The issue I think this project is going to have are:
1. Lack of fund: where are they going to get the money they are going to use to sustain the development of the platform
2. Brand name: The name Steem will be difficult to surpass and it is the first go to platform
3. Community: How loyal and strong this community is, we all saw what happens to ETC after the fork, no one is using it, I can't name any project on ETC
Those are among the many challenges a hard fork needs to face after being introduced to the mainstream world. Most of the times the original chain prevails, leaving the other one in the dust. But I believe that this time is different, as HIVE focuses on decentralization/censorship-resistance while STEEM does not. It's no secret that Steemit, Inc. has censored posts from the STEEM blockchain. This completely goes against the purpose Blockchain technology was created for. If the trend continues, I believe that Steemit will be no different than traditional blogging platforms like Medium or Blogger. People will be more inclined into using the newly-forked version of STEEM (called HIVE) instead of the original chain because it values decentralization above anything else.
While it's only been a few weeks since HIVE's inception, things have started to roll at a fast pace. A lot of developments have been taking place on the HIVE blockchain, while STEEM is now dormant (please correct me if I'm wrong). All we get is promises from the Steemit team in order to make the STEEM blockchain a better place. Yet, there aren't any concrete actions from the team other than many words to hype the chain. Even Justin Sun is quite silent on the Steemit blog, which shows lack of interest in the platform itself.
But who knows? Maybe I'm wrong, and both chains will continue to grow towards "infinity and beyond? Or maybe one of them will be the winner? Considering that crypto land acts wildly at times, anything could happen. Luckily, I have coins on both chains so I've got nothing to lose if one of them fails. I'm going to keep "hodling" my coins in order to make a decision on the future based on both chains' progress. Hopefully, HIVE will reign supreme as the community works hard enough to promote its censorship-resistant qualities. Just my thoughts
