Editor's Note: This article comes fromNakamoto Shallot (ID: xcongapp), Odaily is authorized to publish.
Editor's Note: This article comes from
Nakamoto Shallot (ID: xcongapp)
, Odaily is authorized to publish.
The game between the Steem community and Justin Sun seems to be reversing. On March 17, according to Coindesk, the Steem community plans to hard fork the Steem blockchain this Friday at UTC time to destroy the founding development fund controlled by Steemit on the new chain. This move is to completely separate from the Tron Foundation controlled by Justin Sun. The new blockchain is temporarily called "Hive". A key change in this fork is that the original development fund tokens controlled by Steemit will not be merged. Transfer to the new fork chain. Dan Notestein, founder of Blocktrades, a major validator on the Steem blockchain, said Justin Sun didn't understand the underlying value of these tokens is the community. Ultimately, if enough people don't support these tokens, they will be worthless.
The hard fork proposal was proposed by Dan Notestein, founder of Steem's important verification node Blocktrades, and other community members. As of writing, it has received more than 1,700 votes and more than 700 comments. It is reported that after the hard fork, except for the Steemit wallet controlled by the TRON Foundation, other wallet addresses will receive the same amount of new tokens as the Steemit held at the time of the snapshot.
After the news was released, Steem rose by more than 60% in 10 hours on the Huobi market, tentatively reported at 0.38 USDT.
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The game seems to be turning
TRON founder Justin Sun and the TRON Foundation acquired Steemit on February 14 this year, but the Steem community did not buy into the new owner. Since February this year, the Steem community and Justin Sun have been in constant disputes, and a battle for control has begun.
On February 24th, the Steem community took the lead in issuing a soft fork statement, with the purpose of eliminating the impact of potential centralization brought about by Steemit’s acquisition by Tron. At this time, Justin Sun did not express his position, but responded that he hoped to actively communicate with the community.
On March 3, the Steem network stopped operating for several hours, and there were voices that mainstream cryptocurrency exchanges were using the voting rights of their customer tokens to reorganize Steem's consensus algorithm. Several exchanges, including Binance, Huobi and Justin Sun's Poloniex, quickly conducted a coordinated vote. By using tokens held by exchange users, the vote essentially transfers control of the otherwise decentralized blockchain to a user purported to be Justin Sun.
Afterwards, under the pressure of public opinion such as misappropriating customer assets to vote, Binance founder Zhao Changpeng acknowledged the incident on Twitter, and apologized for Binance’s participation in Steem voting. He said: "I didn't want to get involved in this incident, but now it seems that I can't stay out of it. In the case of mistakenly thinking that this is an ordinary upgrade/fork, I approve Binance Binance to participate in the vote. I deeply appreciate this. Sorry."
Sun Yuchen said: "In this incident, some witnesses forcibly carried out a soft fork while concealing the official STEEM, and maliciously hidden the hard fork code in it, freezing the officially owned STEEM, which is a malicious violation of private ownership. Behavior of property rights and blockchain spirit. TRON’s countermeasures are completely in line with the DPoS mechanism, and it also saves the investment of STEEM token holders, developers, and community members, protects our own property, and is in line with our original intention .”
So far, Justin Sun and several mainstream exchanges have "suppressed" this community resistance, and described the incident as a hijacking by hackers. Justin Sun described that the Steem network was out of service for several hours because some malicious hackers froze the 65 million STEEM legally owned by Steemit, the core developer of STEEM. When TRON found out, hackers had already hijacked STEEM and threatened to invalidate the existing STEEM. Therefore, Sun Yuchen and others controlled the network in a short period of time. He said that the intention of this move was not to control the STEEM network. Commitment to return voting power to the community once it is determined that malicious hackers are no longer damaging STEEM.
By this time, the attitudes of Justin Sun and Tron are still relatively tough and overwhelming, but the attitudes of several mainstream exchanges that assisted Justin Sun in this incident are more vague. Binance Changpeng Zhao announced afterwards that Binance withdrew its voting rights. The same is true for Huobi. Afterwards, it sent a letter to the Steem community and stated that it had canceled the vote. It will always support the user's decision and return the voting right to the community.
The dispute sparked outrage in the community, including the departure of several executives at Steemit PR head Andrew Levine.
After this incident, the battle for control did not end. The Steem community continued to compete with Justin Sun for the seat of witnesses, and successfully regained 7 seats on March 4, and gradually increased to 10. But even so, at this time, Justin Sun Still crushing 99.96% of the voting accounts in the Steemit community with 0.04% of the voting accounts. In this regard, some media commented that capital hegemony is undoubtedly revealed, and the DPoS consensus is on the verge of collapse under such circumstances. John McAfee, a cryptocurrency enthusiast and the father of antivirus software, commented on the Steem incident, saying that Steem is a community, and the community cannot be acquired.
At this time, the Steem community has been able to hold a stalemate with Justin Sun with 7 seats. At this time, because the tokens of the power up of the two exchanges Huobi-withdrawal and Binance-hot are still locked, if Justin Sun hopes to power down the tokens locked by the exchange through a hard fork, so he needs to obtain the support of at least 17 witnesses.
During this period, the Binance rollover incident that the media said occurred, the redemption of 31.73 million STEEMs suspected of not understanding the rules and only reducing the right to redeem 16,000. There is not much relationship; for Justin Sun and Tron, there is no alliance of interests. Regarding the Steem community, Changpeng Zhao directly stated that Justin Sun should first obtain community support before acting.
Justin Sun and the Steem community started talking to each other. Justin Sun said that TRON and STEEM should unite. The Steem community also tweeted that they want to cooperate with Justin Sun. It is wrong to freeze any account. There are miscommunications and misunderstandings, and the only way to resolve them is through dialogue.
