Canadian mining company Hive Blockchain Technologies has demanded that the Steem community rename its hardfork HIVE to avoid confusion over a similar name.
The mining company demanded that Steem stop using the word "Hive" in the hardfork name because it creates confusion with brands and confuses customers. The company added that it was already receiving messages from shareholders demanding clarification and had to explain to them that it had nothing to do with Steem's blockbuster.
Earlier this month, the Steem community decided to switch to the new Hive.io platform, completely independent of TRON founder Justin Sun, in order to put an end to the struggle for network management. Hardfork was scheduled for March 20.
Frank Holmes, Acting Chairman of Hive Blockchain, said the company has been in the blockchain industry since 2013, and its management has invested tremendous effort in developing and recognising its brand on the market. Holmes added that besides the similar name, Hive Blockchain has no claims to Steem.
The company intends to protect its interests to eliminate potential risks to its reputation. Holmes expressed his hope that the misunderstanding could be easily solved just by changing the name. But if Steem continues to use it, it will confirm a deliberately deceitful and fraudulent strategy of using the name of a well-known company.
A similar situation occurred with a Chinese project partner, Tron, who tried to register the trademarks "TRON", "TRONNETWORK" and "TRONIX". These applications were rejected because of protest from Disney Corporation, as the word "TRON" appears in the film title and other products released by the corporation.
Earlier this month, Frank Holmes said that in the next six months, Hive Blockchain Technologies will increase its capacity in Sweden by 20 percent, and thanks to the ProgPoW solution, it will increase the profitability of its GPU (graphics processing unit) cryptographic software (GPU) production.
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