June 20, 2021

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Taking Control From Justin Sun? Steem Community Plans Hard Fork For New Hive Blockchain

The Steem community recently announced that they are planning to launch a new blockchain dubbed Hive through a scheduled hard fork. This is coming as a result of the team’s hard work and passionate effort to remove control from the hands of TRON Foundation, according to report on Steempeak. 

With Justin Sun acquiring Steemit, Steem’s leading social media dapp, last month, the cryptocurrency community into chaos due to Tron and Steemit controversial decision to reverse a soft fork of the blockchain which requires Binance, Houbi, and Poloniex to utilize users STEEM coins to vote. 

As a result of this, members of the Steem community are now seeking to create a truly decentralized network that removes Justin Sun’s Steemit Inc. through the use of the Steem code. The hard fork is scheduled to take place at 10 am EST on Friday, March 20. 

Although the Hive blockchain will be a fork of the Steem network, it will operate independently. The new chain is a DPOS (Delegated Proof of Stake) governance blockchain,  according to the announcement.

After the hardfork is completed and the Hive blockchain has been created, existing accounts on Steem will be duplicated on the Hive chain, giving users two accounts. The new accounts on Hive will include the history, content, and other information from the Steem accounts.

However, after the snapshot point, future content and transactions will not reflect on both accounts. That is, the two accounts will work independently and actions taken in one account will not reflect in the other account.

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Original Article
Author: Caroline Amosun