- A team of three developers proposes a solution to the growing network spam.
- Stabilizing the minimum deposit will allow the author to cancel the ongoing offer.
- The price of Terra Luna Classic continued to fluctuate with the consolidation deal.
The Terra Luna Classic (LUNC) blockchain is moving towards a major improvement in its governance. Left in the hands of the community since Terra’s system crashed in May 2022, the Terra Classic chain has relied on the random efforts of community developers to bring life back to the battle-scarred chain.
Developers, obtain KYC before starting work
The call for transparency doesn’t end there, as the blockchain community votes to implement a private verification system for developers working on-chain. BLV Labs, a team of three blockchain developers, has received a Know Your Customer (KYC) certificate from SolidProof, an on-chain verification service that publicly provides the certificates.
This is done to restore trust in the sovereign developers working on the Terra Luna Classic chain, as previous projects have often fallen into disarray due to a lack of accountability. In the case of BLV Labs, one of the three developers, Tran Minh Tu, completed the process three days before the proposal to adjust LUNC’s governance module was published.
Upcoming major changes in LUNC governance
In an updated proposal on the CommonWealth.im discussion forum, three developers from BLV Labs have identified issues with the minimum deposit required to launch the proposal. Since the market value of LUNC fluctuates significantly due to rapidly changing trader sentiments in the broader cryptocurrency market, it makes sense to stabilize the minimum deposit limit.
To make this happen, developers at BLV Labs are ready to update and calculate the minimum deposit required regardless of the price using the Oracle module. As suggested by the LUNC community, the value of the proposal remains at $500.
In case of a sharp drop or increase in the price of LUNC, the newly implemented Oracle gov module will adapt to the price change and change the required LUNC tokens.
In addition to raising the minimum threshold for submitting a proposal, BLV Labs is also proposing to adjust the Gov module voting mechanism to expedite the voting process, which could be crucial in combating the increasing spam on Terra Luna Classic’s Layer-1 blockchain.
“This mechanism prevents the network from being spammed with proposals if the LUNC price drops too low, which could allow bad actors to flood the network with spam proposals.”, - reads the game-changing proposal’s description.
On the other hand, accelerating the proposal voting mechanism and adding more flexibility would facilitate faster implementation of major security patches and major software updates. In order to keep the governance channel clean and efficient, volunteer LUNC developers are also interested in introducing the ability to cancel proposals during voting.
This text proposal is currently being voted on Galaxy Station and has 65.02% approval. There are still more than 6 days left to vote on this text proposal, but it is important to note that this is not a community spending proposal. A community spending proposal is created when a text proposal from BLV Labs is approved by the community.
Ultimately, the proposal seeks to raise $5,000 to complete the task within four weeks. Following the news, Terra Luna Classic was trading at $0.00008137, up a modest 0.2%, according to independent digital asset price aggregator CoinGecko.
On the other side
- LUNC community members are conflicted over whether KYC is required on the Terra Classic chain.
- Some in the Terra Luna Classic community are strongly opposed to KYC measures due to a lack of privacy protections.
- Despite active KYC proposal #12033, several delegate This requirement can be removed once the proposal is approved.
Why this matters
Security measures such as a stable minimum deposit for proposals can add an additional layer of protection to the chain and speed up the execution of time-sensitive upgrades.
Read the latest cryptocurrency news from DailyCoin:
Polygon’s POL Clears Binance Pump as Markets Darken on Fed Rate Cut Speculation
Cardano Founder Gives Solana a Subtle Cue Ahead of Breakpoint