@blocktrades released an update noting the progress of the Steem Proposal System.
To start, it is no longer the Steem Proposal System but steem.DAO.
This is to capture the essence of decentralization and a tag that is likely to take off. For those unaware, DAO stands for Decentralized Autonomous Organization. This is an entity that does not have an owner, stock holders, or a board. It is completely decentralized with the ownership belonging to the community. Like a decentralized network, it lacks a single access point.
A company like this is running either on its own (autonomously) or is driven by a committee of representatives (oracles maybe) to oversee it. As with steem.DAO, there is nobody running it although it is being led by a number of member from the community to signed up.
This idea was proposed by Steemit and it makes a lot of sense. The tag DAO is going to become very popular in the future so we are already jumping the field with this.
Blocktrades put a link to the GitHub repository of the fork from the Steem code base. They also took a look at the Bitshares worker proposal system and spelled out those differences.
There is great debate about how to fund the system. A couple options were presented with the donation route being the one opted for. This is how the initial set up will be although many of us are skeptical that the needed funds will be derived from this approach.
Thus far, using inflation is now clear. That is on the back burner until the donation path is applied.
Reason For Funding
Some might not understand why there is a need for this to begin with.
Simply put: development costs money. Even if someone is doing it on his or her own, the time involved takes away from other projects that "pay the bills". At the same time, depending upon the coding being done, there are times when aspects of the project need to be contracted out. Just because one is a coder does not mean there is expertise in every programming language.
The idea behind a worker proposal system is that the community can decide what projects it wants to see created on here via voting to fund. It also helps to draw in other developers who otherwise might not have the resources to pull a project off.
The link to Blocktrades post:
It is always good to see things progressing.
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