Justin Sun Recounts Steem-Hive Hard Fork at Virtual Blockchain Week
Speaking at the Virtual Blockchain Week (VBW), Tron founder Justin Sun presented his side of the recent events involving Tron’s "partnership" with Steemit Inc, and the subsequent hard fork that resulted in Hive (HIVE) forking away from Steem (STEEM). During February, it was reported that Justin Sun had acquired Steemit Inc alongside the platform’s founder’s reward of 20% of the total STEEM token supply.
At VWB, Sun stated that he does not think the term “‘acquisition’ is the right word to describe the partnership between the Tron Foundation and Steemit Inc.” “At the beginning, we didn't use the word acquisition, we more talk about partnership,” said Justin, seeking to clarify the nature of the relationship: “Steemit Inc take a certain percentage of the tokens inside of the Steemit ecosystem, and also Steemit.com is one of the most important apps in the ecosystem .. Bitcoin, like Steem, is definitely decentralized, but some of the companies, they hold lots of the Bitcoin. While emphasizing his preferred nomenclature of "partnership," Sun acknowledged that, as one of the largest decentralized apps operating on Steem, “Steemit Inc definitely has some influence on the Steem blockchain.”