Steemit Blockchain Platform Releases More Details About The Upcoming Code and DAO Upgrade

Steemit has announced that on August 27th, they are planning a hardfork on their blockchain. They gave details about a new system that will be set up as a DAO and will create an automatic financing system for development proposals.

The Proposal System will allow users to publicly propose work they are willing to do in exchange for payment in SBD. Similar to the infamous Ethereum DAO, the Steem Proposal System (or Steem.DAO) has none of the security vulnerabilities of the original DAO thanks to Steem’s application-specificity.

The winning proposals will receive funding directly from the blockchain itself, creating a true decentralized autonomous organization which will distribute an estimated $1.5 million to USD 2 million, annually. They seem to have already distributed over $100,000,000 worth of cryptocurrency rewards to the most influential bloggers on the platform.

Senior Blockchain Engineer, Michael Vandeberg said:

“This is a big step forward in the development of Steem. The proposal was brought to us and developed by prominent community member and entrepreneur, Blocktrades. We look forward to more partnerships between Steemit and our community. The Steem Proposal System will help make that a reality.”

The Steemit development team is working on several solutions to this burgeoning issue of user growth including building solid communities funded by Smart Media Tokens. Furthermore, the new improvements to Steemit will include lighter accounts and real-time feedback to dramatically improve their ability to onboard new users to Steem.

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Sritanshu Sinha
Sritanshu Sinha
Sritanshu has a keen interest in emerging technologies, startups and economic anthropology. He holds the view that cryptocurrencies are the best bet humanity has got to push the world towards a borderless economy.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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