- A team of three developers offers a solution to rising network spam.
- Stabilizing the minimum deposit lets authors cancel active proposals.
- Terra Luna Classicโs price carried on trading under consolidation.
The Terra Luna Classic (LUNC) blockchain is heading toward a crucial improvement in how it is governed. Put into the communityโs hands ever since Terraโs system crashed in May 2022, Terra Classicโs chain has relied on random efforts by community developers to breathe life back into the battle-scarred chain.
Devs Acquire KYC Before Getting To Work
As the blockchainโs community has voted to implement a personal verification system for the developers working on-chain, the call for transparency doesnโt stop there. BLV Labs, a team of three blockchain developers, has received a Know Your Customer (KYC) certificate from SolidProof, an on-chain verification service that makes the certificate publicly available.
This is done to restore trust in the sovereign developers working on Terra Luna Classicโs chain, as previous projects have often ended in turmoil due to a lack of accountability. In BLV Labsโ case, Tran Minh Tu, one of the three developers, completed the procedure three days before the proposal to tweak LUNCโs governance module was published.
Key Changes Coming Up in LUNC Governing
In the renewed proposal on the CommonWealth.im discussion forum, the three devs at BLV Labs recognized an issue regarding the minimum deposit required to launch a proposal. As LUNC’s market value fluctuates greatly due to quickly shifting trader sentiment in the broader crypto markets, it would make sense to stabilize the minimum deposit threshold.
To make this happen, the developers at BLV Labs are poised to use the Oracle module to update and calculate the minimum deposit required, regardless of the price. As suggested by the LUNC community, the proposal’s value will be kept at $500.
In case of a sharp LUNC price drop or a significant upswing, the newly implemented Oracle gov module would adjust to price changes and alter the required LUNC tokens.
Aside from the increased minimum threshold to submit a proposal, BLV Labs is also suggesting tweaks to the Gov Module Voting Mechanism to expedite the voting process. This could be pivotal in combating the rising spam on Terra Luna Classicโs Layer-1 blockchain.
โThis 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.โ, - reads the game-changing proposalโs description.
On the other hand, speeding up the proposal vote mechanism and adding more flexibility to it would facilitate the quicker implementation of key security patches and major software updates. To keep the governance channels clean and efficient, the volunteer LUNC developers are also keen on introducing the ability to cancel proposals during voting.
The text proposal is currently up for voting on Galaxy Station and has an approval rate of 65.02%. While there are over six days to vote on this text proposal, it bears to note that itโs not a community spending proposal; one will be created if BLV Labโs text proposal gains mass approval from the community.
Ultimately, this proposal seeks funding of $5,000 to complete work in four weeks. Following the news, Terra Luna Classic inked micro gains of 0.2% to trade at $0.00008137, according to independent digital asset price aggregator CoinGecko.
On the Flipside
- The LUNC community members are conflicted about whether KYC will be required to work on Terra Classicโs chain.
- A part of the Terra Luna Classic community is strictly against KYC measures due to alleged lack of privacy.
- Despite active KYC proposal #12033, several substitute proposals can erase this requirement if approved.
Why This Matters
Security measures such as a stable minimum deposit for proposal suggestions add an extra layer of protection to the chain and potentially speed up the execution of time-sensitive upgrades.
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