DeFiChain has launched one of its most monumental upgrades, the Grand Central hard fork, which brings on-chain governance as well as a new token consortium framework to DeFiChain.

KEY TAKEAWAYS

DeFiChain officially activated the much-activated Grand Central hard fork on its network today at Block Height 2,479,000 at 01 AM EST; approximately eight months after the Fort Canning hard fork.

The Grand Central hard fork marks the rollout of four main features:

The hard fork also prepares the DeFiChain community for accelerated growth in 2023.

The Co-Founder of DeFiChain, U-Zyn Chua, 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, easier and strengthens the governance structure of DeFiChain. A major step for the whole ecosystem.”

Following the hard fork, community members can make changes in the DeFiChain ecosystem by submitting three types of proposals to be voted on by masternode owners:

Before the hard fork, the process of creating a proposal was largely done off-chain. With the on-chain governance, any user can submit any proposal for voting on the blockchain. This will ensure that there is complete transparency in the entire voting process for the DeFiChain ecosystem.

The token consortium framework introduced after the hard fork gives a proper structure for the backing of DeFiChain’s dAssets to ensure that all the assets are fully backed.

Before the hard fork, asset backing which is meant to be backed 1:1 by the actual assets in the respective ecosystem like dBTC being backed by BTC was not enforceable via the blockchain.

The post DeFiChain’s Grand Central hard fork goes live appeared first on CoinJournal.

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