Blockchain ecosystem Steemit (STEEM), which is focused on monetizing social media sites and networks, is about to implement a hard fork on August 27th.
According to the official announcement, the upcoming hard fork will give the blockchain the ability to fund its own development, while changes to the economics of the system will reduce the influence of malicious bots and lower the incentive to self-vote.
It is expected the Steem Proposal System will allow Steem users to publicly propose work they are willing to do in exchange for payment in SBD.
Senior Blockchain Engineer, Michael Vandeberg, states the upcoming hard fork is "a big step forward in the development of Steem."
"The proposal was brought to us and developed by prominent community member and entrepreneur, Blocktrades. We look forward to more partnerships between Steemit and our community," Vandeberg added.
Last year, a Reddit-like social network Steemit fired approximately 70% of the team due to the bearish crypto market.
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