Vision for Restoration and Better Governance in Terra Luna Classic

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Last Updated on August 18, 2023 by Bitfinsider

Happy Catty Crypto and StrathCole, two members of the Terra Luna Classic community, have put out a common plan for the chain’s rebirth. It outlines thoughts and recommendations for the chain and welcomes stakeholders, validators, developers, and community members to help shape Terra Classic’s future in the face of growing FUD and a sharp decline in the prices of LUNC and USTC.

In a post on August 18, Terra Luna Classic validator Happy Catty Crypto announced “Terra Classic Expedition: A united vision.” It presents a goal and emphasises significant developmental achievements that are not Level 1 work, like regular maintenance, required security fixes, and feature implementations.

The vision statement states that it wants to improve development work, decrease expenses, raise transparency, and swap out the on-chain fee for a better substitute.

It suggests using smart contracts to make weekly payments to developers “paid-per-milestone” in order to improve transparency and encourage project completion. Additionally, the official Terra Classic Wallet will incorporate a native discussion platform, a dynamic commission module for validators, and station on-ramps will make it easier for users to sign up.

Additionally, it mandates developers to go through a voluntary KYC procedure, with a verification process done using Github assets and pull requests, with the goal of increasing security and trust. It suggests splitting Hexxagon’s spend proposals to avoid financing for both Allnodes and Hexxagon endpoint infrastructure.

A better dynamic strategy is also suggested in the paper to replace the present 0.5% on-chain fee, making it simpler for entities and dApps to transfer projects between Terra Luna Classic and non-tax chains like LUNA. It also recommends adding a text field for voting purposes to the Station’s voting section.

The price of LUNC is currently $0.000062, down 6% from the previous day. The 24-hour low and high are, respectively, $0.0000571 and $0.0000667. The price of USTC is currently $0.012, down 8% over the last day.

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