Blockchain-powered social media platform Steemit announced that it has decided to change the Steem license to the MIT open source license.

Steemd code that was earlier restricted to use on the Steem blockchain or with prior permission from Steemit, is now available completely free to use with the MIT license. Users can use any part of the source code for their own projects.

“That's also why we're opening Steem up. Developers will drive Steem innovation, and for that, they need full access to the codebase. So now they have it! We look forward to all the amazing things you and the communities do with Steem code,” the official post stated.

By the end of last year, Steemit announced the successful completion of hardfork aimed at modifying the economic model and enhancing investor accessibility. The startup also stated that with the hardfork, the inflation rate of the Steem token reduced and the Steem Power holding requirements curtailed from an average of one year to an average of one and a half months.

The blockchain-based social platform was hacked in July 2016 that resulted in nearly 260 accounts getting compromised and likely theft of $85,000 worth of Steem Dollars and Steem.