DeFiChain has launched one of its most monumental upgrades, the Grand Central hard fork, which brings on-chain governance as well as a new token consortium framework to DeFiChain.
KEY TAKEAWAYS
- DeFiChain is the world’s leading blockchain on the Bitcoin network dedicated to bringing decentralized financial applications to everyone.
- The Grand Central hard fork went live on Block Height 2,479,000.
- The hard fork introduces on-chain governance among other features.
DeFiChain officially activated the much-activated Grand Central hard fork on its network today at Block Height 2,479,000 at 01 AM EST; approximately eight months after the Fort Canning hard fork.
Grand Central hard fork features
The Grand Central hard fork marks the rollout of four main features:
- Pool commission and reward fixes.
- On-chain governance.
- Token consortium framework.
- Support for masternode parameter updates for owner, operator, and reward address.
The hard fork also prepares the DeFiChain community for accelerated growth in 2023.
The Co-Founder of DeFiChain, U-Zyn Chua, said:
“Grand Central marks a major step in DeFiChain’s governance structure since it is implementing on-chain governance. This makes the voting processes perfectly transparent, easier and strengthens the governance structure of DeFiChain. A major step for the whole ecosystem.”
DeFiChain on Chain governance
Following the hard fork, community members can make changes in the DeFiChain ecosystem by submitting three types of proposals to be voted on by masternode owners:
- Community Fund Proposal (CFP).
- Block reward reallocation proposal.
- DeFiChain Improvement Proposal (DFIP).
Before the hard fork, the process of creating a proposal was largely done off-chain. With the on-chain governance, any user can submit any proposal for voting on the blockchain. This will ensure that there is complete transparency in the entire voting process for the DeFiChain ecosystem.
DeFiChain token consortium framework
The token consortium framework introduced after the hard fork gives a proper structure for the backing of DeFiChain’s dAssets to ensure that all the assets are fully backed.
Before the hard fork, asset backing which is meant to be backed 1:1 by the actual assets in the respective ecosystem like dBTC being backed by BTC was not enforceable via the blockchain.
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