According to Edward Kim, the lead developer at the LUNC L1 Joint Task Force, ensuring the security of the Terra Classic network is the ultimate priority. This he said, not undermining the fact that there are other potential risks associated with the current working pattern of the top LUNC validator, Allnodes.
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.
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.
“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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