Decentralisation Win: Steem Community Taking Control Back From Tron
Steemit, a decentralized blogging platform built on the Steem blockchain, has been one of the most talked-about topics in the crypto industry this past week. After control of the platform was seized by Tron in what appeared to be a massive, multi-exchange takeover, the community on Steemit rebelled and decided to take matters into their own hands.
Levine, who resigned from his position after Tron acquired Steemit, shared a video update in which he laid out what exactly happened on the platform and what the future holds for the blockchain-based social network.
He noted that while both he and his other teammates have resigned, they remain in the Steem community and will continue to be active on the platform.
After Tron acquired Steemit, the majority of Steem’s witnesses, which are entities tasked with making decisions about the blockchain’s governance, initiated a soft fork that further censored the stake held by Steemit until either Justin Sun or Tron provided more details about their plans for the platform.
To reverse the soft fork, several large cryptocurrency exchanges, including Binance, Huobi, and Poloniex, delegated their voting power to an account most likely ran either by Tron or Justin Sun himself. According to community reports, a total of 42 million Steem Power was leveraged to oust just the top five witnesses in favor of a single user–account @dev365, allegedly owned by Sun himself. Eventually, all of the top 20 witnesses were replaced by accounts powered by the previously mentioned exchanges.
This caused the Steemit community to rebel and unite in order to regain control of the network. In his update, Levine explained that by securing 11 out of the 20 witnesses mandated by Steemit’s governance protocol, the community will be able to regain and maintain total control of the platform.
The community has been able to secure the supermajority of Steemit witnesses and has effectively voted out all other major delegates from the blockchain. Data from Steemian Info tracker showed that the top 8 witnesses all had over 10,000 voters and have all joined the network between 2016 and 2017.
For Levine, it’s not all about money. He said while both he and the rest of the Steemit community wanted to have a “prosperous” and “abundant” future, allowing the Steem blockchain to fall into the hands of billion-dollar companies wasn’t the way they wanted to go.
While he noted that the fight for decentralization still wasn’t over and more work needed to be done with Steemit, the fact is that the community surrounding a blockchain-based social network managed to oust some of the largest cryptocurrency exchanges on the market.
Binance was the first to remove its votes, with its CEO Changpeng Zhao saying that he believed the exchange was participating in a regularly-scheduled hard fork. Singapore-based Huobi followed suit, explaining that they thought to be assisting Tron in fighting off a malicious attack.
Sun’s recently acquired exchange – Poloniex is yet to issue a statement addressing the issue and it has still not powered down its votes.
Tron Foundation issued a Medium article explaining their side of the story. They want assurance that the Steem developer community will not freeze anyone’s assets because that would be undemocratic and of course having financial implications.