Another Steem hard fork and new chain coming !

in HODL4 months ago (edited)

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Vitalik Buterin termed the incident a ‘watershed moment’ in the blockchain history when Steem hard-forked to generate Hive blockchain on 20th March’20. The community split also happened but conflicts remained intact between the two communities. Steem hard fork 23 took place on 20th May’20. It reduced power down from 13 weeks to four weeks and seized 23.6 million Steem from selected Steem accounts. The reason for the seizure was the so-called ‘threat to the network’ as declared by Justin Sun camp. The seized fund was sent to ’community321’ account. The drama continued as an unknown entity got access of the fund from ‘community321’ account and send it to Bittrex. That huge amount of Steem is with Bittrex now in an unclaimed status. Many exchanges had to support the fork with reluctance for saving investor interest. CZ Binance was a stakeholder in the Steem saga since the beginning. He said that he was against nullifying or seizure of people’s asset but suggested to make another Steem fork. CZ assured that Binance would be supporting it. I was a bit astonished as the chain split already took place during the generation of Hive. But it seems that the idea caught the attention of some people.
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CZ Binance's tweet and my response that time

An assurance from a top exchange to support a new fork is good enough reason to fork a chain. It is easy and free money ultimately. A new project called ‘Blurt’ emerged to declare a fork but as per their twitter announcement, they made the decision before CZ Binance’s announcement to support any new Steem fork. Blurt has stated that they would launch a new chain and airdrop all Steem holders on 1:1 basis and the snapshot of the chain at block 43,526,969 (before HF23) has been already taken. Their twitter has only 247 followers. So I can guess that hardly people know about the new hard fork.
Screenshot_20200607172622_2.png
The official tweet of Blurt

As per the project’s Github details available, Blurt will begin to operate on or before 4th July’20. The features will be:

• Graphene DPOS just like Steem
• Removal of downvote function
• Elimination of stable coin in the system
• Real REST API
• A regent account system with controlling stake has been added to Blurt
• The regent account will take part on governance and DAO proposals
• The regent account doesn’t impact the circulating supply, inflation or reward pool
• The regent account has been programmed to decay slowly after two years
• Before abolishing the regent account, the blockchain will apply one stake=one vote to minimize the risk of attack from large stakeholders
• Inflation will be 10% APR initially and it will get reduced to 1% over 20 years

You can check how many tokens you’ll get here. The list shows the eligible account names and Blurt balance which will be airdropped. I’m not sure who is behind this project. But you people are going to get free money. I guess we’ll get to see many more forks in near future. In DPOS, conflicts arise easily.

The Github link of Blurt: https://gitlab.com/blurt/blurt

Cheers!
[paragism]

Note: The images (if not cited) are created by the author using free vectors.

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Maybe this is why Steem is spiking.

May not be...Their twitter account has hardly any followers. People don't know properly.

Spiking? Where? 🤣

I guess it was only like 10 or 15% which is nothing in the crypto world. lol

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Oh It’s good

There were other forks of Steem before Hive and now we are seeing one after.

Steem will continually be forked for years since many feel they have a better method.

As for Blurt, we will see how their approach pans out as compared to Steem and Hive. The removal of the downvote will either make the place highly successful or kill it from the start.

We will have to see how it goes.

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Yes, the project was never highlighted. Let's see how it turns up. Anybody can fork a chain. After success of Hive, many people will try to fork Steem.

Good. The more the merrier… and hopefully, less ‘business’ for the centralized censorship data harvesters, Fakebook (Instagram, What’sApp…), Twittler, Google (YouTube), Reddit…

DPoS is junk from the standpoint of security. Maybe through hardforking someone will find a way to make it better, or bury it altogether as an idea.

I wonder will they extend the number of witnesses (for example from 20 to 50) in order to ‘democratize’ it and make it more secure. I doubt they will, just saying…

Possible...not sure

What a mess. I think that without any developers backing the project it will be a big burp. 🤭

Anybody can fork a chain.

Yep. Keeping it running and without looking like a ghost town... that's a whole different story! 😁

Only good for those in the top.