DeFiChain, programmable proof-of-stake (PoS) form of Bitcoin (BTC) network designed to onboard DeFi applications, underwent major upgrade
DeFiChain, a new-gen cryptocurrency protocol designed to supercharge DeFis with the power of Bitcoin (BTC) forks, activates a major upgrade to enhance decentralization and advance its masternode ecosystem.
DeFiChain Grand Central hard fork opens new epoch for clients, validators and tokenholders
According to the official statement shared by the DeFiChain team, its Grand Central hard fork was activated successfully on block height 2,479,000, today, Dec. 8, 2022.
The Grand Central Hardfork was just executed successfully! 🔥
Learn more about the four main features here: https://t.co/bfndqbXjtx
— DeFiChain (@defichain) December 8, 2022
Grand Central upgrade boasts four main updates to the technical design of the DeFiChain ecosystem. These updates include the implementation of on-chain governance, the creation of a token consortium framework, updating masternode parameters, changes in pool commissions and reward rates.
This hard fork is among the most crucial milestones accomplished by DeFiChain in 2022. Namely, it advances the decentralization status of DeFiChain and makes its validation processes more streamlined.
U-Zyn Chua, co-founder of DeFiChain, highlights the importance of Grand Central hard fork activation for both transparency and the developer experience of DeFiChain:
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.
Since the hard fork activation, on-chain governance participants are able to initiate three types of proposals, including a community development fund request proposal, vote of confidence (a sort of DeFiChain Improvement Proposal) and block reward reallocation proposal.
DeFiChain Consortium launches to ensure maximum economic security
All voting procedures regarding the three types of proposals will be executed on-chain: to ensure maximum transparency, users will be able to track them via a purpose-made dashboard.
Then, the DeFiChain Consortium launches to guarantee the stability of reserves and pegging for all dAssets that mirror cryptocurrencies outside the DeFiChain ecosystem. To mint new synthetic assets, consortium members will be required to pledge DFI or DUSD as collateral.
This collateral will guarantee the fair behavior of all consortium members and will be used as a compensation fund in case of any damage to decentralization.
As covered by U.Today previously, DeFiChain partnered with Yield Monitor.