After Justin Sun acquired Steemit’s startup, a struggle for network management flared up between him and the Steem community. The community decided to hold a hard fork, against which the coin rate has grown significantly.
The Hive hard fork, due to take place today (20th March) and it will create a new blockchain based on the current version of the Steem source code. The new network will be completely independent of Justin Sun. Hard fork was supported by several cryptocurrency exchanges, including Binance, which promised to give Hive cryptocurrency to all STEEM coin holders. Network sharing was also supported by Huobi and Bithumb exchanges.
Just yesterday, STEEM coin cost $ 0.14, and the project capitalization was $ 45 million, but today the cryptocurrency exchange rate has risen to $ 0.30, and the capitalization has increased to $ 111 million. Now STEEM takes 47th place in terms of capitalization.
Before the hard fork, developers will take a snapshot of the STEEM addresses and charge the same number of Hive coins to wallets on the new network. At the same time, nothing will be sent to addresses controlled by the Tron Foundation. The Steem community hopes that after the hard fork, STEEM coins will depreciate and Justin Sun will incur losses, but at the moment their actions have led to the exact opposite effect.
Recall that after the acquisition of the Steemit startup, between Tron Foundation and the Steem community, a struggle for network management flared up. Since the cryptocurrency is built on the basis of the Proof of Stake consensus, the one who owns the most coins controls the network. Justin Sun convinced some cryptocurrency exchanges to vote on proposals that changed the consensus protocol. Subsequently, the Binance exchange apologized to the community for voting.