Editor's Note: This article comes fromHoneycomb Finance News (ID: fengchao-caijing), Author: Hoho, reprinted by Odaily with authorization.

Editor's Note: This article comes from

Honeycomb Finance News (ID: fengchao-caijing)

Honeycomb Finance News (ID: fengchao-caijing)

One month after Justin Sun acquired Steemit Inc, at 10:00 p.m. on March 20th, Steem forked into a new chain, Hive, in order to get rid of the hidden worry of "one-man governance", and temporarily drew the line for the "power-seizure" battle between the Steem community and Justin Sun. end.

Many exchanges have supported Hive airdrops, including well-known platforms such as Binance and Huobi. In two days, the original Steem community used a hard fork to kick Sun Yuchen away, which also allowed STEEM assets to go out of an independent market that rose 299% against the trend. After the fork, the price of STEEM dropped, and investors' "buy, buy, buy" was intended to share the sugar.

In the battle to control Steem, Justin Sun was the first to lose. However, it is doubtful whether the independent Hive can bring a bright market value. Before Justin Sun entered the game, the Steem community did not show excellent productivity.

When conflicts arise, consensus can indeed unite the community, but it takes time to convert consensus into market value. In the current blockchain world, investors and users are not the same thing after all.

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Steem splits up, multi-platform supports new chain Hive

The Steem "power grab" drama a week ago did not wait for the round table negotiations between the community and Justin Sun, and finally came to an end with the hard fork of the Steem network.

At 10:00 p.m. on March 20, the new chain Hive.io, which was hard forked from Steem, was officially born. According to the agreement, Hive Token will be airdropped to most Steem holding addresses at a ratio of 1:1.

Steem is the underlying public chain based on the DPos (Proof of Equity Authorization) mechanism. According to the hard fork upgrade tradition of the blockchain, when there is a disagreement in the community and a hard fork occurs, the new chain will generate new assets and be airdropped to each In the currency holding address of the original chain asset.

However, this fork airdrop of Steem is not for everyone, at least Sun Yuchen cannot taste the sweetness of "candy".

According to the hard fork agreement of the community, some STEEM assets of the original development fund on Steem will not be reflected in the new chain. This part of the fund assets began to be in the hands of the TRON Foundation after TRON acquired Steemit Inc on February 14. According to the article "The Truth Behind Occupying Steem" published by the TRON Foundation, the TRON Foundation holds at least 65 million STEEMs.

Steem is a public chain network founded by EOS founder Dan Larimer (BM), with 21 witness nodes elected by voting as the main maintainers of the network. In July 2016, the market value of the project once ranked third in the world. Steemit is the most active social application project on the network. It is developed and operated by Steemit Inc. As an early network node, the company pre-mined 65 million STEEMs from the Steem network. According to the original promise, these assets will not It will be used for community governance functions such as voting.

The community’s battle to regain the Steem network through hard forks began after Steemit Inc was acquired by Justin Sun.

The Steem community believes that the acquisition will break past promises, and the network is likely to be controlled by a centralized entity. Therefore, they preemptively froze the 65 million STEEM of the Tron Foundation.

Sun Yuchen is not a vegetarian either, and immediately launched a counterattack. He voted away the original top 20 nodes by mobilizing votes from multiple exchanges, and unfrozen the STEEM assets belonging to the Tron Foundation.

The top 21 nodes of the Steem network were replaced by voting

The Steemit social platform has also migrated to Hive.io, Sun Yuchen owns this company and has STEEM coins, but cannot obtain the Steem network.

At present, many exchanges have supported the airdrop of the new chain Hive, including Binance, Huobi, Bithumb, KuCoin, Upbit and other world-renowned platforms.

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From March 18th when the community announced the hard fork to March 20th when Hive.io was born, it only took 2 days for the Steem community to kick Sun Yuchen away. This is probably the fastest community split in the history of the entire blockchain.

Affected by the news of the hard fork, STEEM assets rose by 299%. On March 18, the price of the currency rose from US$0.128 to US$0.511, setting a new high this year. It also became the first encrypted asset to go out of an independent upward trend after the market's "3.12" plunge.

Previously, in just one month when Justin Sun and Tron took control of Steemit Inc., STEEM fell from the closing price of US$0.27 on February 14 to US$0.12 on March 14, a drop of 52%. During this period, Bitcoin The currency plummeted, and the market waterfall "blessed" the decline of STEEM.

After the hard fork of Steem, the price of STEEM returned to rationality. Huobi data shows that starting from 10:00 p.m. on March 20, the currency price has been falling from 0.3 US dollars. As of 6:00 p.m.

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Steem price trend before and after the fork

Judging from the results, the Steem community does not buy Sun Yuchen's "peaceful evolution". In this battle for the Steem network, Justin Sun did not win.

David Jeffery, director of commercial operations at V.systems, analyzed the main reasons for Sun Yuchen's defeat. "The key is not the acquisition itself, but that Justin Sun intends to migrate all DApps and tokens from the Steem blockchain to Tron, which is tantamount to a death sentence for the Steem network." David said, from the moment when Justin Sun acquired Steemit, The current Hive team began to think about the rescue strategy and won the support of the majority.

According to him, the Steem community may have already brewed a hard fork. According to official Hive data, the team today employs about 100 people, 50 of whom are engineers. In addition, there is an avalanche of people joining every day, including ex-Steemit developers.

David predicted that the current Hive team is a truly community-driven blockchain project, “This is the real decentralization, and it is estimated that 95% of the original Steem users will migrate to this new blockchain. .”

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The future battlefield may focus on the market value competition

In the war between Steem and Justin Sun, many investors sided with the Hive team on social media. Most supporters believed that "kicking out" Justin Sun through a hard fork would make the project more decentralized. They see this as the core value of blockchain.

Ethereum founder Vitalik Buterin evaluated the Steem hard fork as "a positive turning point in the history of the blockchain." He believes that consensus cannot be obtained through capital, and no one can acquire the community. "If the market value of Hive exceeds the original Steem chain in the future, it will mean that the community is the real ruler of the blockchain."

Sun Yuchen brought up the well-known past events of Ethereum. He replied to Vitalik, paying close attention to the market value of ETC surpassing ETH. "This will be a strong proof."

Today's Ethereum Classic (ETC) is the hard fork network of Ethereum (ETH). Before the fork, Ethereum Classic was once called "Ethereum". After the fork was completed, the name of the new chain was changed, and the assets were changed to the acronym ETC.

The well-known fork at that time was caused by the attack on the Ethereum network and the theft of ETH, the asset on the chain. The community is divided on how to address follow-up issues. Some people object to the method of "rolling back" to recover losses proposed by others, and the result of the debate is separation.