sure, the idea of aquisition or merger is bound to lead to an acrimonious relationship.
So, wtf is going on? Let me help you realize and recognize as I summarize ð
Yesterday the top 20 consensus witnesses released the statement that they had implemented a soft fork to eliminate a group of accounts with massive stake that Tron has acquired from @ned:
Fellow Steemians,
With the recent purchase of Steemit Inc by the TRON Foundation, the Steem blockchain obtained a new major stakeholder. As another major player in the decentralized space, the TRON Foundation's interest in the Steem ecosystem has the potential to bring marketing power, resources and other potential benefits to both companies. It is thrilling to think of what will be discovered and shared with this introduction between our two vibrant blockchain communities.
While these opportunities are exciting, in these early stages the most important task for witnesses is to ensure the security of the Steem blockchain. To this end, we have updated to a temporary protective protocol to maintain the status quo currently established in regards to Steemit Inc's stake and it's intended usage. This update is reversible, and is simply to be used to ensure that the security and decentralization of the Steem blockchain remains intact.
follow this link to read the full announcement...
My views on this is that it was essential to prepare for and preempt any coup style witness voting from the stake acquired by Tron. Given the relative silence from them on what they plan to do over the last week, I think it was the right decision!
In the post linked above I saw some in the comments section talking about ownership, and how this decision creates a dangerous precedent and goes against the spirit of decentralization.
I think that this decision shows the power of decentralization, as it is entirely possible for the the consensus witnesses to be voted out by the community tomorrow if they think that this decision is wrong.
Also I would like to speak up for the people who gave this place the data that fuels its function. What about the ownership of people's content, and their right to have a say in the platform they have chosen to place their thoughts, dreams and words on?
What happens if someone who has had nothing to do with this blockchain's development simply votes in sock puppet witnesses to shift the whole direction of this place somewhere that the community as a whole doesn't want it to go? I personally have no option to destroy the content I've published here, so I'm pretty invested in keeping steem developing in a positive direction.
The question of ownership doesn't only apply to Justin Sun, but it is only Justin Sun that HAD the power to make fundamental changes against the consensus by voting his own witnesses in. But I guess my concerns over intellectual property don't count as I'm not a blockchain millionaire!
I truly hope that Justin Sun is looking to develop and market steem as a separate blockchain to Tron to grow the value of his stake, and maybe forge partnerships between dapps that are mutually beneficial to both ecosystems.
But in light of the current uncertainties I fully support the measures implimented in Softfork 222, until a statement of intention and maybe a contract can be drawn up between Tron foundation and the community represented by consensus witnesses.
I'm hoping for a decentralised partnership between Tron and Steem, so that together both blockchain communities can become greater than the sum of their parts!
Image by Free-Photos from Pixabay
But it's not all doom and gloom!
This morning, probably a little shocked at the rug of power being pulled from under his feet, Justin Sun's steemit.inc account @justinsunsteemit posted this open letter:
Hello Steem Community!
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 werenât expecting, I feel it is important to show you guys I am here and ready to begin building with you. Our team, the Tron folks and Steemit Inc together, are an amazing group of talented people and they are working hard behind the scenes to get our plans together after the acquisition process, which always leaves some open ended questions. It is my plan now to make sure we begin communicating with the Steem community and make sure we are a positive force in making Steem and Steemit 2.0 great.
follow this link to read the full announcement...
This is a great thing! His quick response and willingness to join in open debate about the direction of the steem blockchain show a positive can do attitude that was sorely lacking in the late great guitar toting voice of steemit, @ned.
But all my worries weren't assuaged by this open letter as @justinsunsteemit continues:
We have so much to work to do to make Steemit.com the power that it really can be. And there are many ways we can get it there, from bridging TRX, TRC10âs and TRC20âs into Communities to marketing and growing Steemit.com.
follow this link to read the full announcement...
Which begs the question... what about SMT's? What about the ability for us to create tokens that are under our control, for communities that are under our control!
I am currently in the process of setting up a community which will be supported by one of the major curation guilds and am concerned as I want to build this place into an incubator for talent, an on-boarding ramp, and moving into the future, a successful business. My plans to create extra value for everyone involved in the community include an SMT!
Why am I still worried after Justin's open letter?
He is still sending mixed signals.
In the open letter he seems to infer that he's planning on ditching SMT's in favor of pushing Tron's TRC10âs and TRC20âs tokens as an option for communities, which would water down the potential value of steem tokens moving into the bull market. SMT's have the potential to catapult steem back into top ten market cap if they're successful coupled with communities, especially in a bull market. Just think about the value Ethereum achieved during the ICO craze!
I think that with the unique value proposition that monetized community tokens provide, steem could reach the top ten coin market cap heights again as the token needed to fuel these proof of brain web 3.0 community tokens.
This is what we're up against! It seems to me that Justin Sun is desperately seeking to take some of the potential core token value created from the development of the dapps on steem, and hijack it to Tron. Instead of seeing what he has bought... a massive stake in one of the most promising blockchain technologies in the world.
I would love to be proved wrong!
On the flip side he mentions many great ideas, and actions that are needed to showcase the unique features of 'steem 2.0'.
From invitations and referrals to simpler and instant signups. From new listings of STEEM on ALL the greatest exchanges to integrations in critical hardware products. From bringing more influencers to the community and creating more content. There is so much I still want to give you from documenting and marketing my vision for steemit.com to connecting with the passionate folks here in this community.
follow this link to read the full announcement...
It is up to us make sure that we are not blinded by what he suggests here in terms of marketing and on-boarding, to miss a potential hijacking of the value proposition of SMT's. This is paramount! I can't stress how much this would be like throwing away a diamond for a couple of hundred dollars.
It has been proposed that @aggroed hosts @justinsunsteemit at the steem town hall show in the MSP discord channel, a suggestion that I would love to see happen. If it does I will be attending and look forward to listening to the thoughts of the new CEO of steemit.inc, the witnesses and hopefully community members as well. And hearing how we can forge stronger, more streamlined and decentralized blockchains through mutually advantageous partnerships and collaboration.
Thanks for reading.
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