The price for STEEM has surged a massive 180% today before retracing upon the news that Binance and Huobi will support the hard fork to split the blockchain and produce another one called Hive.
Binance And Huobi To Support Hive
As Cryptopotato reported, Hive will be a new blockchain that will be forked off the existing Steem code. It should take place tomorrow, Friday 20th.
Once the network goes live, existing Steem accounts will also appear on Hive. This means that Steem users will have two accounts with the same history. However, those accounts will function independently from each other – actions taken by users on Steem won’t reflect on their accounts on Hive and vice versa.
With this said, two of the leading cryptocurrency exchanges have already expressed support for the fork. Binance said that they will support the hard fork initiated by the Hive team and will “distribute the new HIVE token to users holding STEEM.” The ration will be 1:1. Huobi announced measures similar to these.
It’s also important to note that Binance explicitly outlined that supporting the hard fork doesn’t mean it would list HIVE for trading. For this to happen, its network needs to prove itself as stable and robust, and it must pass its strict review process.
Join the community in our migration to Hive, a community built blockchain for the community. All Steem account holders will receive equivalent stake on the new Hive blockchain.
Please follow @innerhive on twitter for more information.
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