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.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide