Terra Classic proposition making KYC mandatory for all L1 engineers has been officially approved by the community after inconsistent voting by individuals and validators.
Those who primarily favor the proposition call it a pivotal occasion, with an enormous voting turnout of 90.5%.
As the Terra Classic community pushes to increment improvement on the chain with third-party engineers, it became urgent to acquaint some safety measures to curtail inconvenience or harm to the chain.
KYC Proposal Passes
erra Classic proposition 12033 “Cuomplusory KYC for all L1 developers” by SolidVote LUNC Validator has been passed officially by the community, according to the recent voting information on the Station wallet. JesusIsLord, the greatest validator among the support group, said “It was the closest vote in LUNC history.”
The proposition saw a huge voting turnout of 90.5% as it was significant for boosting the chain’s security. The proposition got 34.94% ‘Yes’ votes in support, alongside 16.86% ‘No’, 17.89% ‘No with veto’, and 30.31% ‘Abstain’ votes. Top validator Allnodes cast a ballot Abstain, yet last-minute votes and backing from more than 40 validators passed the proposition.
BREAKING: $LUNC proposal #12033 requiring L1 developers to KYC to a third party provider in order to submit code on the #LunaClassic blockchain has officially PASSED. Thank you to all who voted, time to rebuild #LUNC. 🛠️🌕💎🤲🏻 #Crypto #LUNCcommunity pic.twitter.com/hvA9CaThF7
— Mr. Diamondhandz1💎 (@MrDiamondhandz1) February 8, 2024
Importance Of The Proposition To Terra Classic (LUNC)
As was reported by Crytpolifedigital early this week, the Terra Classic proposition urges anybody looking for a governance vote in favor of a spend proposal to work on the chain to go through a mandatory KYC process with an outsider organization (third-party).
In the event that a developer has not previously finished the KYC, the cost will be added to their spend proposition by the proposer. The details of the whole thing will not disclosed and can only have the chance of being released chance that there are legal issues.
Recall that as per information by Cryptolifedigital yesterday, a clear benefit point and the reason for the KYC validation were made known, quoting SolidVote Validator
When a spending proposition by a designer is presented, every engineer in the team probably has finished the KYC cycle prior to working on the chain.
The proposition likewise required any new individual added to the team after a proposition was passed to finish the KYC. The set of well-being and security efforts are taken after new engineer bunches propose to work on the chain.
LUNC Price Currently
The Price of LUNC cost has increased by 4% as of now, with the cost at present Trading at $0.0001125. The 24-hour low and high are 0.0001072 and $0.0001132. Trading volume has been expanding in the past 24 hours.