Implementing the proposal which was voted for by the community needed some issues about the creation of special accounts and how transactions are run on them needs attention. The proposal was tagged proposal 894 and has already been passed to the community.
At the moment, Terra is working on suitable plans for the upgrades. And for the upgrades to be implemented, Terra Chain needs to be interrupted for some time at block height 890000 at around noon UTC on July 29th for the validators to execute the upgrade.
It is good to know that for the Terra chain, there are three updates which are as followed;
- The update to enable the creation of vesting accounts via normal transactions: From its inception, the Terra chain was programmed in such a way that it could only permit vesting accounts to be fabricated during Genesis. Fortunately, after this update vesting account will be created through transactions on the network
- The update to rectify the specifics of wrongly whitelisted wallet addresses: During Genesis, an exchange wallet was whitelisted with a missing letter, leading to the wallet receiving no LUNA in the course of the initial location but after this update, it will seek to rectify this error and unlock the 1.137 million LUNA previously planned for the wallet
- The update allows the users to start transactions to send vesting tokens to the community pool: Unfortunately, users can neither send nor donate tokens allocated at Genesis to the community pool but after the update sending or donation will be possible.
The U.S. Community Now Target Improving LUNC On Via Burning Mechanism
The LUNA community in the U.S has despite the various lawsuits against the Terraform Labs CEO, Do Kwon, Daniel Shin, and Terraform Labs shifted their target to the burning LUNC.
Since this time, the LUNC’s price has revealed bullish potential, trying to overcome the bear. The community is now focused on proposal 3568 for the enhancement of the LUNC through the integration of the burning method.
This proposal stated a tax burn mechanism or method to limit the overall supply of LUNA classic, therefore increasing the remaining tokens. as stated, the burning will continue till the circulation remain 10 billion.