The Steem blockchain has gone down according to official announcements on the Steem Twitter, and the Steemit forum has been down for most of the day on 17 September 2018. Its Twitter says it are working hard to fix the problem and have repeatedly said it will tell people soon what is happening, only saying it is not a hack but have yet to give any details about what caused the Steem blockchain to fail. This has occurred only a week before the Steem velocity hard fork scheduled for 25 September.

Steemit is a popular decentralized forum with some 60,000 accounts active each day on Steemit and 250,000 unique visitors per day. Users can send each other Steem tokens to curate posts, and the sudden and unexpected failure of the Steem blockchain is likely causing economic loss for users that depend on it for income. Steem has a market cap of nearly USD 200 million and daily volume of several million US dollars; today the price declined by more than 5%. The developers assert that everyone’s coins are safe, however, and there is no hack, but it is unknown when Steemit will come back online.

The Steem blockchain failure has occurred only a week before the Velocity hard fork scheduled for 25 September. Previously, Steem allotted users a certain amount of bandwidth but that will be changing to a new system where users have resource credits which determines how much they can post. The curation window will be shortened from 30 minutes to 15 minutes to fight against bots, and a protocol is being implemented to cancel out the vote from people who vote for their own posts. A new system will be implemented where people can create accounts at a discounted price with an account discount token.

Although the code for the velocity hard fork has already been completed, perhaps the developers will include another modification to ensure the Steem blockchain doesn’t crash anymore like it has done today, since this event is severely disruptive for the Steemit ecosystem.

 

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