Hive and Steemit - The Ultimate Tale Of History
Greetings to my Cent family and all of Hive. It's a wonderful weekend and in today's blog post I believe I have a special topic to discuss.
This is the topic of how Hive was born and the history behind it. This topic was encouraged and inspired by a good new friend of mine @holovision. A special topic dedicated to him, the Cent family and all of Hive Blockchain.
Original Image Source by DS stories on Pexels
Now after going through a few websites that talked into details about the history of Steemit and the hostile takeover of Steem by Justin Sun, I learned quite a lot about how Hive was born and what sets this platform apart from Steemit and other Blockchain based social media platforms.
I'll be sharing the source to the website below.
Well the 2023 HiveFest happened and I'm pretty happy with all the innovations and future projects they have. You can really sense that Hive truly is a community and not just another social media platform.
Well let's take you to the past.
Based on the information I received, a major event took place in the Steemit community around February 2020. Steemit was established in 2016 with the vision of being a Decentralized community built on a Blockchain technology that rewards its users for the content they shared and curate. The initial idea was freedom, Decentralized and lack of censorship. That was the mantra of every Steemian. The fact that the people owned the community is what made Steemit so valuable to them.
However, in February 2020, Justin Sun the founder of the Tron Blockchain acquired the Steemit platform and community. The estimated purchase price was around $15 million US Dollars. He basically bought the control over the entire community.
Now you would imagine that this will definitely spark a huge controversy amongst the users. People were certainly unhappy about the move that the Steemit founders Ned Scott and blockchain developer Daniel Larimer made with trading such an all time brilliant idea for money.
Now based on the sources I read from, it was a strategic move by Justin Sun to expand the influence of his Tron token in the world and space of cryptocurrency.
I'm pretty sure he sat down in his living room, crossed legs and thought to himself; hey let me just buy Steemit and screw them over. 🤔😂 Just kidding guys.
He was really eager to expand his Tron tokens which is why now we have a merge of Tron and Steemit tokens in the Steemit wallet. He realized the potential of Steemit to do the trick. Steemit is a Decentralized Blockchain social platform which is basically going to bring the value of social media to the cryptocurrency world.
Social media I believe is the Greatest tool for Cryptoadoption Projects and visions. The fastest way to get people to use cryptocurrency is to merge it as an incentive on their social media platform. Now imagine if Facebook established a cryptocurrency reward system on their platform. The currency will immediately go viral. This was the main idea behind Justin Sun's move I think.
Justin Sun successfully acquired a huge portions of the stake in the Steemit platform. This gave Justin a great influence over the entire platform, its users and its assets. He essentially had the power to determine the future of Steemit or the direction the platform would take.
Now this immediate and quite hostile takeover of Steemit by Justin Sun led to a lot of controversies and dangerous moves by some big time witnesses on the Steemit platform at that time.
The reason why people in the Steemit community didn't like the move made by Justin Sun was that people were really concerned about the possibility of Justin Sun centralizing the entire Blockchain and controlling the direction of Steemit and its future.
Now I didn't know that this was even possible but apparently the powerful witnesses managed to soft fork and freeze Justin Sun's stake on Steemit. This eventually led to a serious war or power struggle if you will. It was no easy battle guys.
The final decision for the witnesses and other users that didn't agree with the move made by Justin Sun was to move to another platform.
This is what essentially led to the development of the Hive Blockchain. Hive was not built with the same process as Steemit. It was basically forked out of the existing Steemit platform.
I am more than grateful for the move made by Justin Sun because that was what led to the creation of Hive, the community that I have come to really love.
Like they say - destruction and misfortune can led to the creation of some of the best things in life.
The issue with Steemit led to the birth of Hive and all its DAPPs. Now if you're being honest, the difference in Decentralization is really clear between Hive and Steemit. Hive is more Decentralized and more valuable than Steemit is. The very value of its token is higher than the steem token.
The Acquisition of Steemit and the Story behind Hive is one of the greatest moments in the world of cryptocurrency and Blockchain technology. This made us realize the value of Decentralization and what could happen if things go bad.
