The social media platform runs on the Steem blockchain and information reaching us that the managers of this network carried out a soft fork last weekend in des[erate measures to protect the blockchain.
Steem is namely a Proof-of-Stake (PoS) blockchain which means that a smaller group is needed to counter the decisions of a large stakeholder. The fear is that Steemit, so the social media platform on Steem, has a huge amount of Steem (STEEM) tokens. These could theoretically be used to take over the blockchain.
This large amount of tokens is known as the Steemit Inc. ninja-mined stake. Although there were always concerns within the community about this stack of tokens, it was generally assumed that the previous owner of Steemit would use this purely for the growth of the network.
Now the fear is that these tokens are in the hands of Justin Sun (although that is not confirmed). To be sure that Sun does not completely take over the blockchain, so-called witnesses, or the largest stakeholders or network administrators, have decided to carry out a soft fork.
A soft fork means that basically nothing changes to the network. Exchanges do not have to switch to a new version as it should with a hard fork. The soft fork can also be turned back. The soft fork ensures that Sun cannot just take over the Steem blockchain. Should he nevertheless try this, then these transactions are not saved by the consensus of these witnesses.
Sun responded to the situation in an open letter . Although not directly addressing the soft fork, he invites the top 50 witnesses to meet on March 6, which he calls the Steemit 2.0 Town Hall.
In any case, it is interesting to see what the effects can be of a delegated board like this. We will have to wait a little longer to see what Justin Sun actually intends to do with Steem.
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