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The Steem community, which unites social networks that work on the blockchain, has announced its “move” to another platform, which means getting out of the influence of the Tron Foundation. Steemit startup itself was acquired by Tron CEO Justin Sun a month ago – since then, there has been a struggle between the decentralized community and the CEO of the fund for the right to make decisions and participate in consensus voting on the network. Since Justin Sun, in addition to the project, received a large part of Steem tokens, he has significant influence in the voting period. Amid such contention and separation from Tron, the Steem cryptocurrency exchange rate can behave in an unpredictable way. Today, this token is not available for mining – it can be purchased only on the trading markets of large exchanges.
Hard fork to separate from the sold Steem blockchain into an independent Hive ecosystem will be held on March 20. The formed chain will function completely independently of the existing network, however, all Steemit users will receive compensation and the airdrop of tokens of the new blockchain. After the launch of the new platform, the coin will appear on cryptocurrency exchanges and will be available for purchase.
This decision was influenced not only by the right of Tron CEOs to participate in the voting, but also by the use of Steem cryptocurrencies by exchanges such as Binance to manipulate changes in the blockchain. Control over the network is the main reason for leaving the Tron Foundation, as the community wants to maintain chain independence and honest voting during the exchange of cryptocurrencies online.
One of the key changes that will be made during the hard fork will be the lack of transfer of tokens to the new platform. In particular, this change applies to coins that are in the fund controlled by Justin Sun – they will not be moved to a new chain. Thus, all holders of cryptocurrency exchange wallets, except those owned by the Tron Foundation, will receive compensation in the same amount that was in their possession.
So that in the future, third-party services could not affect the development of the blockchain, the developers of the amended chain introduced the DPoS channel – this system of proof of share will distribute the influence of choice in consensus voting and will help prevent deliberate attacks. Thus, users who will use tokens intended for the exchange of cryptocurrencies in a special way as a voice are automatically blocked by the system. Using such radical methods and improving the existing functionality, the Steem community hopes to create a simple ecosystem that will always be relevant.