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.