In response to Blocktrade's post regarding SPS a Steem Proposal System, I wanted to restate this idea in terms the average Steemian would understand.
More information on the worker proposal system. https://steemit.com/blocktrades/@blocktrades/proposing-a-worker-proposal-system-for-steem
There is talk about how to create funds for development and maintenance of Steem (the blockchain) that is not solely based on SteemIt, Inc.
Obviously, any technology company will need to add and maintenance code for various reasons and those funds have to come from somewhere.
The reasons are clear. Recently SteemIt, Inc. had trouble not only with delivering SMTs on time, but it seemed based on their own statements there were concerns about the viability of their company. In addition, the recent power down episode has illustrated the community does not have any say in what SteemIt, Inc. does with its funds.
It would also be good to have more teams working on Steem whether it is coding or other work we want to have done, having a fund and a way to allocate those funds is important.
The blockchain creates new Steem commonly called inflation. That Steem is currently used to pay for the following things.
Witness Rewards, Stakeholder Interest, Curation, Author Rewards (comments and posts)
The new SPS fund would be created by reallocating some of the current inflation away from Author Rewards and to the SPS fund.
Our plan is to reduce the amount of inflation paid to author rewards from ~52% down to ~41% and redirect this amount to the worker proposal funding account -
@blocktrades
In addition, it seems that Ned is considering adding some Steem to the fund to kick it off. He has committed to paying for the development which should take place over the next couple of months.
Steemit considers this funding to be a part of a larger donation to the SPS and wishes that the Steem community will be actively involved in evaluating the development of this proposal.
I am strongly in favor of creating and funding this fund. I would have liked to have seen it also funded from 1% of the Witness Rewards, but I will support it this way as well.
I encourage you to read both of Blocktrades' posts and join the discussion.
Create and fund a worker proposal system
Funded by reallocating the current inflation.
Developed by Blocktrades.
To be Managed by the Community.
Regarding the details on exactly how it all works, I don't yet know.
This SPS does not replace SteemAlliance's potential foundation but would work together according to Ned today on SOS.
Clear as mud?
@whatsup