Genuine Labs Seeks Funding for Terra Classic Upgrade Work

Genuine Labs, a development team, has submitted a proposal to the Terra Classic community requesting $30,000 worth of LUNC (Terra Classic) tokens for their work on upgrading the Terra Classic core infrastructure.

Upgrade Focus: Modernization and Security

Genuine Labs details their efforts over the past 11 weeks, focusing on upgrading the Terra Classic core to the latest version (SDK47). This upgrade aims to modernize the blockchain’s core functionalities and potentially improve its security posture. Additionally, they mention work on preventing “p2p storms,” which could be related to malicious network traffic.

Read Also: CZ on LUNC and USTC: Patience Key to Recovery, Not Get-Rich-Quick Schemes

Transparency Through Biweekly Reports

The proposal emphasizes Genuine Labs’ commitment to transparency. They claim to have provided biweekly reports detailing their progress throughout the upgrade process. This level of transparency is crucial for building trust within the Terra Classic community.

Funding Request: $30,000 in LUNC

The proposal specifies a funding request of $30,000. This amount will be paid in LUNC tokens from the community pool, based on the exchange rate prevailing at the time of the proposal (approximately 256,410,256 LUNC). However, the news mentions a discrepancy, noting the market price of LUNC at the proposal’s time was around $0.000117 per token. This difference suggests a potential miscalculation in the total number of LUNC tokens required.

Read Also: Terraport Fuels Terra Classic (LUNC) Recovery, But Can It Reach $0.3 Again?

Community Vote: Deciding Genuine Labs’ Fate

The proposal outlines four voting options for the Terra Classic community:

  • Vote Yes: This signifies satisfaction with Genuine Labs’ work and approval of the funding request.
  • Vote No: This indicates dissatisfaction with the work and a rejection of the funding request.
  • Vote No With Veto: This option is for those who believe the proposal is spam or potentially harmful to the Terra Classic blockchain.
  • Vote Abstain: This allows community members to contribute to the voting process without expressing a specific opinion on the proposal.

The Future of Terra Classic: Community-Driven Decisions

The Terra Classic community’s decision on this proposal will determine whether Genuine Labs receives funding for its work. This process exemplifies the decentralized nature of the project, where community members have a direct say in shaping the future of the Terra Classic network.

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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.