Terra Classic Secures Circulating Supply Data with Proposal 12103 Passage
The Terra Classic (LUNC) community has taken a significant step towards securing its circulating supply data with the successful passage of Proposal 12103. The proposal, which concluded voting on May 18th, 2024, paves the way for Allnodes, a prominent validator, to host the official Canonical Serialization Bundle (CSB) API endpoint.
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Importance of Accurate Supply Data
For any cryptocurrency, maintaining accurate and verifiable circulating supply data is crucial. This data influences factors like market capitalization, token value, and overall network health. In the past, blockchains have faced vulnerabilities where unauthorized actors could manipulate circulating supply, leading to significant financial losses for investors.
Proposal 12103: Decentralization and Security
Prior to Proposal 12103, the LUNC circulating supply data relied on a single, potentially vulnerable endpoint. This posed a risk of manipulation by a malicious actor. The new proposal effectively decentralizes the process by appointing a reputable validator, Allnodes, to host the CSB API endpoint.
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This shift offers several advantages:
- Enhanced Security: Distributing the responsibility across a trusted validator like Allnodes makes it significantly harder for a single entity to tamper with the data.
- Governance Oversight: The proposal emphasizes that any changes to the circulating supply data will still require approval through the Terra Classic governance process. This ensures community control over critical network parameters.
- Transparency and Trust: By partnering with a well-established validator, the LUNC project fosters greater transparency and trust in the accuracy of its circulating supply data.
Looking Ahead: Continued Development
The passage of Proposal 12103 marks a positive development for the Terra Classic ecosystem. With a more secure and decentralized approach to managing circulating supply data, the project strengthens its foundation for future growth. The Terra Classic community’s commitment to on-chain governance demonstrates its dedication to building a robust and reliable blockchain network.
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