[PR – Singapore, Singapore, 8th December, 2022, Chainwire]
DeFiChain, the world’s leading blockchain on the Bitcoin network dedicated to bringing decentralized finance applications to everyone, officially activated the highly anticipated Grand Central hard fork on its network at 01am EST on Thursday, December 8 at Block Height 2,479,000.
The Grand Central hard fork is one of the biggest and most monumental upgrades to DeFiChain in 2022. It marks the release of four major features:
On-chain governance Token pool framework Support for masternode parameter updates (owner, operator, reward address) Pool commission and reward fix
This hard fork addresses some of the long-awaited product debt and sets the DeFiChain community up for accelerated growth in 2023.
U-Zyn Chua, Co-Founder of DeFiChain, said: “Grand Central marks an important step in the governance structure of DeFiChain as it is implementing on-chain governance. This makes voting processes perfectly transparent, easier, and strengthens the governance structure of DeFiChain. A big step for the whole ecosystem.”
To make changes to the DeFiChain ecosystem, community members can submit three types of proposals for masternode owners to vote on:
Community Development Fund Application Proposal (aka Community Fund Proposal; CFP) Vote of Confidence (aka DeFiChain Improvement Proposal; DFIP) Block Reward Reallocation Proposal
Currently, the process of creating a proposal and voting is largely done off-chain. With On-Chain Governance (OCG), any proposal that requires a community vote can be done directly on the blockchain. It will strengthen the governance structure of DeFiChain and ensure that there is full transparency throughout the voting process for the DeFiChain community.
Voting results will now be available in real time on a dashboard on defiscan.live, making it much easier to follow the results. For masternode owners, they will be able to generate a script to vote for each proposal via the dashboard, which reduces the effort required to vote. In general, this would result in higher levels of participation in voting on proposals.
In DeFiChain, tokenized digital assets are meant to be backed 1:1 by the real asset in their respective ecosystem (for example, a dBTC backed by a BTC). However, this endorsement cannot currently be enforced via the blockchain. The DeFiChain Consortium will give a proper structure to the backing of dAssets to ensure that all digital assets are backed.
Consortium members (eg Cake DeFi) will have their own dedicated key to mint and burn tokenized digital assets. Each member must endorse the digital assets they mint, regardless of whether they do so for themselves or on behalf of the users of their platform.
Consortium members will also need to pledge two days collateral, in DFI or DUSD, which will be locked into a smart contract. In addition, the support of the tokenized digital assets is required. This guarantee will determine how many digital assets a member can mint each day.
This additional collateral is intended to discourage members from engaging in activities that are contrary to the interests of the community and to pay damages in the event that a member exceeds digital assets or is unable to support tokenized digital assets.
The formation of the Consortium will improve the governance structure and transparency in the DeFiChain community. It also provides a mechanism for the community to control the support of tokenized digital assets, which deters overminting.
DeFiChain is a decentralized proof-of-stake blockchain created as a hard fork of the Bitcoin network to enable advanced DeFi applications. It is dedicated to enabling fast, intelligent and transparent decentralized financial services. DeFiChain offers liquidity mining, staking, decentralized assets, and decentralized lending. The mission of the DeFiChain Foundation is to bring DeFi to the Bitcoin ecosystem.
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This post DeFiChain’s long-awaited ‘Grand Central’ hard fork goes live
was published first on https://cryptopotato.com/defichains-much-anticipated-grand-central-hard-fork-goes-live/