Tron Aims To Govern Steem Blockchain, Collude With Major Exchanges For A Takeover

Written by: Dare Shonubi

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Dare Shonubi

Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.

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Mar 4, 2020


Tron’s Justin Sun is said to be on a mission to overtake the governing body of Steem blockchain. The news comes after Justin Sun reportedly colluded with major exchange operatives in order to acquire a voting power necessary to execute a hostile takeover and control the Steem blockchain.

Tron To Control Steem Blockchain

In Justin Sun’s effort to oust the government of Steem, the Tron CEO was reported by witnesses to have collaborated with major cryptocurrency exchanges including Binance and Huobi. A combination of these bodies contributed to the number of stakes (in steem tokens) necessary to overthrow the present government.

According to the report, the effort between Tron, Binance, Huobi & others 20 of 21 of the blockchain witnesses have been overtaken. However, Binance is said to be facing a hard time with its customers based on this collaboration.

Binance Contemplates Backing Down

The majority of Binance’s customers, whose steem holdings provided the necessary contribution from Binance have complained. Such complaints, according to the report, have caused Changpeng Zhao, Binance CEO to contemplate a reversal of the decision.

Justin Sun, according to report, also seemed to have the support of Ned Scott. According to Scott, the former Steem Network CEO, based on Justin Sun’s moved. And he maintained that such ambitions are Justin or the blockchain in the long run. Adding that “witnesses/portion of the community literally stole its [Steemit Inc’s] coins. Steemit owed them nothing.” He continued, “Steemit owes no one anything and anything else is grasping at straws/bullying to get your way/power… Fact: no pre-mine, no investors.”

Tron To Build A Healthier Steem Ecosystem

Today, Tron issued a statement saying they would use Steemit Inc’s holdings to vote. Not only that, the holdings would be used to actively thwart the soft fork meant to limit Tron’s power, claiming that the reversible update was “maliciously structured” and may be deemed “illegal and criminal”

“Unfortunately, the Witnesses’decision created a need to reclaim the stake and vote in new witnesses to usher in new policies for a healthier ecosystem and community.”

The Counter-Attack From Steem Witnesses

Last Sunday, Steem witnesses, the equivalent of EOS block producers or Bitcoin mining pools, moved to soft fork the blockchain to temporarily limit the power of these developer accounts formally through Soft Fork 0.22.2.

“The Steemit Inc ninja-mined stake is a special case, as up to this point it has been clearly declared on many occasions as earmarked solely for the development of the Steem ecosystem, and to be non-voting in governance issues,” said a letter co-authored by witnesses and major stakeholders

The soft fork was meant as a reversible code update to give the community additional time to gain clarity and come to a consensus on questions around the acquisition. The decision was contentious among witnesses.

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Dare Shonubi

Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.

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