Terra Classic L1JTF Proposes a Community-owned Mobile Wallet and L2 Team. Here’s why

Layer-1 Joint Task Force (L1JTF) has proposed the creation of a Terra Classic-owned wallet that will be administered by governance and intends to improve the codebase of the existing Station wallet, create inclusivity, and provide a sustainable wallet experience. The plan also intends to establish an L2 team in charge of handling wallet updates and guaranteeing stable wallet operations.

The wallet will be available on a variety of platforms, including a user-friendly web version of Station, an iOS and Android mobile application, and a Chrome extension.

This change attempts to diversify client wallets while also relieving Terraform Labs (TFL) of the responsibility of testing Station for LUNC improvements pushed by the L1 Team.

The community had previously promoted the development of forked versions of the official Station wallet to ensure complete independence from TFL. This idea, on the other hand, wants to establish one under community control. By putting the wallet’s ownership and governance in the hands of the community, this move hopes to create diversity and sustainability while providing users with a trustworthy and regularly updated wallet experience.

The L1 Team suggests budgeting up to $3,000 per month for wallet management, maintenance, and upgrades. The money for the initial stages will be drawn from the L1 Team’s computing budget, removing the need for a separate request for community expenditure at this time.

The proposal also seeks to establish a distinct L2 team that will operate independently within the Terra Classic ecosystem. This L2 Team’s responsibilities include ensuring stable wallet operations, particularly following updates. If the characteristics of the community-owned wallet alter significantly, the L1 team will propose a community governance vote.

This latest suggestion comes a week after the L1 Team successfully upgraded Terra Classic to v2.1.1, bringing Luna 2.0 and Cosmos equivalence. However, following the parity upgrade, the LUNC blockchain is experiencing several difficulties.

While some Terra Classic supporters accept the concept, others argue that it should be implemented when the post-parity difficulties are resolved. The community-owned wallet and L2 team could provide a stable wallet experience and create inclusion by addressing concerns about operational problems within the Terra Classic ecosystem.

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Adedoyin Aka

Adedoyin is a graduate of Law and a Crypto & Blockchain expert who strongly believes that Blockchain is the future. At TimesTabloid, she focuses on crypto and blockchain educational content.