I really hope something like this never happens to the Hive Blockchain because I believe Hive is perfect the way it is. Hive has the potential to become the very best social media platform of all time. It is Decentralized and it focuses on the interests of its users and not just any single ambitious person trying to take advantage of a good thing.
Well I'll bring my blog post for today to an end. I really hope you enjoyed this blog. As always I'll be happy to respond to any comment, suggestion or question you may have regarding my blog post. Have a lovely day guys. Catch you next time. Bye❤️
You Can Follow Me @skyehi For More Like This And Others
SOURCES shared by @holovision to me
https://cointelegraph.com/news/steem-community-resists-takeover-hard-fork-launches-hive-network
Not that hard to imagine.
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@skyehi, I sent you an $LOLZ on behalf of holovision.cash
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Hello new friend,
Great post. It's hard to abridge such en event in one blog post but you did a good job. However, I think you were a little confused about this:
For blockchain forks the TL;DR is that it is just tweaking the code. A soft fork can be backward compatible with the blockchain but a hardfork isn't backward compatible and essentially has all the old history but uses new coding that runs independantly of the "old" blockchain. Another example is how Ethereum Classic hardforked over the DAO hack of 2016. Ethereum did a softfork and added some code to retroactively undue the exploit but some Ethereum users believed that "code is law" and viewed it as censorship so they hardforked Ethereum so their copy has the block with the exploit intact.
Steemit froze the stakes of certain users that I will allege that Justin Sun identified as "troublemakers". I caveat that it's my personal belief that Justin Sun solely identified the "troublemakers" because of apparent shenanigans of users being pushed off the top 20 witnesses and replaced by new witnesses and how a few major exchanges like Poloniex at the time used customers' STEEM to vote for some questionable new witnesses but later withdrew the supporting votes. There was a lot of drama.
I think what confused you is that for the Hive hardfork the stake for @justinsunsteemit and some of the concerning accounts his takeover put him in control of copied over to Hive were frozen. Every account on Steemit at the moment of the hardfork to Hive got a 1:1 parity of their STEEM for HIVE tokens.
The ethics of whether freezing Justin Sun's Hive stakes "makes us as bad as him" can be debated. Generally it was considered a bad idea to let Justin Sun benefit in any significant way from the fork he forced to happen.
P.S. a little self-promotion but relevant to the Hive community topic. Check out my post today about the glow in the dark Hive logo I 3D printed.
https://www.hive.photo/@holovision/glow-in-the-dark-hive-logo-3d-printed
Image Source: Personal Photo
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Wow friend you have really explained the softfork and hardfork into details.. i understand what happened now
Wow, 1 : 1 parity
it's plausible that could happen and not because of a hostile takeover. One scenario I can imagine is if a huge war happens or is expected to happen. "Our" Hive blockchain can run on the "global" internet but some geographic part of the world might cut the global internet off from inside their borders. The isolated Hive users can run their own Hive independantly due to the open source nature but once that war is over and borders open again the isolated version of Hive won't be canonical and it might be more trouble than its worth to try and figure out how to integrate the isolated Hive back into the original Hive's blockchain.
Like you I hope that doesn't happen but it's a possibility.
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Indeed friend war could actually lead to a repeat of this.. I guess this is the unfortunate side if Decentralization and open source
If you want to think about a more peaceful scenario there is space travel. If a user wanted to go to Mars and broadcast a transaction to the Hive blockchain on Earth it would take between 3 to 22 minutes for the transaction to complete due to the speed of light. Any server on Mars running the Hive blockchain would constantly be hundreds or over a thousand blocks out of sync. For interstellar transactions due to the 7 day payout window if you travel more than 112.7 billion miles from Earth any upvotes you do to posts published in this second will never reach Earth in time to count.
Every human colony in space might have its own Hive blockchain fork.
Since this reply is being posted on hiveme.me here's a relevant meme:
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Wow I finally understand the possibility of this happening. Thanks so much for all the help you've given me