Hive (HIVE) is a blockchain network that was forked from the Steem (STEEM) blockchain on March 20, 2020. The hard fork was led by the community, after they had decided to separate from the network following TRON’s acquisition of STEEM.
Several events precipitated the hard fork. In February 2020, TRON (TRX) and founder Justin Sun announced that the former had acquired STEEM, which had been motivated by a lack of financial resources, according to Steemit’s Managing Director Elizabeth Powell. At this point, the acquisition had already met with some resistance within the existing STEEM community, as there existed a stake of 74 million STEEM tokens that had been owned by Steemit, but was now in the hands of TRON.
The community was concerned that these tokens would be used for TRON’s profit and decided to soft fork to deactivate these tokens. Shortly after this incident, it was alleged that TRON and Sun had launched a coordinated hostile takeover by way of using exchanges customers’ deposits to vote out the STEEM network’s witnesses, and granting power to accounts associated with TRON.
Matters came to a head, and the community members followed through with their plans to hard fork, which led to the HIVE network. The new token is now available on several exchanges.
Hive now operates under the slogan of “Blockchain for Web 3.0” and comes with a suite of decentralized applications (DApps) and wallets to serve that purpose. This includes wallets for all devices, and DApps such as Peakd, Splinterlands, Esteem, STEMsocial, STEEMPress and BRO poker.
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