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STEEM holders will receive tokens of HIVE, community-led hard fork coin surges 180% in price.

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STEEM holders will receive tokens of HIVE, community-led hard fork coin surges 180% in price.

After a series of community soft forks, asset freezes, node bribery, and community conflicts, members of the Steem community led a hard fork to launch a blockchain project called Hive. Meanwhile, Steem also surged by 180% in the past 24 hours.

Table of Contents

  • Hive hard fork will take place on the afternoon of the 20th in Taiwan time
  • Original Steem accounts will receive a 1:1 airdrop on the Hive chain

According to the official announcement released by the Steem community, Hive will conduct a hard fork using the existing Steem code to create a new generation of DPoS governance blockchain. The expected time is 1:40 in the afternoon on the 20th.

Hive

Hive was created by a large number of Steem community members who have long been committed to achieving true decentralization and assisting in the development of the code repository.

In the initial stage, Hive will appear as a copy of the Steem blockchain, but will operate completely independently from the Steem blockchain and undergo some minor upgrades. Original accounts on the Steem blockchain will receive a 1:1 airdrop on the Hive chain.

When the Hive blockchain is launched, existing Steem accounts will also appear on the Hive chain. Users will simultaneously have Steem and new Hive accounts, with assets from Steem accounts synchronously mapped to the new Hive accounts.

Assuming the assets in the original Steem account are: 10 STEEM, 5 SBD, and 1000 SP, the new Hive account will receive 10 HIVE, 5 HBD, and 1000 HP.

Note: In the design mechanism of Steem, Steem is the base currency that can be traded on exchanges, while other tokens derive value from Steem. Steem Power (SP) is like platform currency and cannot be traded on exchanges. Steem Blockchain Dollars (SBD) is another currency used for rewards and can be traded on exchanges. SP and SBD are reward mechanisms on the Steemit content platform, where users can choose 100% SP or 50/50 SP and SBD. The comparison with Hive is as follows: STEEM:HIVE, SBD:HBD, SP:HP

As previously reported, Tron founder Justin Sun attempted to take over blockchain governance after acquiring Steem, leading to the launch of Hive being widely seen as a challenge to Sun and centralized mechanisms. As a result, the price of the Steem token surged by 180%.

Binance Supports Hive Hard Fork

As previously reported, the controversy surrounding Steem derivatives has drawn criticism from the broader crypto community and exposed risks in public chain governance. Afterward, core members of the original steemit team resigned, and Binance CEO Changpeng Zhao, who had participated in witness voting, apologized on Twitter and stated:

Did not complete the vote. Due to communication issues, my previous participation in the vote was my negligence. Binance is not interested in on-chain governance; we will remain neutral and continue to support normal hard forks/upgrades in the future.

Binance subsequently announced on Twitter that it would support the upcoming hard fork scheduled to take place on March 20.

It is reported that the Hive airdrop will only be executed on the current version of Steem. Any "emergency hard forks" executed before the airdrop will not be eligible.

Related Readings

  • Revisiting the Steem Controversy: Justin Sun's "Takeover" and the Original Community Becoming "Hackers"
  • Tron's Justin Sun Takeover Incident Highlights Proof of Stake Risks? Vitalik Buterin: Ethereum Will Not Experience Governance Disputes Like Steem

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