STEEM Community Launches Soft Fork To Limit Justin Sun’s Potential Voting Power


STEEM blockchain prepares for a soft fork in light of the recent acquisition of Steemit, the most prominent platform on the blockchain, to prevent a concentration of power on the chain. According to the statement released by the STEEM witnesses (similar to Bitcoin miners), the fork will effectively stop the top holders of the STEEM token from voting in key decisions.

The STEEM community has mumbled on the future of the blockchain following the acquisition of Steemit by Justin Sun, TRON’s founder, earlier in the year. The Steemit platform reportedly owns over a fifth of the total STEEM tokens, which creates an issue on the delegated proof-of-stake (DPoS) consensus system.

Sun’s Steemit.com acquisition raises fear

The system is quite similar to EOS, whereby a smaller number of decision-makers are able to influence the development and management of the blockchain accordingly. With Justin Sun making a purchase of the dying Steemit platform and incorporating it with Tron, questions and fears across the community raise on the influence Sun will have on the blockchain given the reported fund (approx.. 20% of total token supply) Steemit holds.

While the STEEM community, witnesses and developers praised the entrance of a well-resourced and marketed figure (Justin) to its platform, security and decentralization issues crept in, hence the soft fork. The statement reads,

“To this end, we have updated to a temporary protective protocol to maintain the status quo currently established in regards to Steemit Inc.'s stake and its intended usage. This update is reversible, and is simply to be used to ensure that the security and decentralization of the Steem blockchain remains intact.”

Steemit Inc ninja-mined stake

STEEM holds a particular amount of tokens minted at the genesis of the chain to ensure the development of the blockchain holds longevity – Steemit Inc. ninja mined stake. So far, the fund has been used for its intended development purposes and to be non-voting in governance issues. However, all this has been done under good faith by the community, but with the addition of a new owner, the chance presented itself for STEEM to turn the fund into a trustless platform.

While the community is yet to give a way forward on the ninja mined stake, a proposal has been brought forward to place all stakeholders at the decision-making table. The statement reads,

“For now, because there has not been a clear declaration from Steemit Inc on the use of this ninja-mined stake, Soft Fork 0.22.2 has been deployed to allow for the entire community to discuss how best to achieve the original goals that this ninja-mined stake exists to support.”

Sun responds to the Steemit community

With the qualms of the soft fork on the blockchain raising, Sun released an open letter to the Steemit community asking the community to be patient as the TRON Foundation starts development on Steemit 2.0. He said,

“We have so much to work to do to make Steemit.com the power that it really can be.”

Sun further invited the top 50 witnesses to STEEMit 2.0 Town Hall meeting, which will be held tentatively on March 6th.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide