Tuesday, June 18, 2024
HomeCryptocurrencyWhy New Terra Classic Upgrade Is Vital For LUNC Revival

Why New Terra Classic Upgrade Is Vital For LUNC Revival

Terra Classic (LUNC), the original token of the Terra blockchain, is set for a significant upgrade. The Terra Classic developer group, Genuine Labs, recently announced their readiness to implement version 3.0.1 of the Terra Classic chain. This upgrade prioritizes improvements to the network’s efficiency, robustness, and security.

Following the announcement, LUNC experienced a mild price increase. This positive movement likely reflects investor confidence in the upgrade’s potential to revitalize the Terra Classic ecosystem.

Read Also: USTC Surges 25% as Terra Classic Passes Proposal to Burn 800 Million USTC

Details of the v3.0.1 Upgrade

The upcoming upgrade focuses on several key areas. It will integrate the latest version of the Cosmos SDK (Software Development Kit), known as SDK v0.47. This update brings numerous enhancements to the underlying functionalities of the Terra Classic blockchain. Additionally, the upgrade incorporates Wasm v0.45, a virtual machine technology that facilitates the development and deployment of smart contracts on the Terra Classic network.

Furthermore, the upgrade includes the integration of IBC-go v7, a communication protocol that enables seamless interaction between the Terra Classic chain and other IBC-compatible blockchains. This fosters interoperability, allowing for the transfer of digital assets and data across different blockchain ecosystems.

A crucial aspect of the v3.0.1 upgrade is the inclusion of a fix for potential p2p (peer-to-peer) storm attacks. These attacks exploit vulnerabilities in blockchain networks to disrupt communication and functionality. By implementing this fix, the developers aim to strengthen the security posture of the Terra Classic chain.

The v3.0.1 upgrade represents a significant step forward for Terra Classic. The successful completion of the rebel-2 testnet on terrad-v3.0.1-rc.1 earlier this month signifies the technical readiness for the mainnet deployment. This upgrade aligns with Genuine Labs’ ongoing roadmap, which prioritizes the continuous improvement and security of the Terra Classic network.

Potential Impact on LUNC and USTC

The announcement of the v3.0.1 upgrade has generated positive sentiment within the Terra Luna Classic community. The price increase observed in LUNC suggests investor optimism regarding the upgrade’s potential to enhance the network’s utility and stability. An improvement in these areas could lead to a renewed interest in LUNC, potentially influencing its long-term price trajectory.

The upgrade may also indirectly impact the price of TerraClassicUSD (USTC), the algorithmic stablecoin within the Terra Luna Classic ecosystem. A more robust and secure Terra Classic blockchain could bolster confidence in USTC’s peg to the US dollar. This, in turn, could incentivize its adoption and potentially lead to a more stable price for USTC.

Read Also: Why Terra Classic (LUNC) and USTC Prices Soared

<

Looking Ahead

The v3.0.1 upgrade signifies Terra Luna Classic’s commitment to ongoing development and improvement. By addressing critical security vulnerabilities and enhancing core functionalities, this upgrade positions the network for potential future growth.

Amid these developments, an analyst has predicted a 1,134% price rally for LUNC based on the confirmation of a bullish technical pattern on LUNC’s price chart.


Follow us on Twitter, Facebook, Telegram, and Google News

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.
RELATED ARTICLES

Latest News & Articles