Steemit Hard Fork Coming Next Week

Steemit Hard ForkThe first blockchain-powered social network, Steemit, is set to fork next week. Stakeholders – users – have apparently requested a change in the protocol. Steemit’s management with CEO Ned Scott at the helm, decided to go forward with the hard fork on December 6th, 2016. The community hopes these changes will help stabilize the project and make it more attractive for new users to adopt it. A hard fork might be able to do the trick, but Steemit might need more than that to surge again and beat its competitors.
The Steemit Saga
There is no doubt that the idea behind Steemit is powerful. Many would argue that the implementation was not as good as it could have been. Purists accused Steemit of actually being a centralized service as opposed to a pure decentralized blockchain, because its founders and early adopters had too much power over it. Additionally, other similar blockchain projects like Synereo are threatening its position. As a result, Steem, its cryptocurrency, plummeted in value since its peak at $4.34 USD on July 19th, 2016.