Is there an update to how the Steem proposal system will be funded? Last I heard, Steemit Inc had somewhat gone back on their initial promise to fund it or at least short term fund it. Is that still the case?
If there is no long term plan to fund it through inflation or otherwise, I fear it will not be as successful as it should be. I really think it is important for the success of the chain. Like you said, we need to continually keep up with other startup chains, etc. Tapping into the Steem community to get stuff done if an absolute must in my opinion and move us more independently away from Steemit Inc.
What are your thoughts on this?
The initial idea was for Steemit Inc to fund with 6M STEEM. I'm not sure what exactly happened, but right now the SPS will be funded with 200k STEEMfor the start as a test.
I do think they will fund it afterwards with some more, but the idea is to redirect some of the already existing inflation towards the SPS. There were already a lot of discussions between witnesses and other stakeholders on what the best inflation source is and it seems that the majority (incl my vote) is for redirecting 10% of the rewards pool (author & curation) towards the SPS. (Nothing set in stone though)
Yes! People generally need structure and since Steem has a lot of decentralised leadership, the SPS will be a great tool & asset.
Awesome. Thanks for your detailed reply. I like the idea of redirecting 10% of the rewards pool toward the SPS. On face value, many will think that seems really high but imagine what could be accomplished in such a short period of time with that amount of Steem. Oh, it would be glorious. I would rather get less rewards but the price of Steem start to increase again and get more people and companies on the Steem blockchain.
Not that you need it, but you just got my witness vote.
Funds for the Steem proposal system which will pay individuals or comapanies to do work on behalf of the Steem blockchain. Someone has to pay for it.
Wr are open source, people should work to make their stake more valuable by bettering steem regardless!
Well at least I stopped delegating to the bidbots. O.K. Fine, I will stop vote buying and power it up instead. Starting now. (I did just throw a few bucks at the bidbot earlier), I quit this time for real! Cold Bid Bot Turkey! But you know what, this new deal will save me Time, all that bid bot buying was too much extra clicking, very unhealthy! Thanks for the good idea!
The Steem proposal system (Steem.DAO) is something that blocktrades developed and can first be seen here:
https://steemit.com/blocktrades/@blocktrades/proposing-a-worker-proposal-system-for-steem
The idea is to have an automated system built in the chain that anyone can “propose” something for funding. Then if enough stake holders vote for it, it will receive funding.
It’s a mechanism used on many blockchains and can fund community development, marketing, PR, or whatever the proposals the community brings forward.
It’s been discussed in line with the Steem community foundation since January. Blocktrades finished the code and now the Steemit devs have been preparing to merge it. This was the reason for scheduling HF21. Funding was still something that needed to be decided through, which is one of the current discussions.
I hope that helps clear it up.
Oh no, they will continue that. hopefully so other things can get done without total dependence.
Based on how this is going, it doesn't look like it.