The Steem share price is therefore up 200% following the announcement of a Steem blockchain hardfork.
Justin Sun of Tron got his hands on the Steem blockchain following an agreement with Steemit founder Ned Scott, then agreeing with big crypto exchanges like Binance or Huobi.
Following this hostile takeover, the Steemit community rebels and does not want to let Justin Sun become master of this blockchain-based blog platform.
Justin Sun now owns about 20% of all Steem tokens.
The Steem community wants to move the current platform to a new blockchain to orphan the blockchain controlled by Justin Sun.
A project called Hive.io and led by prominent members of the Steem community who want to make it clear to Justin Sun that you don't get a community as simple as that.
Hive would therefore be a hard fork of the Blockchain Steem and will operate independently of the existing Steem blockchain.
All valid accounts on the Steem blockchain will receive an airdrop of Hive tokens, so the goal is to abandon the current Steem blockchain so that Justin Sun finds himself alone.
Members of the Steem community who want to regain their independence, some had notably posted on Twitter that Justin Sun had chosen the wrong shitcoin for his plans.
“Hive is a passionate effort, created by a large group of members of the Steem community who have long sought to move towards true decentralization and to help develop the code base. The years of distribution problems and reliance on a central code and infrastructure entity have been at the heart of a kind of revolution, and the new Hive blockchain is the culmination of an intensification.
This new direction is moving away from the burden of mining participation from Steemit Inc., which has had an impact on the long-term ability to work toward further development and decentralization for years. ”
It remains to be seen whether the community as a whole will accept this hard fork and abandon Steem for Hive.
A problem that arises for any blockchain and crypto project is the funding of project development and marketing to publicize the project.
Justin Sun and Tron were certainly bringing money and communication to a project that was in distress or almost dead.
The Steem community claims independence but will they then have the means to make Hive a crypto and blockchain success?
Without money, we do nothing and the founder of Steem surely ceded his project to Justin Sun in the hope that he would revive it with financial and marketing means that the community does not have at the base.
The Steem share price is therefore up 200% following the announcement of this Steem blockchain hardfork.