Steem Chainsplit Happening Today with the Launch of Hive

March 20, 2020 / by Crypto.IQ

The Steemit community is splitting the chain today, with Steemit Inc. and the Tron Foundation on one side and the anti Tron Foundation forces on the other side. This morning the Hive blockchain will launch, and it will be an exact mirror of Steem and Steemit, with the main exception being that the holdings of Steemit Inc. will not be mirrored.

As explained in several previous articles on Crypto.IQ, Justin Sun and the Tron Foundation purchased Steemit Inc., causing community members to fear that the Steem blockchain would be moved over to the Tron (TRX) network.

The community hit back with a fork that took away Steemit Inc’s Steem holdings, to prevent the Tron Foundation from controlling the network.

However, the Tron Foundation then hit back by taking over the blockchain using all of the Steem held on crypto exchanges, in basically the crypto equivalent of a hostile takeover. The Steemit community responded by hitting back again and reclaiming witness slots.

At that point a situation was created where there was no consensus, which is an untenable position long term.

That is being solved this morning with the launch of Hive, where all of the anti Tron Foundation steemians will move to their own blockchain, and let the Tron Foundation have what remains of the Steem blockchain and Steemit.

All that being said, Hive should be up and running right now, but as of now it is down. However, it is within the first hour of launch, and perhaps it is overloaded with traffic.