The Terra Classic (LUNC) community has been working tirelessly to revitalize the network, and they have taken another step towards this goal with the latest proposal for an upgrade to version 2.0.1. This proposal seeks community consensus and aims to bring the Terra Classic network closer to achieving parity with other blockchain networks.
The proposal For LUNC Network Upgrade Is Under Deliberation
The proposal was recently made public and is open for discussion and voting by the community. It outlines the various upgrades and improvements that will be implemented in version 2.0.1, including better transaction throughput, enhanced security features, and improved network performance.
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Software upgrade proposal for v2.0.1 is up for vote! #Lunc
— đ„LuncBurnArmyđ„ (@luncburnarmy) May 9, 2023
With six days left, the proposal now has 99.30% votes on âYes.â However, it has not hit the pass threshold yet as of press time. Once the community passes the proposal, the upgrade is expected to occur on May 17 at 14:00 (UTC). This will bring LUNC closer to parity with the Cosmos and Luna 2.0 networks.Â
Features of the Proposed Upgrade
One of the main features of the proposed upgrade is the introduction of a new consensus mechanism. The Terra Classic network currently uses a Proof-of-Work (PoW) consensus algorithm, criticized for being slow and resource-intensive. The proposed upgrade will replace this with a Proof-of-Stake (PoS) consensus mechanism, which is faster and more energy-efficient.
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Another key improvement that is being proposed is the implementation of sharding. This is a technique that allows the network to split into smaller partitions, or shards, each of which can process transactions independently. This will significantly improve transaction throughput, enabling the Terra Classic network to handle more transactions per second and reducing transaction confirmation times.
LUNC Secures A Position Amidst Top Gainers
Notably, after this upgrade, the L1 team will seek to upgrade the chain to v2.1.0 on May 31, which is expected to introduce a Cosmwasm upgrade to v1.1.0. This will bring parity with Cosmos and Luna 2.0, essentially allowing builders on these networks to bring their projects to Terra Classic.Â
Meanwhile, LUNC has secured a position among the biggest gainers amid the ongoing voting. The asset is up 6.06% in the past 24 hours, making it the second biggest gainer among the top 100 assets by market cap. LUNC is currently trading for $0.00008985 as of press time.
The proposed upgrade will also introduce several security enhancements, including the implementation of a new smart contract auditing system and the addition of stronger anti-DDoS measures. Additionally, the upgrade will include improvements to the network’s governance system, making it easier for users to participate in decision-making processes.
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