LUNC to $1: Edward Kim Ramps Effort to Launch AI project Supporting LUNC Burning

Edward Kim intensifies work on the earlier unveiled Artificial Intelligence (AI) app chain that seeks to onboard additional utility for the Terra Classic blockchain and its native token, LUNC. 

Per an update, the highly anticipated AI-related project that proposes to support LUNC burning is still undergoing development. And as disclosed by Kim, the project’s whitepaper is near completion. 

The AI app chain called Block Entropy is currently in the private Testnet phase and operating with three validators, 6 machine learning (ML) nodes and 17 total GPUs, the top developer said on Monday, adding that Block Entropy Testnet will go public in May 2023. 

According to him, the public Testnet will only support a small set of machine learning inference tasks initially including AI image diffusion, text language models, and music generation. Kim noted that other functions such as Distributed training, fine-tuning, Python APIs, and SNARK verification will be onboarded subsequently.  

Among the benefits Block Entropy will bring to Terra Classic is the incorporation of Interchain Accounts (ICA) into LUNC with the help of the Joint Layer-1 Task Force. As per the update, the AI app chain’s Interchain Accounts (ICA) module is done but will first be tested on LUNC Layer-1 TestNet as well as pass governance voting, Kim disclosed. 

LUNC Burning to be Supported

The reduction of the hyperinflated total supply of the Terra Classic native token is one of the hindrances to LUNC hitting $1 as wished by the community and other investors. To reduce this voluminous initial LUNC total supply of 6.9 trillion to 10 billion, the hopeful community rolled out the token burn initiative. 

Kim’s AI-based project promises to support the Terra Classic burn expedition by adding a burn faucet to Block Entropy. It bears noting that users who intend to obtain the Terra Classic on Entropy Testnet will be required to send mainnet LUNC to the official burn address and then enter the transaction hash into the Testnet faucet. Notably, testnet tokens have no value and can only be used to perform machine learning tasks on Entropy testnet only. 

In so doing, more LUNC tokens would be taken out of supply, helping to put the crypto asset in the direction of $1.  As published, the total burned LUNC surpassed 31 billion for the first time in April 2023 following Binance’s burn of 1.2 billion LUNC in one transaction.

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