- Steem, a social blockchain, reportedly implements hard fork 0.23 dubbed as “New Steem” as of 19th May at 14:00 UTC.
- The main reason to implement the hard fork by Steem is to get rid of Steem witnesses who launched the Hive Chain.
- New Steem will bring the necessary changes including the seizure of user accounts involved in criminal activities.
Steem blockchain reportedly implements hard fork 0.23 as of 19th May at 14:00 UTC. The hard fork 0.23 is dubbed as “New Steem”. At present, Steem is the only blockchain to power real applications through social apps such as Steemit. Also, the next-generation of blockchain-tech, Steem rewards its users for each contribution they make including the sharing of content.
Steem Blockchain Hard Fork Launch
The main reason to implement the hard fork by Steem is to get rid of Steem witnesses who launched the Hive Chain. A recent report claims that this launch is not a protocol update for improving blockchain performance or for any security purpose. But, this launch has been a confrontational split action for the exclusion of certain accounts.
New Steem will bring the necessary changes including the seizure of user accounts involved in criminal activities. Thereby this in particular will contribute to the threat against the Steem blockchain besides the stealing of STEEM holders’ assets.
83.2 Million STEEM Tokens Seized: Violation Of Steem Holders’ Property Rights
Furthermore, all this has reportedly begun only after Steemit was acquired by Justin Sun’s TRON Foundation. Steemit is the most prominent app by Steem.
However, things take a turn when Steem Witnesses implement a splinter blockchain, HIVE, duplicating all the tokens from Steem. Regardless, 83.2 million STEEM tokens of Sun were seized and moved to a separate wallet. And this has been a clear violation of Steem holders’ property rights.
Further bringing to attention, the Steem blockchain has been facing constant threats from hostile accounts disturbing the user experience. Besides causing a disturbance in the chain’s stability and decentralized apps usability.
Nonetheless, right after the hard fork, the Steem Witness Twitter account confirms that the tokens are moved to the Bittrex exchange. Thereby, claiming a return of the tokens to the respective owners.
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