- Terra Luna Classic considers CertiK audit company to implement KYC.
- The community previously voted to require KYC for Layer-1 developers.
- Terra Classic’s native token LUNC picks up 2.8% gains amid the voting.
Terra Luna Classic’s (LUNC) community is voting on a game-changing proposal, which is set to implement an identity verification requirement for all developers working on the battle-scarred Layer-1 chain.
The new rules came into effect immediately after Terra Classic’s members, including prominent network validators, collectively passed the threshold for governance proposal #12033 a week ago. SolidVote, a prominent Terra Classic validator, explained that the anonymity of the current developers adds several hazards to LUNC’s ecosystem.
Firstly, anonymous on-chain builders can short LUNC while working on a decentralized application. Another argument for the KYC proposal was the lack of accountability previously shown by freelance developers. As a result, a Pay-per-Job module of freelance work was agreed upon last year.
Is CertiK’s Security Audit a Top Choice for LUNC?
The popular blockchain security audit enterprise CertiK has been known to provide well-timed insights and reports for the biggest names in the cryptosphere. CertiK identified WorldCoin’s security breach on May 29, 2023, which would have allowed users to take over an Orb operator’s account maliciously.
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Proposal #12058, the continuation of the KYC offer, is very close to passing the threshold for activation. “If #LUNC is going to KYC, you have to do it right,” contemplates Crypto Baron, voicing the opinion of many Terra Classic validators.
Following the developments, the #113 ranked LUNC gained 2.8% in the last 24 hours. At press time, LUNC trades at $0.0001166, according to CoinGecko. Summing up to a 21.6% bull run in the last fortnight, LUNC is still 2.3% down monthly.
On the Flipside
- CertiK recently had to deal with its own security issues earlier this year.
- In January 2024, CertiK’s official X handle was hacked by scammers, who posted a link to a phishing site.
Why This Matters
Terra Luna Classic’s blockchain continues to seek revitalization opportunities with technical improvements and scrupulous collaboration between community members and crypto platforms.
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