Steem’s Developers, Community Launch Hive Blockchain, an Independent and Decentralized Hardfork

News / 19.03.2020
  • Steem community and developers to launch Steem’s independent hardfork blockchain, Hive on Friday
  • Hive is fully decentralized and will feature anti-exchange governance attacks
  • Hive drops ninja-mined stakes concept that led to centralization of Steem blockchain

On March 18, 2020, Steem developers and community announced that they would be launching Hive, a DPOS governance blockchain hard forked from the Steem’s source code, on March 20. Binance Exchange has alrady confirmed the support of the hardfork in a blog post on March 18, 2020.

The developer team consisting of more than thirty passionate developers, end-users, and business owners decided to renew the codebase and expand the potential of future developments for the Hive Blockchain.

The Steem community has been anticipating a move from early Steem/Steemit pioneers and supporters after the controversial takeover of Steem by Tron Foundations Justin Sun.

The community has been divided since, with many blaming some centralized exchanges for using their positions to influence voting power, which saw Steemit go under centralized governance.

Minor Adjustments on Hive Seek To Prevent Governance Attacks and Involve Community Feedback In Future Governance

Hive is different from Steem and will run independently from the existing chain:

“While the chain is a fork of the Steem code, the intention is to take responsibility to build something even better.

Many adjustments will be made after the launch to allow for proper community feedback. However, immediate actions will be implemented during launching to prevent governance attacks from exchanges:

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

Accounts will wait for 30 days after a “power up” or stakes fund before being allowed to vote via staking as a way to mitigate risk, improve security, and include community input in governance.

Users will be able to access their new Hive accounts by simply logging in using their Steem credentials. After this is done, the users can choose to retain both accounts, but they will be fully independent, whether by transactions or content. 

Hive Airdrop Will Be Selective To Steem Accounts That Did Not Participate In “The Steemit Takeover

The initial launch will, according to the announcement, be the same as the existing Steem blockchain with minor adjustments that will promote decentralization in future developments.

“The desire to move towards better decentralization and to connect people via blockchain has never been lost, and it’s what makes Hive so needed now.”

The announcement also stated that all “valid” accounts presently on the Steem blockchain will be eligible for an airdrop:

“All valid Steem stakeholders will receive a perfect mirrored balance of their current Steem holdings in the new HIVE Coin. This will include matching amounts of current liquid STEEM, Steem Power, and SBD.”

Valid accounts mean only the accounts that have supported the decentralization and open source values and goals of Steem. Hive stated that accounts with Steemit Inc. ninja-mined stake and those that supported the centralization of Steem Blockchain would not receive an airdrop of Hive Coin:

“These accounts can still choose to take part in the new chain, and their accounts will exist, but they will not be included in the initial airdrop.”

Source: Cryptopress.

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