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Steemit Releases Significant Updates to Steem Blockchain

PRESS RELEASE PR Newswire
Sep. 19, 2019, 03:23 PM

AUSTIN, Texas, Sept. 19, 2019 /PRNewswire/ -- Steemit, Inc. (https://steemit.com) announced its most significant changes to Steem since it launched in 2016. The first addition is the SteemDAO which allows the blockchain to fund its own development by enabling anyone to submit proposals. Winning proposals receive funding in SBD (Steem's dollar-pegged asset) from the blockchain based entirely on the votes of stakeholders. Annual funding of the SteemDao are expected to be between one to two million dollars.

Steemit Logo (PRNewsfoto/Steemit, Inc.)

No other blockchain has distributed as many rewards (approximately $100,000,000) to content creators all over the world. Recently, quality content and engagement has declined on Steem which is why the "Economic Improvement Proposal" (EIP) was added to Steem via the last hardfork. The EIP ensures only high quality content is rewarded through the implementation of a convergent linear rewards curve. The EIP makes Steem the most advanced decentralized reward system in the world.

As significant as these changes are, Steemit engineers continue to work on the most anticipated projects to the blockchain with Smart Media Tokens (SMTs). Steemit Senior Blockchain Engineer, Michael Vandeberg, said of SMTs, "Almost every single core system that exists in Steem is being expanded to support SMTs. When SMTs launch they will be the world's most advanced turnkey solution for tokenizing web applications."

With the release of SMTs and Steem Communities (think "decentralized subreddits"), 2019 is shaping up to be the year that the Steem blockchain matures from a decentralized content platform, into a full-fledged blockchain protocol capable of powering applications that are impossible to run on so-called "smart contract" platforms.

"I am so proud of the amount of hard work our engineering team has put in over the last ten months. From solving blockchain scaling issues, massive improvements to the rewards system and launching the SteemDao, Steemit continues to lead all other blockchain projects in the industry," said Elizabeth Powell, Manager Director at Steemit.

About Steemit, Inc.
Steemit, Inc. uses blockchain technology to develop cryptocurrencies that support, improve, and monetize social media sites and networks. It is the primary developers of the Steem blockchain and steemit.com, a top 5000 Alexa site. To learn more about Steemit, visit steemit.com and Steem at steem.com.

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SOURCE Steemit, Inc.

Markets Insider and Business Insider Editorial Teams were not involved in the creation of this post.
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