It is mostly a matter of a new name and new Chain ID which is a low level sequence of numbers which is what allows nodes to know if they are communicating with other nodes on the same chain. Steem has one Chain ID and the new chain will have a different one.
The existing chain will continue unaffected.
So in practice, it is just taking the existing code, changing the chain ID marker, and spinning up a bunch of witnesses? That's easier than forking the existing chain?
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It is both that and forking the existing chain. There are multiple ways to fork a chain, this being one of them.
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