Decentralized Autonomous Funding | One of the Core Reasons to Be Bullish on the New Hive Blockchain
The Steem community’s fork and respective currency — known as Hive (HIVE) is already proving to have more value on the open market and more applications (as the vast majority of the top dApps on Steem migrated instantly to Hive) than the original blockchain.
In case you don’t know — Hive is a community-led fork of the Steem blockchain that is the result of a Sybil attack from Justin Sun (the founder of the Tron “blockchain”).
Sun was accused of centralizing the Tron blockchain around the same time as the acquisiton of Steemit, Inc. — the company led by former CEO Ned Scott — by voting in his own SR (Super Representatives) with genesis stake on the Tron network.
After acquiring Steemit, Justin went on to censor posts that went against his primary agenda and supported the Hive fork.
One of the main resources of the Steem blockchain — the dev fund — was stewarded by Steemit, Inc. and the funds in it were intended for further development and decentralization of the Steem blockchain.
After Sun’s acquisition, he leveraged the funds to launch his Sybil attack and attempted a Hostile Takeover. One of the core reasons for the Steem community’s disconnection (and eventual fork to Hive) is that the dev fund was used against the community’s wishes.
Thus, Hive was created and the dev fund was returned to the DAO (decentralized autonomous organization) where it could be autonomously distributed using the worker proposal fund that was established where HIVE stakeholders could vote in developer proposals and offer autonomous funding.
