At the start of this year, Justin Sun and the TRON Foundation bought a substantial stake in the STEEM Blockchain. Following the acquisition, a member of the Steem community wrote an open letter to Sun. In the letter, the community member requested that Sun adhere to the governing principles of the community.
The decision to Limit Sun’s Power
The community has decided they will not rely on the goodwill of Sun to keep the community open. Following a recent soft fork, the powers of the top holders of STEEM tokens have been limited. They will no longer be able to participate in votes on key decisions affecting STEEM.
There has been some disquiet since the Justin Sun acquisition and this will address some of those concerns. In the previous system, which operated much like EOS, a few members holding a majority of the STEEM tokens could have a lot of influence on major decisions. With Steemit holding about 20% of the STEEM tokens, there were fears that Sun could have unimpeded influence in the community.
Most in the STEEM community were quite happy about the entrance of Sun. However, issues of decentralization and the security of the network were still an issue of concern. The result is that they decided to conduct this soft fork. The community noted that this update was reversible and would simply help to ensure the decentralization and security of the Steem network.
The Steemit Inc Stake
When Steem was created, some tokens were minted and called the Steemit Inc. ninja mined stake. This fund has thus far been used for the intended purpose of development. However, the community has done this in good faith. With the acquisition by Sun, there were fears that this good faith would no longer hold.
While no way forward has been presented, there is a proposal to have all stakeholders at the decision-making table. The whole community will discuss how it will best achieve the initial goal that the fund was intended to serve.
Justin Sun Responds
After the soft fork was revealed, Sun sent an open letter to the Steemit community. He asked them for patience as the TRON Foundation begins working on the future version of Steemit. Sun said that there was a lot of work to be done to help Steemit.com achieve its true potential. He also invited the top 50 witnesses to a meeting that will occur around March 6, 2020. However, a venue has yet to be announced.
At the meeting, Justin Sun will want to hear what the community has to say so that he can learn from them and under how they think. This way, they can grow Steem together. He also indicated he would like to establish a mechanism for them to communicate regularly.
The responses to his open letter were quite positive. It would appear that Sun’s acquisition might be just what is needed to revive Steem and help it grow.
Image Source: Pixabay