Tron CEO Justin Sun bought the Steemit blogging platform, and in February 2020, he controversially took over the Steem blockchain platform itself. The upgrade will penalize those who opposed his hostile takeover.
Steem hardfork will seize $5 million
Steem is a blockchain, while Steemit is a blogging application that runs on top. Sun bought the application but also used a large supply of Steem coins and helps of large exchanges. When this happened, Steem’s diehard community built their own blockchain to escape to, called Hive.
In March 2020, when Justin Sun officially acquired Steemit, a group of dissenters came up with a plan to start afresh on a new blockchain—free from Sun’s influence. That blockchain was Hive (HIVE), and it is now ranked 65th by market cap—six places ahead of Steem.