Image credit: @majes.tytyty
It is no longer news that @Justinsunsteemit, the CEO of TRON Foundation, has purchased Steemit for yet an undisclosed amount, although there are speculations that the deal is worth millions of dollars. Before the final news of the acquisition went public, however, there were reports from the bush telegraph that Sun was ready to invest in Steem. At any rate, here we are with the stark reality that @Ned has sold all the stake of @Steemit to @Justinsunsteemit.
It was expected that the news of the purchase would result to an eruption of fear and panic in the Steem community, so it was no surprise that an Ask-Me-Anything (ANA) was scheduled on Dlive afterwards to, of course, allay the fears of members of the Steem community, as well as introducing members of the TRON community to Steemit.
This article examines five main points from yesterday's AMA between Ned Scott and Justin Sun and how it particularly affects Steem stakeholders.
1. Justin Sun Doesn't Plan to Overhaul the Steem Blockchain
One of the greatest fears at the wake of the announcement of Sun's acquisition of Steemit was the assumption that the Steem blockchain will be overhauled, that is, the witnesses rigged out in accordance with the dictates of the new sheriff in town - Justin Sun.
Some prominent members of the Steem community were even planning a fork as a way of resistance. Well, the good news, at least for now, according to the AMA is that Sun does not plan to overhaul the present structure of the Steem blockchain. That is, the witnesses will remain and even the Steemit team will have their jobs intact.
More importantly, Sun promised to always consult the Steem community before any important changes will be made. Perhaps, we can count on him.
2. Justin Sun Promises to Make Steemit and Steem Great Again
Assuming that Justin Sun bought the entire stake of Steemit, it means that he has now over 30m Steem which is roughly about 10% of the Steem in existence. So, he has a great stake in not only Steemit but in Steem.
Specifically, he promised in the AMA that he would bring more exposure to Steem, expand the user base, and make the price of the Steem token more valuable just like Bitcoin increased in value overtime as adoption grew over the years. And I think Sun should be taken seriously because, being a businessman, he can only get a positive return on investment if Steem appreciates in value.
3. Your Steem Tokens Are Secured
At least for now, your Steem tokens are secured. This is one important aspect that has bothered virtually everyone on here before the AMA. Will I lose my Steem or Steem Power after years of hard work and investment? Well, that question was answered during the AMA. And happily, NO is the answer Sun gave.
Everyone who has invested in Steemit or Steem will have their stake intact and their interest covered. No one is losing anything. There could be a token swap in the future, but even that doesn't mean you will lose your investments because the value of your Steem token will be very well taken into consideration.
4. The Release of Communities and SMTs Will Not Be Abandoned
As soon as the news of the acquisition broke, a very good friend of mine, @crypto.Piotr, expressed concerns about what the future holds for SMTs, whether it will be abandoned and the hope of several years smashed. His concerns are genuine, for several other Steemians including this writer share those concerns.
At any rate, the AMA addressed this issue. While it appears that Sun has a lot to learn about the Steem ecosystem, he did mention that he was ready to work with the Steemit Team, including releasing the SMTs and the Communities since the codes were already completed.
In short, Sun emphatically stated that Communities will be released next week but he gave no time frame yet for the release of the SMTs. But in the interim, it is a good thing to know that Sun still has respect for the ongoing development on the Steem blockchain, although it is still unclear whether SMTs, if released eventually, will remain on Steem or migrate to TRON. Only time will tell.
5. Justin Sun Expresses Readiness to Attend Steemfest in November 2020
In the concluding part of the AMA, Sun expresses his readiness to attend Steemfest in November 2020. He however gave two conditions for his attendance. First, if Steemfest does not clash with a TRON Foundation programme coming up later this month. Second, if Steemfest will not be held in China - the reason being that Corona virus is presently ravaging the country.
Hopefully, there is a way around the two conditions Sun gave. So, perhaps we should expect his presence in the Steemfest of 2020.
From the AMA it seems to me that @Justinsunsteemit has deep admiration for the Steem blockchain and the Steem token. Perhaps his acquisition of Steemit and his gargantuan stake in Steem are the needed fuel that will propel Steem to the next level.
Until I come your way again, I wish you a full STEEM ahead.