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Steem: the Hive blockchain is now live
Steem: the Hive blockchain is now live
Blockchain

Steem: the Hive blockchain is now live

By Amelia Tomasicchio - 20 Mar 2020

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The launch of the Hive blockchain, a hard fork born from Steem, has been announced on Twitter. The creation took place at 2:00 PM UTC.

Following the acquisition of Steem by TRON and thus Justin Sun, the decentralized social media community opted for a hard fork because it was not in favour of having Sun as the new CEO.

Steem remains active. With this fork, Hive simply duplicated the code and from now on, the two platforms will work separately.

For now, Hive is a copy of Steem but with greater decentralization, as it’s in the hands of the community and not the TRON Foundation. 

Hive, why a new blockchain?

At the beginning of March, the TRON Foundation, led by CEO Justin Sun, bought Steemit, a blockchain platform that uses the DPoS (Delegated Proof of Stake) protocol.

The acquisition seems to have happened because Sun wanted to save the project from failure, a reason probably praiseworthy but which has not obtained approval from the community.

The platform had suffered a hacker attack last February 22nd which had frozen 65 million tokens of the fund to pay the Steemit team. 

So Sun decided to intervene by leveraging the support of some centralized exchanges including Binance. In essence, the tokens kept on the exchanges were used without any consultation with the community, so as to obtain the majority of the votes.

In this way, it’s as if Justin Sun had made the platform centralized, something that didn’t suit the community, which decided to carry out a hard fork. Steemit is, in fact, a decentralized social platform and by becoming centralized it loses all its appeal.

The announcement of the hard fork arrived yesterday and already today the Hive blockchain has been activated.

 

Amelia Tomasicchio
Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eido. She is now the co-founder and editor-in-chief of The Cryptonomist.

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