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Steem.DAO arrives on August 27 – Steemit plans extensive updates

August 15, 2019 at 3:17 PM | By Jit Sutradhar News

The decentralized social media platform Steemit wants to complete a Hard Fork on August 27th. The goals are ambitious: With the update, Steemit wants to establish a decentralized organization, ie a so-called DAO. It’s already the 21st Hard Fork for Steemit.

Steemit has announced an update for the 27th of August this year. According to the press release, the update is intended primarily to ensure the funding of resourceful developers. Because with the Hard Fork community members can bring in future proposals for projects that they want to realize on the Steemit Blockchain. By means of a special voting system, those users who deposited Steem Dollars (SBD) vote on the proposals. If there are enough supporters, the project will be realized.


The new system operates under the alias Steem.DAO (Steem Proposal System). In blockchain circles, DAO stands for Decentralized Autonomous Organization, or decentralized autonomous organization. For those who have been involved for some time, however, the alarm bells are likely to ring when the keyword DAO is used. Finally, in June 2016, strangers stole more than $ 50 million in ether (ETH) from the holdings of DAO. The incident wrote under the keyword DAO Hack crypto history, as in the course of the Ethereum Blockchain had undergone a hard fork .

A similar risk does not exist for the Steem Proposal System.

Although Steem.DAO has similarities with the notorious Ethereum DAO. The Steem Proposal System (Steem.DAO), however, has none of the security holes of the original DAO on […],

it says in the press release.

The voting system should function fully automatically according to the content of the press release – decentralized. This means that funds that receive sufficient support will automatically receive funds from the Steemit Blockchain. Every year, the company plans to spend between $ 1.5 and $ 2 million on new projects. The goal is for the developers to be able to fully finance their project with SBD.

The Steemit Proposal System is the best way to support entrepreneurs and Steem users who want to realize projects at the Steem Blockchain. This is a big step in the development of the Steemit platform,

Says senior blockchain developer Michael Vandeber.

In our special on digital identities we take the decentralized blog Steemit more precisely under the microscope.

Image via Shutterstock

This article is translated by Google Translate from btc-echo.de

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