Terra Classic Launches Proposal for Community Development Grants Program: Details

The Terra Classic community has started to vote on the proposal for the development grants program.

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.

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.”

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.

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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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.