Justin Sun and Steemit Inc Disaster Explained
This video explains the disaster between Justin Sun, the CEO of Tron, and Steemit Inc. In February 2020, Justin Sun attempted to take control of Steemit Inc, the company behind the Steem blockchain, by launching a hostile takeover. He attempted to do this by using the voting power of a large number of Steem tokens he had purchased from Steemit Inc’s shareholders.
However, the Steem community was not happy with this move and began to rally against it. They organized a soft fork of the Steem blockchain to protect it from Justin Sun’s influence and launched a token called Hive, which was a copy of the Steem blockchain. This caused a huge rift between the two sides and eventually led to Justin Sun backing down.
In the end, the Steem community was successful in defending their blockchain and preventing Justin Sun from taking control of Steemit Inc. However, the Steem token took a massive hit in the process and lost a significant amount of value. This incident serves as a lesson to all in the blockchain space that decentralization is key and that centralizing power can lead to disastrous consequences.