Because of the persistent uncertainty, leading to unstable procedure on the Steem system, built by the city for the city. The move to the brand new blockchain doesn’t are the stakes or STEEM tokens held by Tron founder Justin Sun, will ensure decentralization and an unbiased community, that may develop the network easily and without risk of centralization.
HIVE Holders
As may be the case with all such hard-forks, STEEM holders have obtained equivalent HIVE tokens on the brand new network. All major exchanges have previously announced their support for the move and can credit HIVE to STEEM holders.
This appears like a potential positive watershed moment in the annals of blockchain governance. If Hive (the fork) overtakes Steem it might be a strong demonstration that the city is in charge and can’t be bought.
The Steem community won’t abandon the former network but still try to resist the attempts of centralization by way of a few actors. However, the city will also develop and improve the new blockchain in the foreseeable future.
What Happened At The HIVE Launch?
Once the HIVE blockchain launched on Friday Mar 20, a snapshot was taken and users will have two accounts on both networks. The account and this content posted or developed by users on Steem, during the snapshot, appear on HIVE network. However, following the snapshot was taken, both blockchains are independent of every other and any new content posted on either network won’t automatically reflect on another network.
The HIVE Migration Policy
All valid STEEM holders automatically received exact amounts on the HIVE blockchain. This consists of current liquid STEEM, Steem Power, and SBD. All the account state data, such as for example claimed accounts, delegations, etc. was also mirrored onto Hive. The users can login to the brand new blockchain with exactly the same credentials, they applied to the Steem network.
Team Behind HIVE
The team announced in your blog post that we now have currently 30 developers supporting the brand new network, which include many former Steem community members who have been involved heavily with the blockchain. However, they emphasised that the brand new blockchain is available to anyone who would like to contribute and community will choose future directions with valid consensus.
New HIVE Blockchain
At launch and much more changes are expected in the foreseeable future. The founder’s account have already been created nonetheless and they may take part in the brand new chain, should they so desire.
The team has enhanced protection against governance attacks by centralized exchanges, as seen earlier, by enacting a one month vesting period on crediting vests towards witness and SPS votes. After a merchant account powers up or stakes, you will see a month’s delay before it could take part in governance or voting in SPS. For other actions, there is absolutely no delay at all. Further governance changes will undoubtedly be made after consultation with the city.