Edward’s decision to forfeit his role was community-driven as the Terra Classic community continues seeking means to incorporate a decentralized style of governing the Terra Classic project.

Read Also: Sneak Peek into Edward Kim’s AI Chain Built on Terra Classic. How Does LUNC Benefit? Details

“Prof Edward Kim has transferred the admin role of Terra Classic Commonwealth to L1 Terra Classic Task Force,”  Vinh Nguyen, the project manager at the L1 Joint Task Force (L1JTF) tweeted, while also acknowledging the HappyCattyCrypto’s (HCC) role in the whole saga that resulted in the change.

Prof @edk208 has transferred the admin role of Terra Classic commonwealth to L1 Terra Classic Task Force.

The proposal has been fulfilled: https://t.co/zmcPynvxJs.

Acknowledgements to @HappyCatKripto for his contributions to the promotion of decentralization in governance. pic.twitter.com/yYjdsfGEuH

— The Vinh Nguyen (@TheVinhNguyen4) August 2, 2023

HCC’s Role That Resulted In Edward Vacating His Administrator Role 

Moves to relieve Edward of his position began after HCC reported that Edward Kim, Rexx, and Bilbo Baggins implemented a significant change without the approval of the LUNC community.

Meanwhile, the three officials implicated in HCC’s report were in charge of the transition from the Terra Classic discussion forum to the Commonwealth. 

Having reported the three officials, HCC submitted a proposal to relieve them of their admin roles while recommending the L1JTF project manager as a potential replacement. 

The proposal was successful and passed on July 31st, with more than 94% “Yes” votes. Kim respected the community members’ decision by stepping down for Nguyen. However, Baggins and Rexx remain adamant about dropping their positions anytime soon.

We are on twitter, follow us to connect with us :- @TimesTabloid1

— TimesTabloid (@TimesTabloid1) July 15, 2023

Read Also: Edward Kim Reveals TGF’s Plan To Source External Funding For Terra Classic (LUNC)

What Is the LUNC Community Saying? 

As expected, the latest development spurred mixed reactions and comments among the Terra Classic community members. 

Some LUNC enthusiasts who seem to support the new development claimed that it was a step in the right direction for decentralization. While some members think otherwise, especially concerning the circumstances surrounding the removal of administrators.

At the same time, some LUNC users, highlighting the singular fact that two out of the three implicated officials are still holding to their respective positions, remarked that the proposal might turn out to be void. 

Baggins, the co-creator of the CommonWealth Discussion and one of the implicated officials claimed that Nguyen’s takeover was never free from tricks and hostility. 

Baggins stated, “If you want to have a CW for Terra Classic, by all means, please go ahead and make your own and see if the community engages with it. Do not try to use governance in an attempt to steal the one that I have made for the community.”

In addition, Baggins noted that the new L1JTF project manager should have consulted the affected officials before making any move. “Some advice for you as the new “L1 Lead” – don’t try to mount a hostile takeover of something that someone else has put effort into for the community,” Baggins added.

Read Also: LUNC to $1: Edward Kim Ramps Effort to Launch AI Project Supporting LUNC Burning

In an unsuspected twist of events, Baggins emphatically stated that Nguyen’s admin role transfer has been reversed since Kim never consulted him or Rexx before transferring his position to the L1JTF project manager. “I have removed your adminship accordingly,”  Baggins stated.

Impacts Of Disputes Like This On Terra Classic (LUNC) Growth 

While disputes like this remain inevitable, efforts towards preventing them are crucial, as they are notorious for impeding growth, especially now that the Terra Classic (LUNC) project is on the verge of revitalization.

It is worth noting that privacy concerns surfaced in the past, resulting in a heated argument that saw two key developers, LuncBurnArmy and Fragwyerdig, relinquishing their roles in the development team.

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The screenshot of one of Block Entropy’s capabilities was recently shared with the community on Twitter by Vinh Nguyen, a Vietnam-based L1JTF developer.

Read Also:  

In the tweet, the developer captioned the AI-generated cat image he successfully produced using the app.

Vinh Nguyen tweeted, “Maybe you don’t know this latest hot news. I just generated a cat image on block entropy, the first blockchain – powered AI generation engine. This cat is going down in LUNC history as the first one generated. I will open NFT sale later. Burn LUNC, fulfill your duty.”

Maybe you don't know this latest hot news

I just generated a cat image on block entropy, the first blockchain – powered AI generation engine. This cat is going down in #LUNC history as the first one generated. I will open NFT sale later.

