Steemit paid $50k USD to @blocktrades for the development of the SteemDAO. Once approved, and after enough time has transpired so as to demonstrate the security and stability of the system (about 1-2 weeks of operation), Steemit will provide initial, one-time funding, by converting 200k STEEM to SBD which will allow the market to test this new feature.
And if the security and stability fail what will happen then? Will the SBD be reconverted to Steem, or just thrown away?
At the request of the Witnesses, we have included code in this release that would add a long term funding mechanism for the SteemDAO/SPS. If this hardfork is accepted by the Witnesses, 10% of overall inflation (pulled from the rewards pool) would be used to fund proposals made through the SteemDAO/SPS.
And if the Security and stability do not pan out will this be immediately HardForked out or will the funds be diverted to something else?
This was why @blocktrades proposed adding the SPS/SteemDAO to Steem and why Steemit agreed to fund that development.
Steemit agreed, as has been pointed out over and over and over again when ever Steem and Steemit are bought up it is that they are different and not the same entity. Did Busy.org, partiko, eSteem, and the others agree to fund blocktrades? The witnesses protect the Blockchain Steem,that means all users of the blockchain, and all organizations on the blockchain come under their umbrella of protection. That includes busy.org, partiko, eSteem, and other forms and methods of accessing steem blockchain, not just steemit.
This is a lot in one post, so since it is an explanation post can you elaborate on what will happen to SPS if blocktrades is unable to provide the needed security and stability?
Probably there is some misunderstanding about what they were refering to by security/stability here. It's not about any service that we provide. I think they are just referring to the possibility that there is some bug in the SPS code. It's been tested by us (and reviewed by Steemit Inc as well) and I have no expectation that there will be any security bug of significance. But if such a bug was found, it would just be a matter of fixing it. I think all they mean is that they don't want to have it handle too much funds until it's proven safe by usage in the real world.
Yes, that is exactly right. Thanks @blocktrades for clarifying that
It will be rolled back, anytime anything doesn't work it can be rolled back, forked out or a fix will be made as soon as the issue is discovered.
And when has any HF that produced horrible unexpected consequences been rolled back? Not in the two years I've been here, IIRC. Without intentional preparation to do exactly that if things turn out poorly, I don't expect such a rollback to occur.
It has been determined that you are trash, therefore, you have received a negative vote.
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Steemit and other substantial stakeholders mined Steem prior to Steemit being public. They remain the holders of the vast majority of Steem today. Busy, Partiko, eSteem, and other front ends did not participate in the ninjamine, and therefore do not have that 'free' stake to invest, as does Steemit.
It has been determined that you are trash, therefore, you have received a negative vote.
PLEASE NOTE: If you engage with the trash above you also risk receiving a negative vote on your comment.