Steemit announced on 19 September its most significant changes to Steem blockchain including the SteemDAO, which allows the blockchain to fund its own development.
Steemit started by adding that anyone could submit proposals, with the winning proposal receiving funding in SBD (Steem’s dollar-pegged asset). This would be based entirely on the votes of the stakeholders. Steemit further added that the annual funding of the SteemDao are expected to be between one to two million dollars.
Elizabeth Powell, Manager Director at Steemit expressed –
“I am so proud of the amount of hard work our engineering team has put in over the last ten months. From solving blockchain scaling issues, massive improvements to the rewards system and launching the SteemDao, Steemit continues to lead all other blockchain projects in the industry.”
Steemit maintained that no other blockchain had distributed as many rewards to content creators globally. These rewards range to almost a hundred million U.S. dollars. Steemit noted that quality content and engagement had declined on Steem, resulting in Economic Improvement Proposal (EIP) getting added to Steem. The firm clarified that the EIP ensures only high-quality content is rewarded.
Steemit sustained by adding that although the changes are significant, Steemit engineers continued to work on the most desirable projects to the blockchain. Such action items include Smart Media Tokens (SMTs). Steemit Senior Blockchain Engineer, Michael Vandeberg, said that almost every single core system that exists in Steem was being expanded to support SMTs. He summarized that when SMTs launch they would be the most advanced turnkey solution.
Steemit suggested that with the release of SMTs and Steem Communities, the present year was shaping up to be the time that the Steem blockchain matures. Such a transition is from a decentralized content platform, into a full-fledged blockchain protocol. The innovation would be capable of powering applications that are impossible to run on smart contract platforms.
Steemit, Inc. persists to lead the way when it comes to blockchain-based social media applications. Steemit started on a note of comparison informing that Facebook’s entry into cryptocurrency was not well received by users and regulators. Steemit added that The House Financial Services Committee put forward risks presented by Facebook’s cryptocurrency platform. Steemit further added that the committee highlighted Facebook’s troubled past, especially with reference to compromising user’s data.
Steemit wrapped up informing about key industry engagement citing that it uses blockchain technology to develop cryptocurrencies that support, improve, and monetize social media sites. It is the primary developer of the Steem blockchain.