Tron News Today – Headlines for March 23

  • War over Steemit continues despite Hive fork
  • Steemit community accuse Tron chief of threatening decentralization
  • Hive is preparing a blacklist of users barred from the upcoming airdrop

Cryptocurrency News Today – after a well-reported month-long power tussle, the Steemit community has managed to fork Hive. But there is a big difference now in play. Something that could end the war: Steemit’s new owner and his supporters, will be unable to move their Steem tokens to the Hive Blockchain.

Steemit was recently acquired by Tron last month. But the bulk of Steemit users don’t trust the network’s new owner, Justin Sun. After acquiring Steemit, Sun was entitled to $12 million worth of pre-mined Steem tokens which is 20% of Steem’s total supply. On Steem, token holders can vote on proposals on how to upgrade the Blockchain. The most valuable users are the most influential.

Steemit Community Feared That Sun would Use His tokens to Control the Network

The Steemit community was concerned that Sun would use his tokens to control the Blockchain, hence, undermining the democratic model practiced on the platform. A few weeks back, they voted for a soft fork to prevent Sun from making use of his tokens. This action made Sun unhappy. Sun got help from top crypto exchanges including Binance, Huobi, and Poloniex. They were used to help him take back control of the Steemit network.

These exchanges are arguably some of the biggest in terms of revenue (and they are the most powerful) on the network. Because they can use their client’s funds to cast votes on the network. Sun managed to unlock his funds with their help. Unsurprisingly, the community did not like Sun’s decision. They managed to convince Binance and Huobi to withdraw their support for Sun’s takeover. Since that time, both the Steemit community and the Tron chief have been using their funds to take control of the network.

How Hive was Forked

Instead of fighting with Sun, who is an incredibly rich investor, some of the top members in Steemit started work on creating a new Blockchain platform, called Hive. Hive is the same with Steemit and the tokens of both networks can be swapped for each other.

According to a post on Hive’s blog:

“The only accounts with the capacity to swap tokens are those that contain the Steemit Inc [pre-mined] stake along with those who actively contributed to the centralization of the Steem network.” These are the members listed on “Hive’s AirDrop Exclusion List.”

Recall that Steemit was recently accused of censoring all Hive-related content. According to crypto blogger, Girl Gone Crypto via a video she posted, her “neutral explainer video” about Hive’s launch was taken down by Steemit.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.