DeFiChain, the world’s leading blockchain on the Bitcoin network dedicated to bringing decentralized financial applications to everyone, announced on Thursday, December 8th, that it had activated the much-anticipated Grand Central hard fork on its network.The hard fork went live at 01 AM EST on Thursday, December 8th, on Block Height 2,479,000. According to the press release shared with Cryptowisser, DeFiChain said the Grand Central hard fork is one of the biggest and most monumental updates for DeFiChain in 2022. It marks the rollout of four main features: On-chain governance, token consortium framework, support for masternode parameter updates (owner, operator, reward address), and pool commission and reward fixesThe team added that the Grand Central hard fork also addresses some of the long-awaited product debt and prepares the DeFiChain community for accelerated growth in 2023.While commenting on this latest development, U-Zyn Chua, Co-Founder of DeFiChain, said,“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, and easier and strengthens the governance structure of DeFiChain. A major step for the whole ecosystem.”<h2 id="header-0">Hard Fork Introduces On-Chain Governance and DeFiChain Consortium</h2>Community members can make changes to the DeFiChain ecosystem by submitting three types of proposals to be voted on by masternode owners. They are<ul><li>Community development fund request proposal (also known as Community Fund Proposal; CFP)</li><li>Vote of confidence (also known as DeFiChain Improvement Proposal; DFIP)</li><li>Block reward reallocation proposal</li></ul>At the moment, the process of creating a proposal and voting is largely done off-chain. The introduction of On-Chain Governance (OCG) means that any proposal which requires voting by the community can be conducted directly on the blockchain.DeFiChain added that the voting results will now be available in real-time on a dashboard on defiscan.live, which makes tracking the results much easier.With the launch of the hard fork, the DeFiChain Consortium will give a proper structure to the backing of dAssets to ensure that all digital assets on the blockchain are backed.Furthermore, members of the Consortium (e.g., Cake DeFi) will have their own dedicated key for the minting and burning of tokenized digital assets. Members are required to back any digital assets they mint regardless of whether they are minting it for themselves or users on their platforms.DeFiChain added that;“The Consortium members will also be required to pledge two days&#39; worth of collateral, in DFI or DUSD, that will be locked up in a smart contract. It is required on top of the backing of the tokenized digital assets. This collateral will determine how many digital assets a member can mint each day.”The collateral is designed to stop members of the consortium from engaging in activities that are contrary to the interests of the community, and to pay for damages in the event that a member overmints digital assets or is unable to provide backing for tokenized digital assets.DeFiChain believes that the formation of its consortium will boost the governance structure and transparency of its community. The consortium would also provide a mechanism for the community to monitor the backing 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 loans. The DeFiChain Foundation&#39;s mission is to bring DeFi to the Bitcoin ecosystem.

DeFiChain’s Grand Central Hard Fork Finally Goes Live

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