The STEEM, the major blockchain-based blogging and social networking platform relaunched as a new platform Hive last Friday. The step currently marks the result of a fight, which began after the Justin Sun’s TRON acquired STEEM in this February.
According to an official blog post, the STEEM community exercised their right to vote in order to hard fork the blockchain, leading to the creation of a new Hive token that is now being distributed to STEEM holders.
A hard fork is a software update that isn’t backwards compatible, so any blocks coming after the activation of the software update will have to follow the new rules in order to be considered valid.
The community wins the fight
The conflict between the STEEM community and TRON’s Justin Sun emerged after TRON Foundation made an announcement about STEEM moving to its blockchain.
The community created a soft fork that temporarily blocked certain operations to prevent TRON from taking over the network. Justin Sun was accused of cooperating with major exchanges, including Binance, to remove previously elected witnesses and allow the TRON’s CEO to take the governance of STEEM blockchain by himself.
The Hive community unites a huge range of various talents who aim to connect via decentralized blockchain, which helps to capitalize on and encourage the potential gathered in it. Their announcement says:
This new direction steps away from the burden of the Steemit Inc. ninja-mined stake, which has impacted the long term ability to work towards further development and decentralization for years. [..] The desire to move towards better decentralization and to connect people via blockchain has never been lost, and it's what makes Hive so needed now.
The Hive blockchain is announced to be a fork of the STEEM code, that runs completely independently from the existing blockchain. All valid accounts on the STEEM blockchain will appear on the Hive Network as well.
The history of these two accounts will be the same, says the community, however, any new post on Hive will not show up on Steem and vice versa. After launch of Hive, the accounts will be independent of one another.
All valid STEEM stakeholders will receive an identical balance of their current STEEM holdings in the new HIVE coin. This will include matching amounts of current liquid STEEM, Steem Power, and SBD. All other account state data, such as claimed accounts, delegations, etc. will be mirrored onto Hive, says the announcement.
The Hive airdrop will only be performed on the current version of the Steem blockchain as of the day of the launch. Any hardforks performed prior to the airdrop will not be eligible. Further, any exchange that participates in such a hardfork prior to the airdrop date will null and void the ability to participate in the airdrop for its off-chain balance holding customers.
Hive Coin listed on exchanges
As a result of the STEEM’s community battle against TRON and Justin Sun, the new Hive Coin is released and already listed on the digital asset exchanges. While Bittrex listed Hive Coin last Saturday, another cryptocurrency exchange ProBit listed the newly released asset today.
Hive also expects the major exchange Binance to list their coin as soon as the platform will set up with their updates.