The Steemit community is mired in controversy over the recent Tron takeover that managed to change the Steem blockchain’s governance. Steem witnesses attempted to soft fork the blockchain on February 24 to remove the powerful voting power Tron and Steemit hold. However, the soft fork wasn’t able to prevent the Tron takeover and Steemit community members are blaming Tron founder Justin Sun and three popular exchanges for gaming the outcome.
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Tron’s Steemit Takeover Becomes Contentious
Steemit has always claimed to be a “decentralized blogging platform” but its decentralization and use of delegated-proof-of-stake (DPoS) have been controversial. Centralization concerns heightened after Steemit was sold to Tron. On February 14, former Steemit CEO Ned Scott tweeted: “Steemitans and Twitterers, after four beautiful years, I have sold Steemit to [Justin Sun].” Following the Steemit sale, a number of Steemitans were very upset with the decision and believed the acquisition would ruin the project.
The controversy prompted members of the Steemit community to invoke a soft fork that would reduce the voting power of the company Steemit Inc. and the Tron Foundation. However, the soft fork did not go as planned and on Monday, March 2, Steemit community members accused Poloniex, Binance, and Huobi of creating a “hostile takeover.” Reports detail that Steemit and Tron reversed the soft fork by leveraging over 42 million steem power (SP).
Your stake in Steem on centralized exchanges was just used to take over the Steem Blockchain https://t.co/AFn0LvEkUC
— Luke Stokes (@lukestokes) March 2, 2020
The reversal and the move to utilize 42 million SP caught the attention of the
