Connect with us

Press Release

DeFiChain Forms Technical Committee to Further Decentralize the Consensus Code Governance

mm

Published

 on

Singapore, Singapore, 23rd May, 2022, Chainwire

 

DeFiChain, the world’s leading blockchain on the Bitcoin network dedicated to bringing decentralized financial applications and services to everyone, officially announces the formation of its Technical Committee after a community vote on the DeFiChain Improvement Proposal (DFIP) – 2205-A. A staggering 96% votes were in favor of establishing the Technical Committee. The proposal was put forth by DeFiChain’s Co-founder and Lead Researcher U-Zyn Chua.

DeFiChain is a fully decentralized blockchain with on-chain governance. The Technical Committee will further formalize and decentralize the consensus code governance to the benefit of the community without taking away any roles of masternodes in the decentralized governance of DeFiChain. The masternodes will continue to decide on consensus updates via the DFIP process.

The Technical Committee will act as:

  1. Core maintainers of DeFiChain consensus code
  2. Gatekeepers to ensure that the direction of the consensus code aligns with the consensus approved by masternodes via DFIP

U-Zyn Chua, Lead Researcher at DeFiChain, commented, “This is another major step towards further decentralization of DeFiChain. DeFiChain is, already, one of the most decentralized blockchains in the world today. Try going through the top 50 coins on CoinGecko, you would agree that there are not that many coins that are as decentralized as DeFiChain is.”

The masternodes will elect the Technical Committee members annually via DFIP. They could also add or remove members mid-term through the DFIP process. The Committee members must be DeFiChain community members with software development expertise or knowledge, and their participation is entirely voluntary.

The following four individuals have been appointed members of the first Technical Committee:

  1. Prasanna Loganathar: The current de facto lead core maintainer of DeFiChain consensus code
  2. Dr. Daniel Cagara: Security researcher and top bug bounty hunter of DeFiChain. He is also the Lead Project Owner of DeFiChain bridge
  3. Kuegi: An active technical reviewer of DeFiChain consensus code and the developer of many DeFiChain projects
  4. U-Zyn Chua: Co-founder & Lead Researcher of DeFiChain

The Committee does not diminish anyone’s reviews, comments, or ideas. Neither is it involved in making consensus decisions. To ensure continuity of healthy and fast project development that DeFiChain is known for, the Technical Committee may not be the only parties merging patches, but they may veto a patch from being applied. The vetoed patches will have to be approved unanimously for it to be applied after fix.

The first DeFiChain block was mined on May 11, 2020. Since then, the project has seen an enthusiastic involvement from the community in almost all aspects of the blockchain, from nodes, masternodes, projects, tools, governance, economic ideas, to code governance. Its codebase has been developed in an open source manner, and widely peer-reviewed and discussed by many.

About DeFiChain

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’s mission is to bring DeFi to the Bitcoin ecosystem.

For more information, visit: Website | Twitter | Discord | GitHub

 

Contacts
  • Benjamin Rauch
  • press@defichain-ac.com

This is a paid press release. Securities.io does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. Securities.io is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.

Advertiser Disclosure: Securities.io is committed to rigorous editorial standards to provide our readers with accurate reviews and ratings. We may receive compensation when you click on links to products we reviewed.

ESMA: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Investment advice disclaimer: The information contained on this website is provided for educational purposes, and does not constitute investment advice.

Trading Risk Disclaimer: There is a very high degree of risk involved in trading securities. Trading in any type of financial product including forex, CFDs, stocks, and cryptocurrencies.

This risk is higher with Cryptocurrencies due to markets being decentralized and non-regulated. You should be aware that you may lose a significant portion of your portfolio.

Securities.io is not a registered broker, analyst, or investment advisor.