Thursday, 02 July 2020

As first reported by court monitors OffshoreAlert, multiple cryptocurrency-related companies were named in separate class action lawsuits filed at the US District Court in the Southern District of New York on Friday.

The Steemit saga has captured the minds of the crypto community as a classic story of centralization vs decentralization, with the Steem community on one side, and Tron founder Justin Sun on the other.

Since the deal was inked on February 14th, this opposition has played out over a series of community votes involving collusion with exchanges and platform downtime.

Under the leadership of lead validator Dan Notestein—going by the moniker BlockTrades— the Steemit community argued Sun's proposal to shift Steem tokens to the Tron blockchain was undemocratic, and that he was responsible for colluding with exchanges to subvert the will of the people.

Sun on the other hand said his proposals would benefit Steem, and that efforts to take away his control of the development fund represented a violation of the 'sanctity of private property'.

"The beauty of crypto is that no one can take them from you. The sanctity of private property is guaranteed by the math and code behind it. Freezing people's funds violates the basic foundation of cryptocurrency”, tweeted Sun.

With a hard fork, the matter is now settled. Justin’s coins are excluded from the new chain, and changes to the governance protocol remove his influence entirely. All Steem accounts have been shifted to the Hive network—which was named by a community vote—and all Steemit content including blog posts, social content and funds has been transferred.

This outcome is said by Ethereum founder Vitalik Buterin to be a 'watershed moment' in the history of blockchain governance. And, as many others including John McAfee have noted, 'a strong demonstration that the community is in charge and cannot be bought.'

But, it remains to be seen if the Hive blockchain will be enough to give Steemit a new lease of life and reverse its long-term decline. The number of weekly posts on the platform peaked in the altcoin mania of early 2018, and has been falling ever since.


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Safe to say, it’s been a torrid start to the decade, as evidenced by the Dow’s worst first quarter performance ever, and European stocks are continuing that trend on the first day of Q2.

Cryptocurrencies are recovering some ground after its weekend descent. Bitcoin is moving 5.68 percent for the day, recovering its 6,200 level, after dropping to $5,880 late Sunday. Ethereum, XRP, LTC, and most of the cryptocurrencies recover since early morning at a similar pace.

The Digital Dollar Project has put together a 22-strong advisory group to help shepherd its work on the creation of a US central bank digital currency (CBDC).

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