Terra Classic Upgrade Debate: Skepticism Meets Optimism in Blockchain’s Future

Intricate blockchain scene, warm and cool tones, futuristic style, side lighting, optimistic mood, Terra Classic upgrade, v2.0.1, validator support, contrasting skepticism, critical features, Cosmos & Terra Luna synergy, temporary halt, Parity upgrade, market reaction, LUNC burn rate.

The recently submitted Proposal for v2.0.1 Upgrade by Terra Classic core developer Joint L1 Task Force (L1TF) has crossed the threshold limit, marking a significant upgrade to the LUNC blockchain. Scheduled alongside the Cosmwasm v1.1.0 upgrade (parity) on May 31, the implementation is set to enable projects and builders across Cosmos and Terra Luna to build on the Terra Classic chain. Despite this, former core developer Tobias “Zaradar” Anderson remains skeptical about the upgrade’s success.

With a resounding 99.5% of votes in favor of Proposal 11511, major validators such as Allnodes, StakeBin, JESUSisLORD, Lunanauts, and SolidVote have lent their support. Nevertheless, Anderson argues that the “upgrade will be difficult using an upgrade handler without excessive work” and suggests that a nuclear option for the WASM module could represent a less complicated alternative.

The slated upgrade incorporates numerous critical features, including a minimum initial deposit for governance proposals to combat spam, updates to Cosmos SDK and Tendermint, and improvements to code maintainability. As the proposal gains approval, Joint L1 Task Force is urging all nodes and validators to install and run the upgraded version v2.0.1.

The Terra Classic blockchain will come to a temporary halt at block 12,812,900, estimated for May 17 at 14:03 UTC, paving the way for the Cosmwasm 1.1.0 Parity upgrade later in the month. By allowing projects and builders from Cosmos and Terra Luna 2.0 to build on the Terra Classic chain once more, the Parity upgrade is expected to restore utility to the Terra Classic network.

Despite earlier enabling Inter Blockchain Communication (IBC) with other chains, additional developments are still in the works as per the Terra Classic Revival Roadmap, devised by core developer Edward Kim. Concurrently, the LUNC burn rate has seen a significant increase, with a new project causing billions of tokens to be burned within a week. As the LUNC price dips below $0.000010, this heightened activity hints at potential market reactions to the ongoing upgrades.

With a 2% decline in the last 24 hours, LUNC is currently trading at $0.000088, with a range between $0.000083 and $0.000097. As the market adjusts to these upgrades and accompanying developments, investors should perform thorough market research before committing to any cryptocurrency – whether it be LUNC or otherwise.

Source: Coingape

Sponsored ad