Experience the power of on-chain governance with DeFiChain’s Grand Central hard fork
DeFiChain, a blockchain platform on the Bitcoin network that aims to make decentralized financial applications accessible to everyone, has launched its Grand Central hard fork. The update includes on-chain governance, which makes it possible to conduct voting processes on the blockchain, making them more transparent and efficient.
The hard fork also introduces a token consortium framework that ensures digital assets are backed by their physical equivalents, and supports masternode parameter updates. Pool commission and reward fixes are also included in the update. The changes are designed to address long-term product issues and pave the way for growth in 2023.
Major benefits of the upgrade
- On-chain governance allows community members to submit proposals for voting directly on the blockchain, making the process more transparent and efficient.
- The token consortium framework ensures that tokenized digital assets are backed by their physical equivalents, enhancing the governance and transparency of the DeFiChain community.
- Support for masternode parameter updates allows the owner, operator, and reward address of masternodes to be updated.
- Fixes for pool commission and rewards address long-standing product issues and pave the way for growth in the coming year.
- The Grand Central hard fork strengthens DeFiChain’s governance structure, making it a more attractive platform for decentralized financial applications.
The Grand Central hard fork is a major update for DeFiChain, bringing several new features to the platform. One of the key features is on-chain governance, which allows community members to submit proposals to be voted on by masternode owners directly on the blockchain. This makes the voting process more transparent and efficient, and strengthens DeFiChain’s governance structure.
Another key feature is the token consortium framework, which gives structure to the backing of tokenized digital assets on the platform. Members of the consortium, such as Cake DeFi, will have dedicated keys for minting and burning digital assets and will be required to back any assets they mint. They will also be required to pledge collateral in DFI or DUSD, which will be locked in a smart contract and will determine how many assets they can mint each day. This framework helps to ensure the backing of digital assets and improves the transparency and governance of the DeFiChain community.
The Grand Central hard fork also includes support for masternode parameter updates, which allows the owner, operator, and reward address of masternodes to be updated, as well as fixes for pool commission and rewards. Overall, the update is designed to address long-standing product issues and prepare the DeFiChain community for growth in the coming year.
Conclusion
Overall, the Grand Central hard fork is a major step forward for DeFiChain, addressing long-standing product issues and paving the way for growth in the coming year. The introduction of on-chain governance and the token consortium framework will help to improve the transparency and governance of the DeFiChain community, making it a more attractive platform for decentralized financial applications.
