As the #HIVE airdrop approaches, #ionomy is taking a stand on Binance and Justin Sun’s cooperation, especially as it pertains to TRON founder Justin Sun’s disputed #STEEM coins.
This fork and airdrop represent the Steem/HIVE community’s exercise of their right to disagree with those who try to abuse their position and power. Thus far, Binance has proven to be no friend of the community in this disagreement. Binance allowed Justin Sun to leverage customer funds in Binance custody to hijack the Steem chain and undo community action. To be clear, the community’s action in response (a community activated soft fork) did not steal coins from Sun, the Tron founder, but merely made it so that he could not rapidly devalue Steem.
ionomy affirms the right of communities to decide how their projects should operate as well as who should be able to participate.
Whenever you have a centralized exchange, custody is an agreement — a promise between the exchange and its users. ionomy refuses to be complicit with any effort to undermine community authority. ionomy pledges that it will never abuse user funds. Any custodial action taken with user funds will only be take when the user grants explicit permission.
Blockchain technology in today’s world is being met with fierce opposition from regulatory bodies and powerful people intent on enriching themselves while preying on the less powerful. Blockchain is more than money… it’s a movement. As an advocate of the blockchain movement, ionomy embraces the responsibility to help protect it. ionomy will not just stand idly by and watch powerful people abuse their positions and attempt to take advantage of communities around the globe.
Exchanges have extraordinary power in the cryptocurrency space. They have the power to make or break projects. They have the power to hijack customer funds and to create winners and losers. With great power comes great responsibility. ionomy stands with the communities that make cryptocurrency projects meaningful and valuable.
ionomy stands with HIVE.
