logo

Steemit blockchain hard fork update approaching fast

steemit blockchain hardfork update

Steem blockchain hard fork update would be rolled out on the 27th of August 27, 2019, for its 21st hard fork.

The blockchain developed by Steemit focuses on supporting social media networks and now plans to go even further in the quality of service it provides. The developers plan on upgrading the system in the next hard fork.

Steemit plans on integrating a Worker Proposal System in the network to allow it to fund self-development. Moreover, the economic system will be changed to reduce the influence of bots and lower the incentive for self-vote.

Steemit blockchain hard fork update details

The worker proposal system dubbed as Steem Proposal System will enable users to openly declare what they are willing to do for the payment in the Steem Dollars (SBD). The Steem Proposal System (or Steem.DAO) unlike the original is secure and has no vulnerabilities of the original due to Steemit specific choice in the applications it provides services to.

This will also allow users to utilize their stakes for votes on decisions with the winning choices receiving direct payment from the network. The Decentralized Autonomous Organisation (DAO) will be distributing around one and a half to two million dollars ($1.5M to $2.0M) each year.

According to a Steem developer, the new system will allow the network to support and encourage entrepreneurs building their projects around the Steem blockchain.

This is a huge leap for the ecosystem and the proposal was also introduced and developed by an esteemed community member and entrepreneur known as Blocktrades. He also stated that the company is looking forward to further collaborations between Steemit and the community.

Till date, Steem has distributed more than a hundred million dollars of cryptocurrency rewards across the globe making it the most successful decentralized reward system in the world.

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

Related News

Hot Stories

Blockchain Life, Dubai, November 28-29
Ethereum price analysis: ETH still trades at $1,900, swift retrace incoming?
Aave price analysis: AAVE obtains positive momentum at $110.5
Bitcoin, Binance Coin, Flow, and Algorand Daily Price Analyses – 12 August Morning Price Prediction
Uniswap price analysis: Bearish run brings UNI/USD value down to $8.96

Follow Us

Industry News

Huobi`s crypto mogul seeks to sell his stake for $3B
Are gaming NFTs dead?
MakerDAO is “seriously” considering moving away from USD
FTX CEO unhappy as crypto firms fail to aid each other
BlackRock launches spot BTC private trust