DeFiChain, a leading blockchain platform on the Bitcoin network is thrilled to announce the formation of its Technical Committee.
As per the announcement, the Technical Committee was formed after a community vote on the Improvement Proposal (DFIP) -2205-A. The proposal was put forth by U-Zyn Chua, the protocol’s Co-founder, and lead researcher. Notably, 96% of the votes were in favor of establishing the Committee.
The Committee consists of four individuals including Prasanna Loganathar, the current de facto lead core maintainer of the consensus code. The second member is Kuegi, an active technical reviewer of the consensus code, and developer of many DeFiChain projects. Third is Dr. Daniel Cagara, the security researcher and top bug bounty hunter of DeFiChain. He is also the Lead Project Owner of DeFiChain bridge. Last is U-Zyn Chua the Co-founder & Lead Researcher of DeFiChain.
Commenting on the Committee, U-Zyn Chua stated:
“This is another major step towards further decentralization of DeFiChain. It 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.”
As a fully decentralized blockchain with on-chain governance, the Technical Committee will reportedly help further formalize and decentralize DeFiChain’s consensus code governance. This will be done to the benefit of the community without taking away any roles from master nodes in DeFiChains’ decentralized governance system. Note, that the masternodes will continue to use the DFIP process to decide on consensus updates.
The Technical Committee will have two main responsibilities, namely acting as the core maintainer of the consensus code and acting as the gatekeepers. In its role as a gatekeeper, the Committee will ensure that the direction of the consensus code aligns with the consensus approved by masternodes DFIP.
All Committee members must be community members and their participation is entirely voluntary. They also need to have software development expertise or knowledge. Notably, the Technical Committee members will be elected annually by the masternodes through DFIP. The masternodes will also be able to add or remove members’ mid-term through the DFIP process.
DeFiChain is a decentralized Proof-of-Stake blockchain that was developed as a hard fork of the Bitcoin network. The blockchain seeks to enable advanced DeFi applications by allowing fast, intelligent, and transparent decentralized financial services. To ensure health and fast project development, the Technical Committee will not be the only party merging patches. However, the Committee may veto a patch from being applied.