Terra Classic’s CosmWasm v1.1.0 Upgrade: Reviving Utility and Expanding Possibilities

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The Terra Classic developer group Joint L1 Task Force (L1TF) recently announced the official date for the CosmWasm v1.1.0 parity upgrade, a significant milestone since the Terra-LUNA crisis last May. This update will bring Terra Classic on par with other blockchains such as Terra 2.0 and Cosmos. LuncBurnArmy, the project manager of Joint L1 Task Force, revealed on Twitter that the upgrade is scheduled for June 14. Initially planned for May 31, the core developer team added two weeks for additional testing, as this is a major upgrade.

CosmWasm v1.1.0 upgrade will feature several crucial prerequisites. The team has already completed the v1.2.0 upgrade and smart contract unit testing. Furthermore, they plan to complete v1.2.0 upgrade testing on the Bajor testnet and a v1.2.0 ‘dress rehearsal’ upgrade on the rebel-2 testnet by May 31. L1TF will post an updated Agora proposal on June 1, and post-governance voting will commence on June 7. DApp owners and smart contracts providers will need to update their smart contracts to CosmWasm v1.1.0.

The complexity of this upgrade lies in migrating the state and data currently inside the WASM module to the version of the future WASM module. The CosmWasm v1.1.0 upgrade is significant as it brings utility back to the Terra Classic network by allowing projects and builders across Cosmos and Terra Luna 2.0 to develop on the Terra Classic chain.

This update will enable Professor Edward Kim to launch the testnet for the AI upgrade Block Entropy. In addition, it includes reinstating the burn tax to 1.2%, increasing staking rewards, and reviving LUNC and USTC to $1. The LUNC price currently trades at $0.000087, down 3% in the past 24 hours amid market uncertainty.

The Joint L1 Task Force successfully completed the v2.0.1 upgrade on May 17 without any issues, enabling several features on the Terra Classic blockchain. These include a minimum initial deposit for governance proposals, Cosmos SDK v0.45.13 and Tendermint v0.34.24 upgrade, and mandatory security updates.

In conclusion, the CosmWasm v1.1.0 upgrade is a significant step forward for the Terra Classic ecosystem. It signals progress and innovation in the blockchain space and will likely continue to pique interest among crypto enthusiasts and builders alike. As always, thorough market research is crucial before investing in cryptocurrencies to mitigate potential financial risks.

Source: Coingape

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