Following the effort by CEO of Tron Foundation Justin Sun to seize power over the Steem blogging platform, its members intend to migrate to the new Hive.io blockchain.
“He did not realize that the value of these tokens is in the community. If there is no support for it, tokens become useless,” said Dan Notestein, founder of Blocktrade, which is the chief validator of the network.
Notestein is in a group of developers who plan on March 20 to conduct a hard fork designed to resolve the conflict with Justin Sun, who, by conspiring with the largest exchanges, took control of Steem.
As a result of the hard fork, all data, including decentralized applications, will be transferred to the new Hive blockchain. The exception will be the tokens of the initial development fund, controlled by Steemit, with which the Tron Foundation entered into a strategic partnership.
According to Notestein, many developers, except Steemit, supported this initiative, although, this may in some cases require rebranding. Both chains will have all the contents before the hard fork. In the future, each user will decide on which platform to post content.
Steem token holders, except for Steemit, will receive the same number of Hive tokens. Notestein is convinced that at least one of the cryptocurrency exchanges will post new tokens. Steem tokens, according to the founder of Blocktrade, will inevitably fall after a hard fork.
To prevent potential collusion between validators in the modified DPoS consensus algorithm in Hive, users will receive voting rights only with tokens that they own for more than 30 days.
Justin Sun has earned a mixed reputation in the crypto community. Recall, he recently underwent new attacks because of attempts to create hype on the coronavirus epidemic.