The DeFiChain Labs team recently held their monthly Tech Sync, offering valuable insights into ongoing projects and upcoming network enhancements.
Here’s a summary of the updates:
September Hard Fork
The mid-September hard fork is set to introduce several critical improvements to DeFiChain.
While the exact date is still being finalized, the team has already outlined the major updates that will be included:
- Revamped Owner Rewards Calculation: Addressing long-standing bugs, this update aims to streamline how owner rewards are calculated. The fixes are expected to be finalized by the end of the week, ensuring a smoother experience for all users.
- Faster Block Time: While increasing block speed has long been on the agenda, the team is approaching it with caution. The plan is to gradually enhance block time as the underlying infrastructure becomes capable of handling the changes without compromising stability.
- Token Ownership Update: One of the most anticipated changes is the ability to transfer ownership of data. This will be implemented through a major pull request (PR) that is currently in progress.
- Token Deprecation: To prevent confusion among users, a new feature will allow tokens to be marked as deprecated, using a prefix like “EOL” (End of Life). This will clearly indicate when a token is no longer in use, helping to maintain a clean and efficient token environment.
- Rejecting Past Time Blocks: This update is designed to enhance the Ethereum Virtual Machine (EVM) layer by ensuring blocks are processed in the correct chronological order – a crucial step in maintaining blockchain integrity.
DeFi Token Restart
Another big update in the works is the DeFi token restart, led by Kügi and Peter from the DeFiChain Labs team.
The team is optimistic this feature will be included in the upcoming hard fork. However, the final decision will depend on the progress made over the next two weeks.
Additional Updates
In addition to the hard fork, two smaller (but impactful) updates are also on the horizon:
- LLDB Snapshots Enabled by Default: This change will enable LLDB snapshots by default, allowing users to benefit from this optimization without additional configuration.
- Mining Strategy Optimizations: This will make masternodes more efficient by automatically determining which keys should be active, streamlining the mining process.
These updates are expected to be rolled out this week, pending the completion of final testing.
Ocean Protocol: Nearing Full Integration
The Ocean protocol, which plays a pivotal role in DeFiChain’s infrastructure, is currently functional on a separate branch. The team is working on resolving some performance regressions, and once these issues are addressed, Ocean will be merged into the master branch. This integration is a crucial step towards enhancing the overall efficiency and decentralization of DeFiChain.
Restructuring Governance: Towards Decentralization
Beyond the technical upgrades, DeFiChain is also undergoing a restructuring of its foundation and governance model. The primary goal is to decentralize more of the foundation’s powers and introduce community governance. This shift will allow the community to take greater control over important decisions, such as token deprecation and the setting of fees and taxes.
A key component of the governance restructuring is the creation of special interest groups within the community. These groups will be granted governance keys, enabling them to manage specific aspects of the blockchain, such as setting parameters and making protocol changes. This move is designed to reduce the reliance on the core team and empower independent teams to drive innovation and improvements.
Looking Ahead: August Meeting and Beyond
The next Tech Sync is scheduled for mid September, allowing for further discussions on any additional implementations for the September upgrade.
These updates reflect the ongoing efforts by the DeFiChain Labs team to enhance the functionality, performance, and user experience within the DeFiChain ecosystem. If you want, you can also check the engineering updates on our Trello board.