Burn #LUNC, fulfill your duty pic.twitter.com/bRsXtKYRfh

— The Vinh Nguyen (@TheVinhNguyen4) May 30, 2023

Similarly, LuncBurnArmy, L1 Development Team Project Manager, shared an image he generated from the AI app chain, tagging it the LUNC’s and crypto’s newest exciting use case.

Here's a sneak peek into #LUNC's and #Crypto's newest exciting use case! #LuncBurn pic.twitter.com/LIBtCSnQbv

— LuncBurnArmy (@luncburnarmy) May 31, 2023

Does Terra Classic (LUNC) Benefits from Edward Kim’s Block Entropy?

It’s worth noting that Edward Kim’s Block Entropy is built on the Terra Classic blockchain. It’s designed to leverage the potential of Artificial Intelligence and incorporate it with blockchain-based solutions. Back in April 2023, Kim, the inventor of the app, shared the preview of the whitepaper with the Terra Classic community.

Read Also: Terra Classic (LUNC) Layer-1 Team Working to Bring USTC to $1. Here’s the Latest Effort

As previously announced by the Computer Science professor, when the testnet is live, members of the community that are interested in obtaining testnet tokens have to burn a certain amount of LUNC tokens. Back in April, Kim revealed that the Interchain Accounts (ICA) module has been finalized, but there is still a need for testing on the Terra Classic network.

It should be noted the ICA module is designed to enable seamless communication with the Terra Classic network. Kim intends to connect the module to LUNC once the network achieves parity with Terra 2.0 and Cosmos blockchain, which is slated to play out on the 14th of June.

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Kim made this disclosure via a press release titled “The Next Episode.” In the Media statement, Kim revealed that the grant foundation will now give more attention to other external means of securing funds for Terra Classic projects, builders, and initiatives.

Edward Kim’s “Next Episode” update…. https://t.co/PPqJXwE8MN#LUNC

— Terra Grants Foundation (@terragrantsf) May 16, 2023

Read Also: LUNC Path to $1? Upcoming Terra Classic P2E Game Pledges to Burn 70% of LUNC Tokens Received from Purchases

Brief Insight Into The TGF

Terra Grant Foundation was founded in Pennsylvania, United States in 2022. The idea to develop TGF was spurred by a burning desire to revive and restore Terra Classic’s former glory.

The foundation was charged with recognizing needs or shortcomings within the Terra Classic realm, creating recommendations for proposals for identified needs, distribution of funds, etc.

What Does The Shift In Focus Mean For TGF

According to Kim, the shift in focus will not change the normal functions of the grant foundation to the Terra Classic metaverse. It is pertinent to note that TGF’s launch witnessed the introduction of a multi-sig wallet.

Read Also: Terra Classic Prediction: As Buying Pressure Surges, Can LUNC Price Touch $0.0001? Details

The multi-sig wallet was designed to receive financing from the community pool for sponsoring projects within the Terra Classic ecosystem. Also, capital for LUNC initiatives like; the quarterly works of the Layer-1 joint task force (L1JTF) came from the multi-sig wallet.

In addition, the multi-sig wallet was managed previously by a team comprising; Edward Kim, Marco Ferreira, the TGF program manager, and Validator Allnodes. Following the latest shift in focus involving funds realization for the LUNC community, Kim disclosed that the team would replace the multi-sig wallet with a wallet that belongs to the TGF foundation.

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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 order to obtain TestNet tokens you will have to send real LUNC to the burn address and enter the tx hash into the TestNet faucet. This is a sneak peak at the burn faucet. pic.twitter.com/oDyjWpksyX

— Edward Kim (@edk208) April 29, 2023

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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The Drexel University professor who doubles as the Terra Grants Foundation project lead and a part-time developer in the Terra Classic Layer-1 Task Force has contributed tremendously to the many positive developments recorded in the LUNC ecosystem.  

Notably, Kim submitted several proposals which led to the March resumption of LUNC burns by Binance, the largest crypto exchange by trading volume. Also, he took an active part in five Terra Classic network upgrades including V.1.0.5 and V.1.1.0. 

Edward Kim reveals new project

However, there are concerns over Kim’s commitment to the LUNC project following a Monday Medium article where he highlighted many deficiencies of Terra Classic. 

Defining LUNC as a meme coin that has only a few use cases and utility with no solid user and developer base, the lead Terra Classic developer revealed an Artificial Intelligence-focused project he has been developing. 

Notably, this Cosmos proof-of-stake founded application is currently in the testnet stage per the update. 

Kim wrote:

“I am excited to share a research project I have been working on, a Cosmos Proof-of-Stake machine learning application-specific chain that decentralizes the power of AI. I have developed a custom machine learning Cosmos module that interacts directly with the Layer-1 infrastructure to tap into the compute power beyond the consensus layer.”

