Steemit civil war continues, or forks out of new chain Hive

What happens when centralized forces invade a decentralized blockchain? confusion.

Tron CEO Sun Yuchen recently acquired Steemit, which has developed a reddit-like forum Steemit. Because of this acquisition, he got a large amount of Steem-estimated to account for 20% of the total.

Steemit civil war continues, or forks out of new chain Hive

The Steem community-users who use Steemit for communication-are not satisfied with this situation. They plan to freeze the coins in Sun Yuchen's hands, hoping to use them for the development of the Steem network. Sun Yuchen, together with exchanges such as Binance and Huobi, took over the network, prevented his coins from being frozen, and celebrated his victory over the "hackers."

Hive born of differences

However, the Steem community hopes to laugh to the end. It formulated a new plan to switch Steem to a new blockchain-a blockchain that made Sun Yuchen's coin worthless. A stakeholder and cryptocurrency exchange under the pseudonym Steem-Blocktrades-has proposed this new chain called Hive.

"Soon, we will launch a new coin that is essentially a renamed Steem hard fork, and all Steem holders will receive airdrops. This new chain will keep all the posts we collect and our transaction information, And will support all the Dapps we know and love. "

"I believe that all economic value will be transferred to this new chain, and the chain that Sun Yuchen holds will eventually die."

Blocktrades states that the Steem community has 36 experienced developers, plus marketers, business people, designers and thinkers, and claims that some well-known Steem stakeholders have committed to provide computing resources and substantial financial support for the project .

"Even at this early stage, I fully believe we have enough support to launch and develop this new blockchain."

Does Steem's hard fork work?

The important question is: Does the Steem community agree?

Steem's witnesses (people who help run the blockchain) and developer Matt Rosen said:

"On the one hand, no fork is worth more than the original chain, but on the other hand, I have never seen so many community members express opposition to the blockchain / token development they support."

"If the community supports it, then it has a good chance. People are the most important, but it's hard."

This post announcing the fork of Steem has 700 comments, and most support the idea. Someone wrote:

"I support such a revolution and change. I will use my infrastructure and experience as a witness and management server to 100% support the new chain."

Regardless of the end result, at least the matter of reform will be decentralized.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Bitcoin

Crypto Analyst's Prediction Bitcoin to $100,000, Cardano Declared Dead

In a recent statement, Tom Dunleavy, esteemed Partner and CIO at MV Capital, provided insightful reasoning behind his...

Market

Bitcoin, Ethereum, Solana, Binance Coin, XRP, Cardano, Avalanche, Dogecoin, Chainlink, Polkadot price analysis for 2/16

Bitcoin's strong upward momentum may encounter resistance around $52,000, but any potential decrease is expected to b...

Blockchain

Cardano Price Surges 8%: Here’s Why ADA Could Reach New Highs in 2024

In the past 24 hours, the Cardano price has experienced a significant increase of over 8% and is currently at $0.6202...

Market

Cardano Is it Going to Zero? ADA Price Slips Amidst Crypto Market Rally – Will This Mining Protocol Go Viral?

Will Cardano's Growth in Valuation Lead to a Collapse or a Surge? Expert Predicts ADA Price in Light of Record-Breaki...

Blockchain

Why does the US SEC, which has clearly classified more than a dozen tokens as securities, continue to avoid addressing the status of ETH?

As an intermediary for daily transactions and investment tools, L1 tokens need clear regulation, which is not only be...

Market

Analysis and Commentary: The Fate of Bitcoin ETFs and Cryptocurrency Performance

After a period of significant growth in the crypto market, traders were briefly shaken by a report causing a halt in ...