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HomeCrypto NewsMarketFamous Cosmos Developer Reveals Code To Re-Open IBC On Terra Classic Is...

Famous Cosmos Developer Reveals Code To Re-Open IBC On Terra Classic Is Ready

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The Terra Classic Chain is one step closer to full Cosmos interoperability.



After months of hard work, in a tweet Tuesday, renowned Cosmos developer Jacob Gadikian disclosed that the code to re-open Inter Blockchain on the Terra Classic network is ready.

“So, as it has been for the past few months, the needed code to re-open IBC is here,” Gadikian wrote.

What IBC Is And Why It Is Important 

It bears mentioning that the IBC protocol enables interaction and transfer of value across independent Cosmos chains. For example, as a Cosmos chain, the Terra Classic network originally used IBC but had the channels permanently closed during the ecosystem collapse in May to prevent impermanent losses.

However, as the network now charts a path to recovery, re-enabling IBC has become necessary to access trapped liquidity and improve the chain’s utility. To this end, the Terra Rebels, an independent group of volunteers working on the Terra Classic chain, got in touch with Gadikian, as disclosed by core developer Edward Kim in September. Notably,  Gadikian not only offered to help them with the uphill task of re-enabling IBC after it was permanently closed but also offered to clean up the chain.

According to Kim, this support has remarkably sped up the timeline for the Classic chain to achieve technological parity with Terra 2.0, which will drastically boost the number of projects on the chain.

As highlighted by Venus, a member of the Terra Rebels and the core team project manager, in a blog post, if IBC is re-opened, projects on Cosmos chains could decide to integrate Terra Luna Classic (LUNC) as a payment option to attract its active community. Consequently, this increases LUNC’s utility and on-chain transaction volume, which will increase the burn rate and boost the network’s treasury as 10% of the burning tax goes to the community pool.

The Community Response

Unsurprisingly, the news that the code is ready has attracted a flurry of positive responses from the community. 

Max Callisto, one of the CEOs of the popular LUNC validator LUNC DAO and the first to author a proposal requesting the re-opening of IBC on the chain, took time to highlight the possible utility it brings.

While the code is still in testing, Gadikian has requested a signal vote from the community to know that the community supports the re-enabling of IBC. As such, the Terra Rebels will make a governance proposal open for voting in the coming days. Should the proposal pass, validators can implement the new code, effectively opening IBC on the chain once testing is complete.

It bears mentioning that, as previously reported by The Crypto Basic, the chain may only achieve full Cosmos interoperability once it receives a CosWasm upgrade which will come with the v23 Terra Classic upgrade. Notably, this upgrade is scheduled for December.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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