The Steem (STEEM) community announced its intention to create a new platform, named Hive, in the wake of the controversy with Justin Sun.
Steem Community Relaunches Platform as Hive to Make It Truly Decentralized https://t.co/9gUIft30lu pic.twitter.com/1ueLycHXfr — Crypto XEGA – كريبتو زيجا (@CryptoXega) March 18, 2020
On March 18, it has been reported in a blog post that the new platform will launch on March 20.
However, the new platform will initially be launched as an exact code fork of the Steem blockchain, but it will not directly copy the current blockchain’s state.
Steem users will receive their balances through a 1:1 airdrop taken from a snapshot of the blockchain at 10 AM EST on March 20.
It has been analyzed that there is a major caveat as the airdrop will not include Steemit Inc.’s “ninja-mine” of some 74 million STEEM tokens, currently worth $9.25 million, more than 20% of its $46 million market capitalization.
The community’s earlier fork that removed the stake was reportedly the reason why the governance crisis initially occurred, as Justin Sun, the new owner of Steemit Inc., called it an illegal hacking attack.
Likewise, the airdrop will also not include any other funds associated with the takeover attempt.
Furthermore, exchange balances will not be automatically copied over. The companies must contact the Hive team to signal that they want their customers’ funds to be moved to the new blockchain.
The original Steem blockchain and its social platform will remain fully operational, though this split is likely to result in a diminished user base and possibly, price.
Gandalf, the Hive community’s exchange liaison, said:
“The Steemit Inc stake which came with the purchase of Tron Foundation has always been a burden on the Steem blockchain. On several occasions during its 4-year history voices rose to codify the stake’s purpose into the blockchain software instead of being a social contract. The events started by the purchase and subsequent false narratives, PR and centralization with help of exchanges sped things up significantly.”
He also referred to a March 16 post by influential community member and blockchain witness Blocktrades, where he argued that the Steem community should “refuse any compromise with Justin Sun.”
However, Blocktrades believes that Steemit Inc. now has no value due to the alienation of the community. He also claims that Hive is already counting on the support of 36 developers, some of whom were key Steem developers.
While effective community support is difficult to accurately gauge, the post received more than 1,800 STEEM tips and many supportive comments.
It has also been analyzed that the Hive platform will initially only make small alterations to the Steem code to allow the community to decide on the future of the platform.
Thus, the community appears to be excited to renew the development and improve the decentralization of the previous platform. This could lead to a renaissance of the social media project, which gradually declined since its 2018 peak.