DeFiChain Forms Technical Committee To Further Decentralize the Consensus Code Governance


May 23, 2022 – Singapore, Singapore

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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

  • Core maintainers of DeFiChain consensus code
  • 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, said,

“This is another major step toward 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.

  • Prasanna Loganathar – the current de facto lead core maintainer of DeFiChain consensus code
  • Dr. Daniel Cagara – security researcher and top bug bounty hunter of DeFiChain and also the lead project owner of DeFiChain bridge
  • Kuegi – an active technical reviewer of DeFiChain consensus code and the developer of many DeFiChain projects
  • U-Zyn Chua – co-founder and lead researcher of DeFiChain
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The committee does not diminish anyone’s reviews, comments or ideas. Neither is it involved in making consensus decisions. To ensure the 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 the 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 and 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 the following links.

Website | Twitter | Discord | GitHub

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Benjamin Rauch

This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.

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