The blockchain battle

Steemit was based on the cryptocurrency called STEEM. Steem has been forked to create a similar website of Steemit called hive. Since Steem is now owned by TRON. You probably know that you’re on Steemit (if not what’s wrong with you). Hive is a new blockchain designed to maximise decentralisation in response to recent corporate takeovers.

March 2020, the STEEM community responded after TRON acquired Steemit. In March 2020, the Steem Decentralized Content Network was acquired by TRON. The Steem community responded to the hostile takeover by launching Hive, a Steem-based blockchain aimed at combating centralisation.

History of Steemit

The Steem blockchain was created in 2016 to empower Steemit, a social blogging platform with cryptocurrency rewards. On Steemit, users can post blogs or articles, which are stored on Steem’s distributed ledger. Creators and commenters can also earn cryptocurrency rewards in the form of Steem dollars (SBD). Steem dollars (SBD) are worth about $1.015499USD at the time of writing this article. Rewards are freely distributed according to an inflation mechanism and the value of the base token called STEEM. Steem’s basic STEEM token can be traded for STEEM Power; this allows users to stake their holdings and vote for “witnesses” who control the blockchain.

How TRON took over Steemit

Just after the launch in 2016, Steemit Inc. carried out a “ninja mine” which enabled the company to obtain 80% of the STEEM supply. The Steem community trusted Steemit Inc. to set aside the ninja mined tokens for development purposes and trusted the company not to misuse those tokens. But it was too late by 2020, TRON obtained STEEM and acquired the ninja mined tokens. On Feb. 25, Steem witnesses attempted a soft fork (0.22.2) to prevent TRON from abusing the funds in question.

TRON’s vengeance

TRON reacted with soft fork 0.22.5, which reversed the previous fork and allowing TRON to access its locked funds. TRON worked with exchanges, who also hold a stake in Steem, to vote for and enact the fork. Justin Sun who is the CEO of TRON, allegedly used his own holdings to support the fork as well. TRON ultimately gained control at the time. The Steem community retaliates and prepared to part ways with the TRON-led blockchain. On the March 20th 2020, Steem developers launched the new Hive blockchain with hard fork 0.23.

The battle still lives

The launch of Hive, each community continued to take measures against the other community. Hive’s witnesses identified several “sockpuppet” witnesses, who have allegedly been paid to act in TRON’s interests. It is not clear if these accounts have been blacklisted from Hive entirely, but witnesses that run TRON’s 0.22.5 hard fork are not allowed to produce Hive blocks. Hive has also excluded some TRON-sympathetic accounts from its token airdrop. Steem countered with another softfork (0.22.888), which stops 20 TRON-sympathetic witnesses from moving their funds on Steem. Steem claims that this is necessary to halt spam and hostility. Though witnesses are in conflict, most users do not need to take sides. General accounts work on both Steem and Hive, and there is no need to take special any action.

So… you read this far down. Huh? I really appreciate you for reading. You can contact me on the following email: centillionfacts@gmail.com. Quick note, I might repost this on Hive. Anything you want to improve comment down below. Thank you for reading my first article. Keep updated.
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