The blockchain developer noted that he would be focusing on this project for the next 3-6 months to achieve its public beta launch. 

“In the short term (next 3–6 months), I am planning on building and releasing a public beta. Long term, the goal is to have a blockchain that can be used to perform large scale distributed learning across many nodes.”

Is the Lead Developer Leaving the Terra Classic Team?

Although Kim has reportedly resigned from the TGF project lead role, there is no official statement regarding abandoning Terra Classic (LUNC).

While some interpret this new project introduced by Kim as the developer dumping Terra Classic, he noted that the application is an app-chain utility for LUNC connected via Inter-Blockchain Communication. 

For more clarity, he wrote, “My personal goal and contribution to this community has shifted to drive a recovery narrative that iterates on the identity and strength of Cosmos, Terra Classic, and my own personal experience.”

Interestingly, Kim disclosed that he is in talks with other experts to design the AI-based app chain such that it can be instrumental to the development of LUNC as well as increase the utilization of the token. 

“The tokenomics of the side chain will be especially important to consider for LUNC. How can we utilize the app chain to help fund LUNC development, help reduce the supply of LUNC and UST, increase utilization of LUNC, and incentivize miners to contribute their compute. I am in talks with seasoned experts to get this part right from the start.”

The LUNC Joint L1 Task Force project manager further attested to the fact that Edward Kim is not leaving Terra Classic as speculated by many including a pseudonymous community member Rabbi Jebediah Shekelstein. “If anyone had faith in LUNC they’d be all-in. They wouldn’t be looking for excuses to bail, nor spinning up parallel projects,” Shekelstein wrote on Discord. 

Just a quick note: @edk208 is continuing to work hard on and for LUNC and is committed to LUNC. If you hear anything otherwise, you can be assured it's fake news. #LuncCommunity #LUNC

— LuncBurnArmy (@luncburnarmy) March 21, 2023

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Recall that Jacob Gadikian, the founder of Notional Labs, pointed out the inadequate state of validator services offered by Allnodes including high voting power and customers’ private key compromise. Consequently, he resigned from the LUNC L1 Joint Task Force team where he worked as one of the two full-time developers. 

In an appeal statement directed to Jacob Gadikian, Edward Kim who had partially addressed Gadikian’s concerns explained why his highest priority and the current objective is to minimize the potential risk posed by Allnodes services, specifically to the LUNC network. 

According to Kim, the two key concerns with Allnodes which include high voting power (HVP) and key compromise (KC) are not linearly independent. “I believe that the high voting power is a multiplier to risk on LUNC,” he remarked. 

He wrote:

For example, if we consider that LUNC_Risk = HVP(HVP + KC).  If HVP = 0, then the risk to the LUNC network is 0.  Intuitively, I hope this makes sense. If Allnodes’ validators have a combined 0 voting power then this non-zero KC makes no difference to the LUNC network security, (KC*0) = 0.  Alternatively, if KC = 0 (there are no keys compromised), but there is still high voting power, the LUNC network security is still at risk.”

From the foregoing, Edward Kim declared that addressing the high voting power Allnodes has is the ultimate priority for the Terra Classic development team and not the problem of key compromise as that doesn’t primarily affect LUNC. 

He added:

“Thus, my efforts on lunc are to address HVP first. I believe your objective function is different, addressing risk across all blockchains, where the KC parameter is pervasive across multiple chains, and HVP may not be as bad. This makes sense because you work in the entire ecosystem, whereas my highest priority is LUNC. 

Hence you are focusing on KC, which has the greatest impact on your objective function, whereas I am focusing on HVP which has the greatest impact on mine.”

It bears mentioning that Allnodes, which provides reliable non-custodial node hosting and staking services to several blockchains, is the top-ranked validator on the Terra Classic network by voting power and total delegations at the time of writing. ATOMscan showed that Allnodes has the highest voting power of 17.67% with a total of 159.49 LUNC delegated to the validator node at press time. 

This massive delegation made to the validator node by users is due to the high commission Allnodes offers. While other validators have a maximum commission not greater than 50%, Allnodes’ max commission sits at 100%. 

Hence, Jacob Gadikian responded to Edward Kim stating that the ultimate solution to both issues associated with Allnodes is for the developer to encourage users to undelegated their LUNC tokens from the top validator node. 

Meanwhile, as earlier reported by Timestabloid, Kim noted on Thursday that Allnodes is working to reduce its high voting power by reducing its commission for staking LUNC. At press time, Smart Stake Analytics showed that 69 LUNC delegates have shunned Allnodes in the last 24 hours, reducing its total delegates count to 33,652. More so, a total of 10.6 billion LUNC is set to be undelegated from the validator node as 1,822 delegates have begun their undelegation process.

