Terra Luna Classic community members Happy Catty Crypto and StrathCole have proposed a united vision for the revival of the chain. It lays out ideas and proposals for the chain, as well as invites developers, community members, validators, and stakeholders for shaping the future of Terra Classic amid rising FUD and massive drop in LUNC and USTC prices.
Proposal For Terra Luna Classic Revival
Terra Luna Classic validator Happy Catty Crypto in a post on August 18 announced “Terra Classic Expedition: A united vision.” It outlines a vision and highlights key developmental milestones, not Level 1 work, such as routine updates, mandatory security patches, and feature implementations.
According to the vision paper, it aims to enhance development work, lower costs, increase transparency, and replace the on-chain tax with a better alternative.
It proposes “paid-per-milestone” weekly payments for developers through smart contracts to increase transparency and incentivize project completion. Also, implementing a dynamic commission module for validators, integrating a native discussion platform into the official Terra Classic Wallet, and facilitating user onboarding with Station on-ramps.
In addition, it aims to increase security and trust by mandating developers to undergo a voluntary KYC process, with a verification process done via Github assets and pull requests. In order to prevent funding for both Allnodes and Hexxagon endpoint infrastructure, it recommends separating Hexxagon’s spend proposals.
Furthermore, the paper proposes to replace the current 0.5% on-chain tax with a better dynamic approach that makes it easier for entities and dApps to convert projects between Terra Luna Classic and non-tax chains like LUNA. It also suggests the integration of a text field within the voting section of the Station for voting reasons.
LUNC price currently trades at $0.000062, down 6% in the past 24 hours. The 24-hour low and high are $0.0000571 and $0.0000667, respectively. Meanwhile, USTC price is trading at $0.012, down 8% in the past 24 hours.
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