A Little Intro:
So I recently started blogging on my website that was lying around for a while. And there was no traffic on my website. So I remembered about steemit. I thought I will write article over there and link to my blog post to get some traffic and money from steemit. But then I realized something was wrong. Most of the posts that were good were 2-4 years old and the some newer posts that I read were saying something happened to steemit and everyone should move to hive. Something about the guy Sun. So I decided to do some research.
First I only got article like: "Why I Left the Steem Blockchain" and "Justin Sun bought Steemit"
Didn't make sense to me till now. Like who is this Justin Sun guy, but anyways, did some more research and found out Justin Sun is founder of TRON and bought Steemit Inc. (The company behind Steem) without anyone even knowing what just happened. Not even workers of Steemit inc. know about this. And then I am not sure what they were voting for (I explain this part later) but everyone was against Sun. Then steem Hard Forked to Hive and many people moved to steem. Now I don't remember any link to articles that helped me understand this otherwise I would have linked them here but there are some other articles linked below if you want to read more.
In a Nutshell:
- Justin Sun is the founder of TRON blockchain and CEO of bitTorrent. Scott from Steemit Inc. sold the company to Justin Sun.
- Steem is a dPoS concurrency and it need votes from witnesses (Now I don't know how this system works so DYOR on this)
- Justin Sun wanted to do something (I am still not sure what this something is) with Steem.
- The community did not wanted that something to happen so everyone started to vote against Justin Sun
- Due to his connections with popular exchanges, Sun lured them to vote in his favor which they did. These exchanges include some popular exchanges: Binance, Huobi and Poloniex. (An exchange could use all of steem on their account to vote. Meaning their voting power is much greater than an average person's vote)
- Binance and Huobi later reversed their votes.
- Sun tried to bribe people to in his favor and was buy a lot of steem everyday (to increase his voting power)
- Steem then hard forked to hive to create an anti-Sun social platform.
This is what I was able to understand. If you want to dig deeper so I have linked some posts below to help you.
And if I wrote something above wrong so tell me in the comments.
Btw I am sorry about kind of irrelevant thumbnail. But this was best I found in time I had. Plus I was actually going to publish this article like 2-3 weeks ago but I wasn't able to.