Today on #BreakingBitcoin, we follow-up our reporting on the #STEEM blockchain takeover by Justin Sun and the #TRON organization.
Just last week, Justin Sun acquired SteemIt Inc. for an undisclosed sum from it’s original owner Ned Scott. At the heart of the controversy, was Steemit Inc. controlled a large amount of STEEM tokens, which could be used to vote on matters of governance concerning the STEEM blockchain.
By acquiring Steemit Inc’s cache of pre-mined STEEM, Justin Sun could majority vote significant changes through to the blockchain’s governance, including moving the entire chain onto the TRON ecosystem.
The community of stakeholders and validators felt that the blockchain’s governane was intended to be decentralized, with a gentlemen’s agreement having been established since the very beginning precluding Steemit Inc from ever voting using this supply.
An emergency soft-fork took place last week, blocking the Steemit Inc supply from being able to vote, but by this week, Justin Sun in coordination with several of his allies in the form of exchanges such as Binance, Huobi, and Poloniex, tapped their huge custodial supply of STEEM, in order to force a majority vote through.
20 of the 21 STEEM blockchains validators (known as witnesses) were sacked, and replaced with relatively new user accounts, all seemingly under Justin Sun’s control.
In the end, this blockchain drama will lead many to question their assumptions about decentralization and matters of governance in proof-of-stake (PoS) and delegated proof-of-stake (DPoS) systems.
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