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Recall that Jacob Gadikan, a Cosmos SDK developer and one of the two full-time developers in the Terra Classic Joint L1 Task Force team withdrew from the squad on Wednesday. He mentioned the operational techniques of the top LUNC validator Allnodes and Tobias Andersen (AKA Zaradar) as the reasons for his resignation. 

Per a disclosure today, Edward Kim noted that Gadikan’s observations regarding Allnodes were also recognized by numerous community members but weren’t prioritized until the recent uproar. According to him, the top validator is now working to reduce its outrageous voting power by reducing its commission for staking LUNC. 

He said, “Allnodes is actively working to assist in securing the LUNC network.  In one week, they will begin to increase their commission by 1% every day to hit 10% total commission.

“If their VP is not significantly reduced by this action, I have asked them to consider further increases,” he added. 

@Allnodes is actively working to assist in securing the #lunc network. In one week, they will begin to increase their commission by 1% every day to hit 10% total commission. If their VP is not significantly reduced by this action, I have asked them to consider further increases

— Edward Kim (@edk208) January 25, 2023

Read Also: Terra Classic Developer Submits Proposal To Restore 295 Million LUNC in Wrong 1.2% Taxes

Reacting to the concerns that Allnodes holds the seed phrases of those employing its validator services, the Terra Grants Program team leader disclosed that the Allnodes team is “working on further security measures regarding their validator services”.  However, Kim also encouraged community members to run their individual validator nodes, sharing useful guides. 

But Tobias argued that forcing non-technical people to run their own nodes will make security worse for the Terra Classic network. More so, he maintained his support for the top LUNC validator stating that does not use customers’ keys as it bears no economic incentive. 

“If AllNodes did use the keys people put in custody with him he would open them up to litigation which would destroy their business. There is simply no economic incentive for them to do what is being stated and no alternative solution at present,” Zaradar said. 

Another LUNC validator PFC countered Zaradar noting that Allnodes’ custody of customers’ seed phrases destroys the whole purpose of centralization pointing out a potential risk to their operations. “Again, it’s not about Allnodes doing something with malice. It’s more of a centralization issue where a government can’t shut down the chain via a single person. You shouldn’t trust a chain to a single person,” the PFC validator wrote. 

Read Also: Terra Classic Development Group Called Out For Trying To Take Responsibility for Allnodes’ Effort

Amid these controversies, it bears mentioning Allnodes earlier revealed plans in December to modify their validator services starting after February 1, 2023. According to the team, “being the top validator is a great responsibility. We are aware of the concerns regarding our voting power. Based on this, we are letting our Terra Classic community know that for decentralization purposes,  our commission for staking $LUNC will increase to 10% after Feb 1, 2023.”

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Per an update, Kim rolled out a Terra Classic community spend proposal on Sunday seeking to refund a total of 295 million LUNC to several users who were inaccurately taxed following the implementation of the 1.2% LUNC tax burn. 

As part of the programs to reduce the hyperinflated supply of LUNC, the 1.2% LUNC tax burn was activated on the Terra Classic network on September 12. Notably, at the initial stage of this initiative, some user transactions did not go through due to the problem of ‘gas computation straddling’ but taxes were levied nonetheless. 

“We are requesting the total amount of incorrect taxes charged be reimbursed via a community pool spend to the users that lost funds during this time; the total reimbursement is 295M LUNC,” Edward Kim wrote. The code to process the reimbursements has been written, he further disclosed. 

Follow up proposal for those that lost #lunc fees between September 21-28th. Please share your comments, https://t.co/0GVOgCLFBl

— Edward Kim (@edk208) January 22, 2023

Read Also: Terra Classic (LUNC) Staking Option Added on the Upcoming Neblio Wallet: Details

According to the reimbursement of lost fees proposal from Kim, the period in consideration is September 21 to September 28, 2022. The proposal added that Strathcole, another core member of the LUNC development team, took time to identify the transactions that failed during this period. 

It was noted that 9 wallets lost over 5 million LUNC in wrong taxes, 2,214 wallets lost between 5 million and 10 LUNC while several hundred wallets lost below 10 LUNC. 

More so, Kim pointed out that the majority of the affected wallets belong to centralized exchanges including Coinspot and Crypto.com. “Simply sending reimbursements to these wallets is not advised, and thus we will make reasonable efforts to contact the CEXs to figure out the best way to reimburse them. If these efforts fail, we will simply return these funds to the community pool,” he wrote.

