Steem Community Rallies Around Former Witnesses In Battle For Blockchain Control With Sun

  • STEEM community is fighting back at Justin Sun after recent blockchain takeover.
  • Huobi and Binance withdraw their support leaving Tron founder at a disadvantage.
  • A number of employees resign from following recent wrangles.

In the past week or so, Justin Sun has been in a constant battle with the STEEM blockchain participants, who claim the TRON founder is planning to takeover the blockchain. The issue escalated as reports emerged that three centralized exchanges including Binance, Huobi and his privately-owned Poloniex, used their customers’ funds to vote for Justin affiliated witness account. ‘

STEEM as a DPoS system, feared that to give huge governance power of STEEM to Justin, the community is fighting back fiercely.

STEEM community rallies against Sun

Reports have emerged that the Steem community has voted back in some four Blockchain Validators for Steem known as witnesses after they were replaced on Monday. This will safeguard against Tron’s foundation proposed hard fork that would change the economic framework under which STEEM tokens operate.

On 14th Feb Justin Sun Tron’s CEO, acquired Steemit application and with it a large share of its STEEM cryptocurrency. But Since Steem is a Delegated Proof of Stake Blockchain (DPOS), this leaves an opening for a small bunch of decision makers to challenge the new major shareholder. They voted in an attempt to prevent Steemit now owned by Sun which has a stockpile of tokens from taking over the Blockchain.

When the soft fork was initiated the witnesses ensured that the STEEM owned by some accounts were barred from voting on decisions regarding leadership of the Network. Sun has called out the witnesses claiming such moves were simply undermining the decentralization and sanctity of private property.

Notably Binance, Huobi and Poloniex in all which Sun is a shareholder, had combined the tokens that were under their control to vote in new witnesses. Most of the tokens belong to their clients rather than the exchanges themselves.

Steemit Resignation Woes

In just one day Steemit has apparently lost four employees most of them developers and Andrew Levine the head of communications. Although the head count of staff at Steemit is vague it has been rumored to be at least 7 employees.

This is not the first time Sun’s acquisitions have been faced by staff resignation as a similar case when the acquisition of BitTorrent by Tron was faced by significant staff resignations.

Binance and Huobi withdraw their support for Tron’s Candidates

Votes rallying behind Tron’s candidate for witness now reducing after Binance through stated they had ‘unvoted’ as they had no interest in chain governance and intend to remain neutral. Huobi also through a statement noted that they had restored their clients votes and removed their vote from Tron’s witnesses.

Thus we have removed the vote and will always stand behind the decisions of our users. The two witness in the forefront that were part of the those that orchestrated the soft fork have outshone Tron’s backed candidate by a big margin.

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Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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