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One month after Sun Yuchen acquired Steemit Inc, at 10 p.m. on March 20, Steem forked out the new chain Hive to get rid of the "one-man governance" worries, and also temporarily drawn the "power grab" battle between Steem community and Sun Yuchen end.
Several exchanges have supported Hive airdrops, including well-known platforms such as Binance and Huobi. In two days, Steem's original community kicked away Sun Yuchen with a hard fork, which also allowed STEEM assets to go out of the independent market with a rise of 299%. After the fork, the STEEM price dropped, and investors' "buy, buy, buy" meant to divide sugar.
In the battle for "stealing power" to control Steem, Sun Yuchen defeated first. But whether the independent Hive can bring dazzling market value is also doubtful. Before Sun Yuchen entered the game, the Steem community did not show excellent productivity.
When contradictions arise, consensus does indeed unite the community, but it takes time to transform the consensus into market value. In the current blockchain world, investors and users are not the same thing after all.
Steem splits multi-platform support for the new chain Hive
A week ago, Steem's "power seizure" drama did not wait for the roundtable negotiation between the community and Sun Yuchen, and finally ended with a hard fork of Steem network.
At 10pm on March 20th, the new chain Hive.io from Steem's hard fork was officially born. According to the agreement, Hive Token will be airdropped at a 1: 1 ratio to most Steem's currency holding addresses.
Steem is a low-level public chain that operates on the basis of the DPos (Proof of Stock Authorization) mechanism. According to the traditional hard fork upgrade of the blockchain, when the community diverges and hard forks, the new chain will generate new assets and airdrop to each. The holding address of the original chain assets.
However, Steem's fork airdrop is not for everyone. At least Sun Yuchen cannot taste the sweetness of "candy".
According to the community's hard fork agreement, some of the original STEEM assets on Steem will not be reflected on the new chain. This part of the fund's 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" Occupy Steem "" released by the TRON Foundation, the TRON Foundation holds at least 65 million STEEM.
Notestein, the core developer of the new chain Hive, said that this was done to avoid Sun Yuchen, the founder of TRON after the hard fork, using the DPos mechanism to exercise voting rights to control Hive again.
Steem is the public chain network founded by Dan Larimer (BM), founder of EOS, and 21 witness nodes selected by voting as the main maintainers of the network. In July 2016, the market value of the project was once ranked third in the world. Steemit is the most active social application project on the network. It was developed and operated by Steemit Inc. As an early network node, the company pre-mined 65 million STEEM from the Steem network. According to the original commitment, these assets will not be It will be used for voting and other community governance functions.
The battle for the community to recapture the Steem network through a hard fork began when Steemit Inc was acquired by Sun Yuchen.
The Steem community believes that the acquisition will break the previous promise, and the network is very likely to be controlled by the centralized entity. As a result, they preempted and frozen the 65 million STEEM of the TRON Foundation.
Sun Yuchen was not vegetarian, and immediately launched a counterattack. He threw away the original top 20 nodes by balloting from multiple exchanges and thawed the STEEM assets belonging to the TRON Foundation.
The first 21 nodes of the Steem network were replaced by votes
Freezing and dissolving, also let the outside world see the power of node voting power under the DPos mechanism again. The battle between the two parties eventually led to a hard fork of the Steem network-the Steem community did not play with Sun Yuchen.
The Steemit social platform has also moved to Hive.io. Sun Yuchen owns this company and owns STEEM coins, but cannot access the Steem network.
At present, several exchanges have supported the airdrop of Hive, including Binance, Huobi, Bithumb, KuCoin, Upbit and other well-known global platforms.
Hard fork news caused Steem to rise 299% in two days
From the announcement of a hard fork on March 18 to the birth of Hive.io on March 20, the Steem community took away Sun Yuchen in just 2 days. This is probably the fastest community split in the entire history of blockchain development.
Affected by the news of the hard fork, STEEM assets rose 299%. On March 18, the currency price rose from a maximum of 0.128 US dollars to 0.511 US dollars, setting a new high for this year, and becoming the first crypto asset after the market "3.12" plunge out of an independent rise.
Earlier, in just one month when Sun Yuchen and TRON took control of Steemit Inc., STEEM fell all the way from the closing price of US $ 0.27 on February 14 to US $ 0.12 on March 14, a decline of 52%. During this period, Bit The currency plunged, and the market waterfall "blessed" STEEM again.
After Steem's hard fork, STEEM prices returned to rationality. Huobi data shows that from 10 p.m. on March 20, the currency price has dropped from 0.3 USD all the way. As of 6 p.m. on March 22, the quoted price was 0.221 USD, a decrease of 26%.
Steem price movements before and after the fork
After the acquisition, Sun Yuchen did not show any punches, and ushered in the community's resentment first. Although he shouted at the community many times, hoping to calm the dispute through peaceful communication, "Due to poor information and misunderstandings, this is the only thing that can be done is that both parties actively communicate, reach consensus, and propose feasible solutions."
From the results, the Steem community does not buy Sun Yuchen's "peaceful evolution". In this battle for the Steem network, Sun Yuchen 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 Sun Yuchen's intention to migrate all DApps and tokens from the Steem blockchain to Tron, which is equivalent to directly sentenced the death sentence of the Steem network." David said that from the moment Sun Yuchen acquired Steemit, The current Hive team began to think about the salvage strategy and gained the support of most people.
According to him, the Steem community may have brewed a hard fork long ago. According to official Hive data, today's team has employed about 100 employees, 50 of whom are engineers. In addition, people who join every day fly like snow flakes, including former Steemit developers.
David predicts that the Hive team is currently a community-driven blockchain project, "This is truly decentralized, and it is expected that 95% of the original Steem users will move to this new blockchain. . "
Future battlefield or focus on market value battle
In the war between Steem and Sun Yuchen, many investors were on the side of the Hive team on social media. Most supporters believe that "kicking away" Sun Yuchen through a hard fork can make the project more decentralized. They regard this as the core value of the blockchain.
Ethereum founder Vitalik Buterin rated Steem's hard fork as "a positive turning point in the history of 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 sacrificed the well-known Ethereum past, he replied to Vitalik, paying close attention to the market value of ETC exceeding ETH, "This will become a strong proof."
Today's Ethereum Classic (ETC) is the hard fork of Ethereum (ETH). Before the fork, Ethereum Classic was once called "Ethereum". After the fork was completed, the new chain was renamed, and the assets were also replaced with abbreviated code ETC.
The well-known fork at the time was caused by the attack on the Ethereum network and the theft of ETH on the chain. The community has diverged on how to resolve the follow-up issues. Some people objected to the way that other people proposed to "roll back" to recover losses, and the result of the dispute was separation.
In 2016, community members who did not support rollback insisted on mining the original chain to maintain the network by "voting" with computing power. After the hard fork upgrade, the community members who supported the rollback started working on the new chain, and the new network is now Ethereum.
So far, some people regard Ethereum Classic as the true Ethereum because Code is Law's geek principle is retained. However, today, four years later, the market value seems to be king. ETH ranks second in the world with a market capitalization of US $ 14.7 billion; the market value of "Emperor Zun" is only US $ 592 million.
"If you look at the current market value, it is difficult to say that ETC won in the first place, or that they were too idealized." An anonymous blockchain practitioner told Honeycomb Finance that before Sun Yuchen entered the game, the Steem community was in a dead pool. Once the top three in the global ranking fell out of the top 40, the community has been stagnant all year round. "Now, it is still unknown whether the original community kicked Sun Yuchen, a currency circle celebrity, whether Hive can really break through history."
Contradictions often unite the community, but it takes time and time for consensus to form market value. After all, when BTC plummeted, the consensus also showed a weak side. In the world of blockchain, speculators and real users are still two different things.
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