Steemit to Automate Development Funding With New DAO - CoinDesk

Steemit, a blockchain project that focuses on monetizing social media sites, has given details of a coming code upgrade that will usher in big economic changes.

Announced on Wednesday, the steem blockchain will undergo its 21st hard fork on Aug. 27 – one that will build in a new Worker Proposal System aimed to allow the blockchain to “fund its own development.”

The new system – set up as a decentralized autonomous organization, or DAO – will allow Steem users to publicly propose work they are willing to do in return for payment in the project’s native cryptocurrency, steem dollars (SBD). The Steem.DAO will provide a way for the platform’s users to vote on proposals, weighted by their stake in the platform.

Winning proposals will then be funded automatically via the blockchain. Steemit estimates the DAO will distribute from $1.5 million to $2 million per year.

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