Ethereum
$142.36 -0.41%
ETH · 2w

What is going on with Steemit?

Steemit is a famous blogging platform, that operates on blockchain and rewards authors with STEEM tokens. It is well-known that in February Steemit was bought by a Chinese entrepreneur Justin Sun. After the purchase it turned out that the community of Steemit was not very happy about it. Users commented about the event on Twitter with very unpleasant expressions. Users see the new owner as a tyrant who did not understand the main value and idea of the platform. It looked like with the help of some exchanges Justin Sun was able to vote out the leadership. Since it appeared to be impossible to decide which way to go, the Steem community is planning a hardfork on Friday. Developers will create a copy of the existing blockchain. They also claim that users should not worry about this transition. It will happen smoothly, and users will have the same amount of tokens on the new blockchain. This event is important because it questions the safety of the whole crypto system.
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