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Binance Releases Details About STEEM Network Update

To increase transparency, Binance received a request on May 20, 2020, to update the hard-fork STEEM network that comprises of:

  • An update regarding power reduction, i.e., un-staking the time parameter from 13 weeks to 4 weeks.
  • Putting 65 accounts to the blacklist. These are the accounts that are holding 23.6M STEEM. People are requesting to remove their balances from STEEM blockchain.

Binance states that the firm doesn’t overlook such matters. Binance believes that blockchain is not supposed to be used as the tool for censoring or making changes to the user balances. Binance decided that they will not initiate the process of updating. The deposits and withdrawals of STEEM have remained suspended.

This request has affected all the existing users that hold STEEM; this is not a long-term solution. Currently, the users are unable to move their tokens on the blockchain platform. But for the sake of the users holding STEEM, Binance has made a decision to support this update so that the users are able to use their STEEM tokens with the utmost freedom.

Talking about the upgrade, the CEO of Binance, Changpeng Zhao tweeted, that they are not in support of this upgrade. And no one can withdraw STEEM. The firm is only providing technical support.

For the next two months, Binance plans to deduct the trading pair of STEEM from 3 pairs to 1 pair.

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Ruchi Brahmbhatt

Ruchi is an Independent Artist and a Graduate in English Literature with substantial experience as an IELTS coach. Being young and energetic, emerging technologies attract her to the core- blockchain and crypto being the most recent ones. She has also been a regular contributor of news pieces and insightful articles related to these innovative arenas. Ruchi’s other interests include human rights, art and architecture, technology, health, and social networking.

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