The Terra Classic network Proposal 11888 has sparked a heated debate within the community. This proposal suggests a significant reduction in validators and has raised important questions about the network’s security and decentralization.
The decision, although controversial, has been passed, leaving a negative impact on the price of LUNC and USTC and raising concerns about its long-term viability.
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Proposal 11888 seeks to shrink the validator set from 135 to just 100. Proponents argue that this streamlined approach will enhance network security by preventing potential attacks. Critics of the initiative also expressed concerns about the risks of centralization.
They fear that such a move could undermine the decentralized nature of the blockchain and hinder the growth of smaller validators, who play a crucial role in maintaining network diversity and resilience.
The voting results have shed light on the internal conflict within the community. While 31.69% of voters supported the proposal, 22.49% openly opposed it, and 46% abstained from voting altogether. Notably, well-known validators, including Allnodes, chose not to take a definitive stance, highlighting the intricacies of balancing security and decentralization.
The approval of Proposal 11888 has had a noticeable impact on the network’s assets. LUNC and USTC, the native tokens of the Terra Classic ecosystem, experienced a sudden decline in price and trading volume. This reflects investor caution and uncertainty surrounding the network’s future.
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The decline, combined with the absence of major updates and the lingering effects of previous turmoil, further complicates the path ahead for Terra Classic.
The recent decision to reduce validators has sparked a critical dialogue within the Terra Classic community. While prioritizing security is crucial, the potential drawbacks of centralization cannot be overlooked. To ensure the network’s long-term success and its ability to navigate the evolving crypto landscape, open communication, careful consideration, and community involvement are paramount.
As the Terra Classic community grapples with this challenging issue, it is essential to engage in open dialogue and carefully evaluate the potential risks and benefits of planned developments.
A commitment to inclusivity and a thorough examination of the trade-offs between security and decentralization will be vital in determining the future of the Terra Classic network.
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