Steem Developers and Community Collaborate in Launching Hive Blockchain

News / 19.03.2020

On March 18, 2020, Steem developers and community announced the launching of Hive a DPOS governance blockchain. The Blockchain is a hard fork from Steen’s source code. According to the announcement, the launch is scheduled for March 20. At the same time, Binance affirmed its support for the project in a Match 18 Blogspot.

Hive’s developer team consists of over thirty developers, end-users, and business people. They are brought together by the drive to renew Steem’s codebase and expand Hive Blockchain’s potential for future development.

Tron’s Justin Sun’s controversial takeover of Steem has elicited talk of the Steem Community’s departure from Steem/Steemit pioneers and supporters.

Since the takeover, the community had experienced divisions. Many of its members blame some centralized exchanges for influencing voting power which resulted in Steemit’s centralization.

Tweaking Hive to Negate Governance Attacks  

Hive differs significantly from Steem. Additionally, it will function independently from the current chain. Even as it acknowledges that Hive is a fork of the Steem code, it emphasizes that it’s driven by the urge to create something better 

The new blockchain will undergo many adjustments after its launch to allow for proper community feedback. That said, it will implement immediate actions on launch to neuter governance attacks from the exchanges:

“To prevent governance (or funding) attacks, a 30 delay has been added on crediting vests towards the witness and SPS votes.”

There’s a 30 day waiting period for accounts after “powering up’ or funding stakes before they’d be allowed to vote by staking.  The network adopts this approach to counter risk, enhance security and accommodate community input in its governance.

Any user will be able to use their Steem credentials to access their new Hive accounts. They can then choose to retain both accounts though each will retain its independence both in transactions and content. 

Supporters of Steemit Takeover Ineligible for Airdrop

Hive’s launch date will be the same as the current Steem Blockchain. However, the new platform will have minor adjustments geared at promoting decentralization in the future. Hive insists that it holds dear the tenets of decentralization and connecting people via the Blockchain.

Moreover, the announcement confirmed that all valid Steem accounts would qualify for an airdrop. Again, Hive will match their STEEM, Steem Power and SBD with an equal amount of HIVE coin.

Hive considers Valid accounts to mean those that have supported Steem’s open source and decentralization objectives. It further dated that accounts with Steemit Inc ninja-mined stake plus the ones that backed the centralization of Steem blockchain would be ineligible for the airdrop;

Despite not qualifying for the initial airdrop, the accounts may opt to participate in the new chain. Hive will recognize their accounts if they choose so.

Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.