Steem is scheduled to undergo a hard fork on May 20, which will seize the accounts of several users of Steemit. Besides that, it will seize around $5 million worth of STEEM tokens from their wallets.
The Power Struggle Continues
According to some in the Steem community, the planned hard fork is part of the ongoing power play, which began after Justin Sun took over Steemit. The former Steemit witnesses and stakeholders have had their accounts labeled as troublemakers by current Steem witnesses. Once the hard fork takes place, various users of the STEEM blockchain will lose 23.6 million STEEM, which is worth about $5 million.
Justin Sun Bought Steemit
In December 2019, Justin Sun bought the Steemit platform. He then took over the Steem blockchain in February 2020, a move that was quite controversial. Those who were opposed to his takeover of the blockchain will be penalized during the hard fork.
Some in the Steem community have already said that they will not take this lying down. Sun purchased the Steemit platform, which runs on the Steem blockchain. Besides that, the Tron CEO also worked with other exchanges to take over the Steem blockchain. The Steem community built another blockchain, which they called Hive soon after that. In the upcoming hard fork, all the accounts that are deemed a threat to the Steem blockchain will be seized.
The Steem blockchain is powered by the delegated proof of stake mechanism. Users get to pick who they want to help run the network. To do this, they delegate coins to a witness. If a witness gets enough support, he or she can create new blocks and make changes to the network.
Some photos leaked, which appear to reveal the accounts that will be banned and have their assets seized. The names include some of the original witnesses before Sun took over the blockchain. Steem has already released the code for the upgrade and it shows the accounts that will be removed.
HIVE is Doing Quite Well
Since Sun took over, a new blockchain called Hive has been created. Currently, Hive is ranked 65 by market cap, six places above Steem. For now, it would appear that Sun’s takeover of Steem is complete.