The launch of Hive blockchain, a hard fork born from Steem, has been announced on Twitter. The creation took place yesterday at 2:00 PM UTC.
We are quickly approaching the launch of the Hive hardfork (less than 30mins)
– Hive.io (@hiveblocks) March 20, 2020
After the acquisition of Steem by TRON, and thus Justin Sun, the decentralized social media community opted for a hard fork because they were not in favor of having Sun as the new CEO.
Steem remains active. With this fork, Hive simply duplicated the code, and from now on the two platforms will work separately.
For now, Hive is a copy of Steem but with greater decentralization, since it is in the hands of the community and not of the TRON Foundation.
Why a new blockchain?
In early March, the TRON Foundation, led by CEO Justin Sun, purchased Steemit, a blockchain platform that uses the DPoS (Delegated Proof of Participation) protocol.
The acquisition appears to have occurred because Sun wanted to save the project from failure, a reason that is probably commendable but has not obtained community approval.
The platform had suffered a hacker attack last February 22 who had frozen 65 million tokens from the fund to pay the Steemit team.
So Sun decided to intervene, taking advantage of the support of some centralized exchanges, including Binance. In essence, the tokens held in the exchanges were used without consulting the community, to obtain the majority of the votes.
In this way, it is as if Justin Sun had centralized the platform, something that was not adapted to the community, which decided to carry out a hard fork. Steemit is, in fact, a decentralized social platform and when centralized it loses all its appeal.
The announcement of the hard fork came yesterday and today the Hive blockchain was activated.