The proposition by the Terra Classic community to make KYC a necessary requirement for all L1 engineers is supported by the community, with an astounding vote. As the community pushes to increment development on the chain with third-party developers, it became important to acquaint some safety measures to tackle any harm to the chain.
Approved KYC Proposal
Terra Classic proposition 12033 “Mandatory KYC for all L1 designers” by SolidVote LUNC Validator is nearly passed by the community, according to the most recent voting information on the Station wallet. The decision on the proposition closes on February 8.
According To SolidVote Validator: “Anybody can work on the Luna Classic blockchain anonymously. This poses a serious risk to the chain. For example, a rogue developer could open a short position and then damage the chain to gain profit”
The proposition urges anybody looking for a governance vote in favor of a spending proposal to work with the chain to go through a necessary KYC process with a third-party company. in the event that a developer has not recently finished the KYC, the cost will be added to their spend proposition by the proposer.
After the passing of the proposition, every engineer will finish the KYC process before working on the chain. The proposition likewise required any new member added to the group after a proposition was passed to finish the KYC. The arrangement of safety and security efforts is taken after a new engineer proposes to work on the chain. The details will be undisclosed and may be released in legal action.
According to the ongoing voting, the proposition got more than 38 ‘Yes’ votes, alongside 16% ‘No’, 20% ‘No with veto’, and 26% ‘Abstain’ votes. Top validator Allnodes casted a ballot Abstain, however, 38 validators are supportive of the proposition.
Price Soar For LUNC And USTC
LUNC price energized as it rallied 20% over the last couple of days, with the price presently trading at $0.0001097. The 24-hour high and low are $0.0001041 and $0.0001107. The Terra Classic community stays bullish after the gigantic leap in trading volumes as of late.
In the meantime, USTC price jumped at around 3% in 24 hours, with the price trading at $0.02561. The 24-hour low and high are $0.02488 and $0.02594.