Read Also: Top Terra Classic Enthusiast States Fastest Way To Grow LUNC Price by 100x or More

Contained in the proposal is the comprehensive procedure for the reimbursement exercise if the proposal passes governance voting. Looking at the responses from several members of the community including Classy, a popular validator node owner, there is every likelihood that the proposal would pass. But Classy showed concern regarding the funding of the community pool after the deduction of such an amount.

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Following the USTC de-peg incident experienced in May, several Cosmos chains were disconnected from the Terra Classic blockchain. Hence, the Terra Classic network could no longer communicate with these blockchains, causing some LUNC assets to be trapped outside of its chain. 

This has made the re-opening of the IBC channels on the Terra Classic blockchain become a top priority for the community, considering its function in the revitalization of the embattled Terra Classic project.

On Monday, Edward Kim shared a proposal to reopen IBCs between Terra Classic and these three disabled channels including Osmosis, Juno, and Crescent. 

Please share your comments on the following proposal discussion, https://t.co/WjZtZIWXKG

— Edward Kim (@edk208) November 21, 2022

Read Also: Do Kwon Is Set To Integrate Terra Classic (LUNC) and Cosmos Chain Projects into Terra Station: Details

Part of the proposal read, “the YES vote indicates that the chain should adopt this patch now and proceed with the opening of the channels and clients between the three channels, Osmosis, Crescent, and Juno. A NO vote indicates that the community does not want to proceed with reopening IBCs at this time. The reopening of IBCs will then be revisited at a later time with a broader L1/L2 chain upgrade.”

According to Kim, the target block to re-open these three IBC channels is 10,542,500. This block height will be reached on the Terra Classic network on December 5th, 2022, per the proposal. 

Edward Kim mentioned that validators will be asked to upgrade to v1.0.4 before the designated block height, 10,524,500 if the proposal passes. “The upgrade does not require a chain halt and preliminary testing has been successful,” he added. 

The opening of these three channels would allow the trapped assets on both sides of the channel to flow via the opened IBC channel. Edward Kim added that the Osmosis chain has the most trapped LUNC assets. Additionally, the passing of the proposal would result in the reenabling of the LUNC market swap mechanism on Osmosis, Juno, and Crescent. 

Read Also: Terra Classic Community in Disarray Over the LUNC Casino Project Theft: Details

Although the proposal is yet to be officially passed, it has gained massive support from members of the Terra Classic community including a popular LUNC network validator, Classy Crypto.

In response to Edward Kim tweet, Classy wrote, “LUNC Validator Classy’s Crypto Sphere will be voting “YES” on this one. Thanks Edward Kim & the rest of Terra Rebels for making big strides on LUNC.” 

$LUNC Validator Classy’s Crypto Sphere will be voting “YES” on this one.

Thanks Ed & the rest of TR for making big strides on #LUNC.

— Classy (@ClassyCrypto_) November 21, 2022

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A Terra Classic core developer, Edward Kim, who is the author of the proposal, announced the new development on October 28. According to the report, governance proposal 8813 is now available for community votes.

Additionally, Kim disclosed that a temporary website had been launched for the development grants program to speed up the process once it’s passed.

Read Also: Terra Classic Users Now Need 1,000,000 LUNC Deposit to Vote on Proposals

Edward Kim tweeted, “As a follow up to the agora discussion on a grants program, I have made a community spend proposal to kickstart this effort. Please vote on governance prop 8813. A temporary website is up here, terragrantsfoundation.org.”

As a follow up to the agora discussion on a grants program, I have made a community spend proposal to kickstart this effort. Please vote on governance prop 8813. A temporary website is up here, https://t.co/k2Sdz1J9Lt

— Edward Kim (@edk208) October 28, 2022

Details about Terra Classic Proposal 8813

The approval of Proposal 8813 will launch a Terra Classic Grants program that will make the allocation of funds in the community pool more efficient and transparent. This will, primarily, be useful for the 10% of the seigniorage collected from 0.2% tax, which is meant to be sent to the community pool.

In the proposal, Kim requests the sum of $68,000 from the community pool to run the grant scheme for six months.

Once deficiencies are identified in the Terra Classic network, the grant team will request proposals from the community. And once bids are received, a group of independent reviewers will be invited by the community to review the submissions.

Read Also: About 200 Million LUNC Minted Causes Controversy in the Terra Classic Community: Details

After these are done, the selected proposals and reviewer comments will be submitted as a governance proposal at the Terra Station for governance vote and possible approval. If passed, the grant team will send the required funds from the community pool to a multi-sig address controlled by the team. And payments to developers on a milestone basis will follow.

Up to now, the proposal has massively gained the support of many community influencers, including Classy Crypto, who publicly pledged to vote in favor of the proposal.

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