DeFiChain’s Much Anticipated ‘Grand Central’ Hard Fork Goes Live
DefiChain, the world’s leading blockchain on the Bitcoin network dedicated to bringing decentralized financial applications to everyone, has officially activated the much-anticipated Grand Central hard fork. The hard fork went live on the network at 01 AM EST on Thursday, December 8th on Block Height 2,479,000.
The Grand Central hard fork is one of the most important updates for DeFiChain so far, preparing the community for massive growth in 2023.
Four main features of the rollout include:
- On-chain governance
- Token consortium framework
- Support for masternode parameter updates (owner, operator, reward address)
- Pool commission and reward fixes
According to U-Zyn Chua, Co-Founder of DeFiChain, “Grand Central marks a major step in DeFiChain’s governance structure since it is using 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.”
On-Chain Governance
With on-chain governance, any proposal the community votes on is now on the chain. This will strengthen DeFiChain’s governance structure and ensure that there is complete transparency in the entire voting process. The three types of proposals masternode owners vote on include:
- Community development fund request proposal (also known as Community Fund Proposal; CFP)
- Vote of confidence (also known as DeFiChain Improvement Proposal; DFIP)
- Block reward allocation proposal
The voting results will now be available real-time on a dashboard on defiscan.live, which will make tracking the results much easier.
DeFiChain Consortium
The DeFiChain Consortium will give a proper structure to the backing of dAssets. This is to ensure the backing of all digital assets 1:1. The new system will make sure that each member fully backs any digital assets they mint. This is regardless of whether they are minting for themselves or on behalf of users of their platform.
In addition, members will also be required to pledge two days worth of collateral, in DFI or DUSD, that will be locked up in a smart contract. The additional collateral is meant to deter members from activities that are contrary to the interests of the community, as well as to pay damages.
Overall, the Consortium will provide transparency and monitor the backing of digital assets on this bitcoin-based blockchain.
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