In an attempt to overturn TRON Justin Sun’s attempted hostile take-over, the Steem community members have opted to fork the Steem blockchain to create a new blockchain called Hive. This new blockchain is expected to go live on Friday at 10 am EST, March 20th, 2020.
In a seemingly exciting announcement posted on Steempeak, the community expressed their joy for a successful move to a more decentralized system and a return to their shared values of the true Steem community.
What is Hive Blockchain?
“Hive is a Delegated Proof of Stake (DPOS) governance blockchain created by implementing a hard fork of existing Steem code.”
The intention of this community-driven fork is to support and build on the strong Steem community values that have made our ecosystem so diverse and exciting.
This new direction steps away from the burden of the Steemit Inc. ninja-mined stake, which has impacted the long term ability to work towards further development and decentralization for years.
The new blockchain is backed by a handful of talented and committed developers within the community eager to implemented the long-desired improvements and development goals.
Hive Vs. Steem
Hive will be a fork of the existing Steem blockchain and will run independently of Steem going forward and all Steem holders are expected to get an airdrop of the new coins on the Hive blockchain.
The community members reinstated their commitment to take responsibility for building something far better than it’s parent blockchain -Steem.
However, according to the statement, the initial Hive launch will be a direct copy of the existing Steem blockchain with a few small upgrades. With further development direction to be decided by the community afterward.
What Happens to TRON’s Justin Sun Purchase of Steemit?
It is not clear yet how all this is going to play out for Justin Sun who recently bought Steemit and attempted a hostile takeover of the Steem blockchain network with the support of some powerful and rich exchanges.
It will be intersting to see Justin’s response to this move and the outcome for the Steem blockchain and Steemit community after the fork.
What Happens to Steem Holders?
According to the announcement, all holders of Steem as at the time of the Fork will earn an equal amount of the Hive token. So, if you currently hold 1000 Steem coin, you’re eligible to receive an airdrop of 1000 Hive Coins after the fork.
More so, all Steem account and associated networks will automatically be migrated to the Hive network. Therefore users need not create new accounts on Hive. Just log in to Hive with your existing Steem login credentials and boom -you’re in.
However, all transactions and activities on both chains will be treated differently; so what you do on Hive wouldn’t reflect in your Steem account and vice versa.
Binance and Others Announce Support for the Fork
Binance, Huobi, and some of the other popular and largest exchange by market capitalization have already announced it’s support for the fork thus Steem investors who hold their coins in Binance Exchange should rest assured Binance will distribute their airdrop accordingly after the launch.
What do you think of this development from the Steem community? Will Steem go down as a result? Is Justin Sun going to lose out on his investment in Steemit?
Share your opinion in the comments section below.