Justin Sun of TRON will soon regret his decision to acquire Steemit, as members of its community are currently planning a hard fork to create a new blockchain outside of Justin's control. The soon-to-be-launched blockchain, called HIVE, will be created by implementing a hard fork of the existing Steem code. The upgrade will take place on Friday, March 20th at 10 AM EST, according to an announcement on Steem's front-end application platform, Steempeak.
The Hive blockchain will fork from Steem, but it will be completely decentralized, working independently of the Steem network. Once the new blockchain is activated, existing Steem accounts will automatically appear on the Hive network. This means that Steem users will have two accounts: the current one on the Steem network and a new one on Hive with the existing content and information unchanged.
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According to the announcement, the history of both accounts will be the same, but the content and future transactions will not be the same in the two accounts after the snapshot point. In other words, both accounts will work independently of each other - any action taken by users on Steem will not be reflected in their Hive account and vice versa.
While the Hive chain is a fork of the Steem code, the intention is to take on the responsibility of building something even better. The initial release of Hive will be a direct copy of the existing blockchain with some minor updates. This will allow us to return to the community discussion about the direction for future development, the necessary changes, and the most desired features at the chain level.
It reads in the Spanish President Pedro Sánchez’s announcement by Hive
Steemit is Steem's premier social media dApp, and since its launch, it has become the world's largest decentralized social media platform based on blockchain. Everything seemed fine until Justin Sun acquired Steemit last month. A move that led to several heated disagreements in the crypto community.
The controversy began after Tron and Steemit announced they would revert a blockchain soft fork, while simultaneously requesting that major exchanges, including Binance and Houbi, use customers' Steem holdings to vote in their favor.
Various proponents of crypto, including famous antivirus software mogul John McAfee. They shared their thoughts on the matter and commented that Justin Sun forgot that Steem is a community and that communities cannot be bought. Earlier this week, Blocktrades, Steem's leading validator, explained how Steamit had lost almost all of its value since the recent acquisition.