Steem Hard Fork News (March 18, 2020) – Steemit, the bloggers’ blockchain project is conducting a hostile hard fork to flee Tron’s co-founder, Justin Sun. According to announcement from the Steem community, Hive.io will house the split version of the platform.
When will the new Steem hard fork take place?
The move will officially take place this coming Friday, March 20, 2020. Tron Foundation, the organization behind Sun’s Tron project, purchased Steem on February 14. The acquisition includes the native token, Steem and the blockchain-based social media platform for bloggers, Steemit.
Steem(it) has a very dedicated community. Since the acquisition, members have taken to other social media networks and accused Justin Sun of using his power, position and wealth to staged the hostile takeover.
Will existing Steem tokens transfer to new blockchain?
The new Steem hard fork will not result in many changes initially. However, none of the tokens mined and currently under the control Steemit will migrate to the new system. Members’ owned tokens, however, will be ported over to the new chain.
Dan Notestein, Blocktrades’ CEO and founder explained:
“He [Justin Sun] didn’t understand that the underlying value of those tokens is the community. In the end, if not enough people support those tokens, they become worthless.”
“My own opinion, Justin Sun thought this was a voting war.”
What’s new with Steem hard fork?
Before the freeze, a snapshot of all members’ tokens will be taken by developers. Tokens will then ported to new wallets on the new system.
Like any other crypto hard forks, Steem token holders will receive double tokens; the tokens hosted with the original Steem blockchain and those ported to the new chain.
“Our immediate plan is to keep it simple. We are doing this very quickly,” Notestein declared.
One notable tweak users will notice with the new Steem hard fork is the inability for cryptocurrency exchanges to help someone achieve a ‘governance coup’ via voting on behalf of an individual. Such as the one Huobi and Binance helped Sun pulled.
“One of the initial changes will be an improvement in the DPoS [distributed proof-of-stake] system to prevent attacks of this sort.”
Steem today’s price $0.1325 (-0.85%) with a market cap of $45,452,988.00 million. Notestein says he expect Steem’s price to take a big hit leading to the hard fork. However, the new tokens users will receive should make up for the lost.
Mathieu is a Information technology professional with over 15 years of experience. He started one of the first bitcoin blogs existed in 2010. He started writing about, investing in bitcoin and promoting the first cryptocurrency when only a few technological savvy people knew about it. Mathieu is a world traveler who enjoys culture, technology, finance, salmon, rice and beans. He’s cool, collected and knows a great deal about blockchain technology.