Steem Community is planning for a hostile hard fork. Maybe, you can ask why suddenly? Yes, guys, you are all in right place to get the answer! Actually, the battel to control steemit power is becoming hard for Justin Sun as steem community plans hard fork to exclude his 20% stake from the new blockchain. In the Steem community – a group of members claiming to represent the Steem blockchain. So, they are planning for a hard fork to remove Justin Sun’s Steemit Inc. Hence, it is clear as water that the community wants some replacement.
Let’s jump into the main track!
The Hive Proposal
The hard fork of Steem is expected to launch March 20, 2020, Friday. And this new blockchain is “Hive” according to SteemPeak, a front-end application for Steem.
SteemPeak said, “Hive is a DPOS [Delegated Proof of Stake] governance blockchain created by implementing a hard fork of existing Steem code.”
Also adding, “This new direction steps away from the burden of the Steemit Inc.”
At first, the new platform will be launched as a fork of the exact Blockchain Steem code. But, it will not directly copy the status of the current Blockchain.
Steem users will receive their balances through a 1: 1 airdrop. And that is taken from Blockchain snapshot at 10 am EST March 20. But there is a significant warning! However, the airdrop will not include Steemit Inc.’s “ninja-mine” of some 74 million STEEM tokens. Currently worth $ 9.25 million – more than 20% of its $ 46 million market capitalization.
The community’s previous hard fork removed the stock. And it is to be believed why the initial administrative crisis occurred because of Justin Sun. The new owner of Steemit Inc. called it an illegal hacking attack.
Now, the airdrop will not include any other money related to the takeover effort. Moreover, the exchanged balance will not be automatically copied. Companies must contact the Hive team to signal to their customers. And that is mainly to be transferred their customers’ money to the new Blockchain.
The original Steem Blockchain and its social platform will remain fully operational. Though this split is likely to result in a decreased user base and possibly, price.
Why?- Steem Community Plans Hard Fork
In a separate post on Monday, a great validator of Steem, Blocktrades, said Steemit Inc has “nearly zero value now.”
Blocktrades said, “When Justin Sun acquired it, Steemit had some substantial value, in the form of intellectual property, branding, and experienced Blockchain and frontend developers. But now, all the developers he acquired are gone (they’ve all quit).”
So, when asked why the community decided to leave the Steem ecosystem altogether. Gandalf, the Hive community’s exchange liaison, replied:
“The Steemit Inc stake, which came with the purchase of the Tron Foundation, has always been a burden on the Steem blockchain. On several occasions during its 4-year history voices rose to codify the stake’s purpose into the blockchain software instead of being a social contract. The events started by the purchase and subsequent false narratives, PR, and centralization with the help of exchanges sped things up significantly.”
Steem community now “mostly wants nothing to do” with Sun. And that some members of the community are even “willing to pay him to leave.”
After Sun’s Tron Foundation acquired Steemit last month. Since then it acted as a breeding ground for lots of controversies. Recently, Tron’s “hostile takeover” over the Steem network came under the limelight. Moreover, Tron and Steemit have used hard forks independently with support from Binance and Huobi. Actually, to maintain the control of the Steem network.
In response to this hard fork, the exchange Binance said it would also support the community’s decision. By confirming the coin transaction taking place on the Blockchain. Binance, however, remained neutral on the issue.
Writer, researcher, and analyst on cryptocurrency and blockchain technology at L&P Digitech Pvt. Ltd. Also managing the content with SEO at this current company. Keen interest to know more about new technologies related to the crypto world and blockchain technology. Completed Masters in Computer Application (MCA) and holds Post Graduate Diploma in Instructional Designing with sound knowledge in Articulate3. Out of all, love to travel, listen to music, and to eat also.