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HomeCryptocurrencyTerra Classic Votes On Forming Core Development Team. Here's the Significance

Terra Classic Votes On Forming Core Development Team. Here’s the Significance

The Terra Classic (LUNC) community is currently engaged in a crucial vote that could shape the future direction of the blockchain. Proposal 12093, titled “Establish a Terra Classic Team,” has been submitted and seeks approval to create a dedicated development team.

This proposed team would be funded directly through the community pool and assume responsibility for managing advancements on the Terra Classic chain.

Read Also: Terra Classic Votes On a New Step Proposal For LUNC Revival and Security

Proposal Details and Potential Benefits

The disbanding of the Joint L1 Task Force (JL1TF) development group earlier this year has created a void in LUNC’s leadership. The new proposal aims to fill that gap with a community-appointed team of developers and essential contributors who would be paid a monthly salary. If passed, this team would work directly to advance the Terra Classic blockchain.

The exact structure, responsibilities, and salary expectations of this team would be the subject of future discussion and proposals. The Terra Luna Classic community and validators would collaborate on the Commonwealth platform to determine these crucial details. If this initial proposal fails to achieve community support, the parameters would be subject to revision and a new proposal would be presented.

Community Response and Price Performance

The voting on this proposal demonstrates a diverse range of community viewpoints. Thus far, support seems strong, with 82% of votes in favor. Of the key validators, five have voted “Yes” and six voted “No.”

Some community members have expressed concerns that this structure could lead to centralization and a potential conflict with project-based payments for developers. There have also been calls for stricter developer KYC (Know Your Customer) requirements.

Read Also: Terra Classic (LUNC) 1.2% Tax Burn Proposal Approved With 99% Votes, Implementation to Follow: Details

According to data from CoinMarketCap, LUNC’s price has experienced a 14% increase over the last day and currently trades at $0.0001035.

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Looking Forward

The outcome of this vote holds significant implications for the Terra Classic project. This new development team could potentially inject renewed energy and focus into the advancement of the chain. However, it’s crucial to weigh the potential benefits against the concerns expressed by some community members.


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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
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