After the Tron Foundation performed a hostile takeover of the Steem blockchain only days ago, the Steemit community has hit back by collectively amassing Steem power and reclaiming seven out of 20 witness spots, which will prevent the Tron Foundation from doing whatever it wants with the Steem blockchain.
The backstory to this is that Justin Sun and the Tron Foundation purchased Steemit Inc., and the Steemit community feared that the Tron Foundation would utilize Steemit Inc’s premine to control the Steem blockchain, including turning Steem into a Tron (TRX) token and abandoning the native Steem blockchain, so the Steemit community performed a soft fork to lockup Steemit Inc’s premine.
Tron Foundation then launched a surprise fork using Steem deposited on the major crypto exchanges Binance, Huobi, and Poloniex without the owners’ consent. Using all of the exchanges’ Steem, the Tron Foundation was able to replace the top 20 witnesses with its own witnesses, unlocking Steemit Inc.’s premine.
The top 20 nodes with the most Steem validate transactions, and collectively, these 20 witnesses control the network. So by controlling the top 20 witnesses, the Tron Foundation is able to make any changes it wants to the Steem blockchain.
Now, the community has fought back by aggregating its Steem, and so far, the community has seven witnesses back into the top 20.
Now that the community controls seven witnesses, the Tron Foundation will no longer be able to make whatever changes it wants to the Steem blockchain.
This is an excellent example of decentralized governance at work although it remains to be seen if the Tron Foundation will be able to take over the Steem blockchain again.