Wednesday, June 19, 2024
HomeBlockchainAnother Critical Upgrade Would Hit Terra Classic Soon, Popular LUNC Developer Reveals

Another Critical Upgrade Would Hit Terra Classic Soon, Popular LUNC Developer Reveals

Recall that the price of LUNC lost momentum last week after the SEC sued Terra founder Do Kwon for multiple frauds. But investor interest in the crypto asset could record an increase as notable developments continue to roll into the project ecosystem.

Terra Classic (LUNC) Blockchain Upgrade to v.1.1.0

Tobias Andersen, a member of the Terra Classic layer 1-focused development team known as the Joint L1 Task Force hinted on Monday that another major Terra Classic upgrade is around the corner. 

Having completed the Terra Classic blockchain transition from v.1.0.4 to v.1.0.5 about a week ago in order to meet Binance’s requirement to resume LUNC burn, the active development team, the Joint L1 Task Force is set to upgrade the Terra Classic blockchain to v.1.1.0. 

In a tweet shared on the 20th of February, Andersen, a senior member of the team wrote, “1.1.0-rc1 seems to be working now,” sharing the GitHub link for confirmation. He added that the upgrade to v.1.1.0 “should be good to go soon.”

This update comes shortly after Garuda Nodes, a validator on the Terra Classic network, announced that a new play-to-earn game would be launched on the LUNC blockchain by Q2 of 2023. 

Read Also: Staked LUNC Hits New High as Over 3.5 Billion Terra Classic Tokens Were Staked in a Day

Edward Kim, the brain behind the formation of the Joint L1 Task Force mentioned this upgrade in the signal proposals he submitted to the community for voting last week.

The lead Terra Classic developer proposed that three optional features including wallet exemption to on-chain tax, separate burn wallet exempt from Seigniorage and burn tax split to the community pool should be added on the LUNC blockchain when the upgrade to v.1.1.0 is completed. 

Bringing these optional features to the Terra Classic blockchain would enable the community to meet Binance’s conditions to pick up LUNC burning, the associate professor pinpointed. 

According to Kim, these three optional features would only be added to the Terra Classic blockchain alongside the next LUNC network upgrade to v.1.1.0, if there is a signaling consensus on the three signal proposals. 

<

On the other hand, Kim said that if all three optional features fail to pass the signaling governance, there will still be a release of v1.1.0 put forth for voting that contains consensus-breaking required security updates.


Follow us on Twitter, Facebook, Telegram, and Google News

Ndianabasi Tom
Ndianabasi Tom
Ndianabasi Tom joined the crypto and blockchain industry in late 2018. He is an all-rounded crypto journalist and content writer. At TimesTabloid, he covers the industry's latest news, developments, and other educational content. He is a graduate of Petroleum Engineering.
RELATED ARTICLES

Latest News & Articles