Yesterday as a result of a hard fork on the Steem blockchain, a new coin emerged: “Hive”. The fork ended with full success. The first version of the Hive protocol is a direct copy of the existing blockchain Steem. Small changes have been made to the Hive code to increase network decentralization.
Hive network is already working
Currently, the Hive network works flawlessly, existing Steem accounts have appeared in the new network. It is worth adding that they are independent of each other, changes made in one of them do not have a direct impact on the second user account. Importantly, most of the content was copied automatically, and the hard fork Steem does not affect transactions on the network.
One of the largest cryptocurrency exchanges in the world: Binance and Huobi, announced a few days earlier that they would support Steem hard forks. Each STEEM token handler will receive Hive in a 1 to 1 ratio.
On March 18, the market responded positively to the news about the fork. The STEEM rate has risen sharply from around $ 0.12 to $ 0.40 on March 19. Currently, the STEEM price crashed and is hovering around $ 0.18 according to coinmarketcap.
What’s next with Steem?
The controversial takeover of Stemm Inc. by Justin Sun caused indignation in circles uniting the popular platform. In the eyes of many supporters, the acquisition of Steem by Sun is tantamount to a complete impairment of the platform. This is not about the STEEM course itself, but about ” value in the form of intellectual property, branding and experienced blockchain and frontend developers”. All Steem developers have resigned from further cooperation immediately after taking over the platform.
A group of 30 programmers decided to create a new project: Hive. As they say, the idea will be the same. Hive introduces security measures that protect the network against “governance attacks,” or sudden takeovers of blockchain control.
The team behind Hive adds a 30-day delay in transferring voting rights to the blockchain. The delay will help smooth the sudden changes in the representatives responsible for securing the chain and checking the correctness of the transaction.
If the vast majority of the former Steem community follows the new Hive project, Justin Sun will get the proverbial “nose stick”. She would stay with a worthless platform, without a community that for many years created its value and determined Steem’s strength.
The biggest strength of any cryptocurrency project was (and hopefully will be) the community, and real fans are not so easy to buy. Apparently, Justin Sun forgot the foundation. Hard fork Steem showed the power of decentralization.
How do you think Steem’s future will unfold? We are waiting for your comments.