It’s official: DeFiChain has launched the long-awaited system upgrade facilitating activation of the Grand Central hard fork. The monumental update will help to advance DeFiChain’s decentralized status.
As a result, the protocol will undergo several design changes marking the rollout of on-chain governance, support for masternode components updates, token consortium framework, and commission and reward fixes.
The hard fork’s on-chain governance aspect will help improve the platform’s governance structure by allowing transparent, straightforward voting processes. However, members will be expected to submit the blow proposal to aloe for review of proposed changes:
- CFP (Community Fund Proposal), also known as the Community development fund request proposal
- DFIP (DeFiChain Improvement Proposal) or the Vote of confidence
- Block reward reallocation proposal
Overall, the voting process will be easy and super-efficient since the community can view real-time results on defiscan.live. Further, masternode owners can effortlessly vote for or against proposed changes by generating scripts on defiscan.live. The function is expected to encourage participation in the voting process.
The consortium framework will oversee and ensure a backup for all tokenized assets is available. To achieve the goal, members of the Consortium will be assigned unique keys empowering them to back up minted or burnt assets. Also, they’ll be required to provide collateral against the assets. The strategy will help control over-minting and enforce the backing up of minted or burnt tokens.
DeFiChain is a leading DEX exchange deployed on the Bitcoin network. It offers various decentralized financial services including, staking, liquidity mining, decentralized assets, and loans.