Terra Classic Introduces Bug Bounty Program, Here’s the Significance On LUNC Growth

Terra Classic Joint L1 Task Force (L1TF), the developer’s team, dedicated to initiating new projects and ideas in the Terra Classic platform, recently introduced an exciting innovation tagged the Bug Bounty program.

The proposed Bounty program invites security researchers, ethical hackers, and developers to look into Terra Classic’s network and expose vulnerabilities within the ecosystem.

Notably, the newly proposed project would receive funding from the funds the Terra Classic community was able to raise for the L1TF team.

Understanding What Terra Classic Bug Bounty Program Aims To Achieve

In the wake of the proposed Bug Bounty initiative, the L1TF project manager, with the pseudonym LuncBurnArmy took to Twitter to declare that proposal 11602 is up for voting.

Per the L1TF boss, the polls would determine the implementation possibilities of the Luna Classic Bug Bounty innovative project in this year’s third quarter (Q3). This new development is suspected to arise following complaints of a rise in bugs in the Terra Classic ecosystem after recent upgrades.

The new proposal reportedly entails how the Bug Bounty idea seeks to improve security and network security, strengthen collaboration and functionality, and simultaneously reward contributors that could detect and report vulnerabilities.

The rewards for active contributors would get sponsored by the L1TF. It is worth noting that L1TF’s initial plan was to allocate 50 million LUNC in Q3.

Criteria to Participate in Bug Bounty Programs and Rewards

The Bug Bounty program would be open to every Terra Classic community member, security specialist, and other external developers. Members must strictly abide by ethical and legal standards like avoiding making reports of identified vulnerability public and curbing malicious activities.

Some potential rewards revealed under the proposal include:

150,000 LUNC worth of confirmed station Bug
1,000,000 LUNC worth of confirmed station Bug with patch developed.
Verified L1 Bug estimated at a value of 300,000 LUNC.
300,000 LUNC confirmed security vulnerability (station).
A 20M LUNC developed, tested, and approved the “Day-zero” critical security vulnerability patch.
A 1M LUNC worth confirmed security vulnerability with patched developed (station).
A “Day-zero” critical security vulnerability, reportedly valued at 5M LUNC.

Result Of the Poll To Determine

Thus far, the votes have been 100% yes in support of the proposed Bug Bounty Program; votes from top community members and validators, including JESUSisLORD, Lunanauts, and DFLunc, says a lot about the enthusiasm with which the Bug Bounty project would dominate.

Also, the Terra Classic community pool balance was said to have reportedly dropped significantly in value as the community passed three community pool spending proposals.

LUNC Price Today: How Impressive?

Per Luna Classic’s (LUNC’s) data on Coingecko, LUNC’s price today is $0.00008460, reflecting a 0.8% spike in the last 24 hours and at the time of filing this report. LUNC’s maximum and minimum prices for the past week are $0.00008991 and $0.00008165, respectively.

As per data courtesy of TradingView featured below, LUNC price continues to move between the converging trendline of the triangle pattern. The triangle pattern represents possible bullish momentum, which could take LUNC to $0.0001 in the short term and $0.001 in the long term.

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Chinedu Agbakwusi

Chinedu Agbakwusi is a medical student at the prestigious Nnamdi Azikiwe University with sound knowledge of the crypto space. I am here to be a reliable plug for well-researched crypto content ranging from crypto news to market analyses and blockchain inventions.