Hive Blockchain takes issue with Steem’s new digital currency

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The Hive Blockchain has been around for a while. HIVE Blockchain Technologies Ltd. (HBT) is a publicly-listed digital currency mining company out of Vancouver, British Columbia, that has had a significant presence in the blockchain world. However, some within the Steem community apparently failed to stay on top of the industry and are now faced with an embarrassing situation.

After they decided to split the Steem blockchain in two last week, the new chain was quickly named Hive.io, and HBT is not amused. It has now delivered a cease-and-desist order to Hive.io.

HBT announced the order in a blog post, explaining, “In response to multiple shareholder inquiries understandably confused by this Blockchain’s announcement, HIVE clarifies that it has no association with this Blockchain. HIVE believes this Blockchain’s use of ‘Hive’ and ‘Hive Blockchain’ is, intentionally or otherwise, confusing with the Company’s brand, which it has used globally over the Internet in relation to its connection with blockchain related [sic] goods and services including cryptocurrency. This Blockchain’s use of the same brand in connection with similar goods and services also passes off on the goodwill that HIVE has developed.”

The Steem members decided to fork the blockchain over concerns that stem from the involvement of Justin Sun, founder of the Tron blockchain (which he has since dubbed a shitcoin) and accompanying Tron digital currency. Sun recently acquired Steemit, the underlying platform of Steem, and the community immediately showed its displeasure with the move. Concerns that Sun would centralize the platform and wield too much control forced the members to take drastic measures.

That led to the hard fork and the new name, but, for some reason, no one bothered to determine whether or not Hive was already tied to any entity in the blockchain space. If they had, they would have been able to save themselves from the current headache and suspension of activity.

HBT doesn’t have anything against the new blockchain or its premise; it’s simply a question of smart business practices and protecting one’s resources. HBT interim CEO Frank Holmes adds in the statement, “As an early leader in the blockchain sector, we have invested significant amounts of money in developing our brand and educating the capital markets on blockchain technology and cryptocurrencies. We are a strong supporter of innovation within blockchain technology, and we have no issue with the proposed blockchain beyond its name, nor do we have any opinion on its reported dispute related to Steem. However, for legal reasons, we have no option but to seek to protect our interests, dispel the ongoing confusion and avoid any potential damage to our reputation. We are hopeful this can be easily resolved with a name change. Any continued usage by the Blockchain will only evidence an intentionally predatory, misleading and fraudulent strategy.”