Hive: The community’s exit from Justin Sun’s Steemit?

By March 20, 2020Crypto General

In recent weeks, it’s been an on-going backlash within the Steemit community and Justin Sun, the CEO of TRON Foundation who acquired Steemit for a strategic partnership last month. 

With this acquisition, it led to the backlash of the developers, witnesses and other key personnel of Steemit which ended without a resolution during the time they have a town hall talk with Sun’s team and the community. 

After weeks of speculation, a group of members within the Steem community are planning a hard fork to remove Justin’s Steemit Inc. As mentioned, the hard fork planned is for March 20 at 10 am EST, which will result in the new blockchain named “Hive”, this was according to SteemPeak, which is a front-end application for Steem.

 

Hive: New Kid on the Blockchain

Hive is a project created by a large group of Steem community members who have long looked to move towards true decentralization and to help develop the codebase. As stated on their website: 

Hive is an open-source blockchain, forged in years of development to bring Web 3.0 to the world. With a diverse community of stakeholders and without controlling bad actors, individuals can experience true ownership in a decentralized blockchain & cryptocurrency.

“Hive is a DPOS [Delegated Proof of Stake] governance blockchain created by implementing a hard fork of existing Steem code,” said SteemPeak, also mentioned that “This new direction steps away from the burden of the Steemit Inc.”

It is also mentioned that all valid STEEM stakeholders will be receiving a perfectly mirrored balance of their current STEEM holdings in the new HIVE coin. This will also include matching amounts of current liquid STEEM, Steem Power and SBD.  Binance also showed their support for the upcoming Steem hard fork initiated by the Hive.io team and will distribute the new HIVE token to users holding STEEM with the tweet below:

 

What’s next for TRON and Steemit?

For now, we are still waiting for Justin Sun’s feedback regarding the new blockchain and we all know that he would like to find a resolution with the Steemit community where everyone would move forward for a better partnership. Speaking of the partnership, they have partnered with Kraken and WhiteBIT which would include TRON (TRX) into both of those platforms recently.

Would this new blockchain emerge as one of the best cryptocurrencies in the market? Does all of the Steem community changing lanes to Hive or some Steem loyalist are still believing with Justin’s drive to continue the company as planned during the acquisition? Maybe, but we do hope that Sun proceeds with Steemit and with his experience with Tron Sun could bring Steem into a top project within the cryptocurrency space.

For more news and updates, see TronSpark’s website for details.

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Eder Teixeira

Founder of a reputable web design firm based in Dallas, Texas. Has 10 years experience consulting with multi-million dollar companies on marketing, business development, and growth acceleration. Early investor in Tron. Crypto voice on Youtube with 3,500+ subscribers. Loves coffee and owns a local coffee shop.