Steemit has agreed to fund development of a Steem Proposal System (SPS) that is similar to Bitshares’ Worker Proposal System.
Terms of agreement
After further discussions with Steemit, including an online discussion with the Steem community on a recent “State of Steem” discord session, Steemit and BlockTrades have reached an agreement to have BlockTrades develop an implementation of the Worker Proposal System discussed in our last blog post (now formally named the Steem Proposal System) .
Approximately $55K USD worth of STEEM will be paid from Steemit to Blocktrades for each month of work. The task is projected to require between 1 and 2 months of work and will include scheduling of a hardfork. 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.
Overview of Steem Proposal System
For an overview of the motivation for the Steem Proposal System and how it works, see our prior post:
Proposal funding to come from author rewards pool
One of the things that came out of the community discussions was a clear preference for paying for proposals by drawing funds from an existing inflation source on the blockchain rather than adding more inflation to the blockchain (proposals can also be funded by donations).
We used https://steemdb.com to analyze the relative magnitude of the existing sources of inflation:
As can be seen from the image above, over 50% of the Steem blockchain’s inflation is paid to author rewards, so this is the most obvious place to look for funding for proposals, especially as a lot of author rewards now go to software development posts that would be able to receive funding more efficiently through a worker proposal. 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. This should result in ample funds being available to pay for worker proposals.
Our team will begin by cloning the existing github repo into a separate github account where anyone will be able to view the work as it progresses. Once we’ve completed the coding, we’ll launch a testnet where interested parties can test it out.