Monday, May 10, 2021

Vitalik Buterin Throws Jibe At Justin Sun: STEEM Didn’t Exit To Community but To Sun

Ethereum (ETH) co-founder, Vitalik Buterin, has recently stated that STEEM didn’t exit to the community, but to the founder and CEO of Tron (TRX), Justin Sun. This implies that Sun took over the STEEM blockchain rather than the community.

Vitalik and Sun have had faceoffs in the past. Their rivalry still continues and possibly not ending soon.

Vitalik Buterin Throws Jibe At Justin Sun

The co-founder of Ethereum, Vitalik Buterin shared a tweet about the optimum governance structure for early-stage projects and mature projects. He then added that the third aspect, which is “Exit to community” that targets to take over the two aspects mentioned above, has always been underrated.

Vitalik Buterin tweeted, “The optimal governance structure for early-stage projects is founder dictatorship. The optimal governance structure for mature projects has large user/stakeholder involvement. “Exit to community” continues to be underrated as a way to get both.”

This illustration caught the attention of the co-founder of Block.one, Daniel Larimer, who thanked Buterin for endorsing how he made bitshares and STEEM decentralized networks.

He also stated that EOS is not controlled by any dictator, but by the community and stakeholders.

Daniel Larimer noted:

“Thank you for endorsing how I decentralized bitshares and STEEM. I am very proud of my autonomous communities. EOS was community launched and now run by large stakeholders.”

However, Vitalik Buterin has a different opinion in the case of STEEM. Recall that Steem blockchain became a trending topic in the crypto space a couple of months ago, after a planned takeover orchestrated by the CEO of Tron (TRX), Justin Sun.

Buterin said STEEM exited to Justin Sun, rather than the community, which led to a disaster that arouse the community to take a vital action.

Vitalik Buterin stated:

“In the case of STEEM though, it didn’t exit-to-community, the company exited to Justin Sun. Which led to predictable disaster and the community needing to openly revolt to get rid of his attempts to control the chain. So perhaps a good example of why exit-to-community is needed!”

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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