Terra Luna Classic Votes on Tax2Gas Proposal to Simplify dApp Development

The Terra Luna Classic community is currently voting on Proposal 12115, titled “Genuine Labs Tax2Gas Implementation.” This proposal, introduced by StrathCole and Genuine Labs, aims to integrate tax calculations into gas fees, thereby eliminating the need for separate tax handling and simplifying the process for dApp developers. The proposal has garnered overwhelming support, with 99.98% of the votes in favor and endorsements from key validators like JESUSisLORD, StakeBin, and Ninja Node.

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Benefits of Tax2Gas Implementation

The primary objective of the Tax2Gas proposal is to streamline the development process on the Terra Luna Classic blockchain. Currently, contract developers and clients have to manually calculate taxes, as the simulation endpoint only provides gas estimates. This extra step can be cumbersome, especially for migrating audited dApps, which may require re-audits due to these Classic-specific adjustments. By incorporating tax into the gas fee, the proposal seeks to reduce these complexities and potential attack vectors, thus fostering a more efficient and secure development environment.

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Development Timeline and Budget

The developers behind the Tax2Gas proposal have outlined a detailed timeline for research, development, basic testing, and deployment. The entire process is expected to take approximately five weeks, with an estimated budget of $25,000 in LUNC. This budget will cover all necessary expenses to ensure the successful implementation of the Tax2Gas system, providing much-needed relief and efficiency for dApp developers on the platform.

Market Reaction and Price Movements

The announcement of the Tax2Gas proposal has positively impacted the prices of Terra Luna Classic (LUNC) and USTC. Over the past 24 hours, LUNC has experienced a 4% price increase, trading at $0.0001049, with a 24-hour low and high of $0.00009855 and $0.0001057, respectively. The trading volume for LUNC has also surged by 20%, reflecting growing interest among traders. Despite this positive sentiment, LUNC remains below the critical level of $0.00012, which it needs to surpass for a significant rally.

Similarly, USTC has seen a 3% price increase, now trading at $0.02378. However, its trading volume has only increased by 5% in the last 24 hours, as traders remain cautious, awaiting the Federal Reserve’s interest rate decision post-FOMC meeting.

Conclusion

The Tax2Gas proposal represents a significant step towards simplifying the development process on the Terra Luna Classic blockchain. By integrating tax calculations into gas fees, the proposal aims to reduce complexities and enhance security for dApp developers. The community’s strong support for this proposal, along with positive market reactions, indicates a promising future for the Terra Classic ecosystem. With a clear development timeline and budget in place, the successful implementation of Tax2Gas could mark a pivotal moment in the platform’s evolution.


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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.
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