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HomeCrypto NewsMarketThis Terra Classic (LUNC) Proposal Wording Raises Concerns

This Terra Classic (LUNC) Proposal Wording Raises Concerns

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TerraCVita Member Launches Voting On Terra Classic Proposal, But There Are Concerns Over The Proposals Wording.

A member of the TerraCVita has launched a proposal for the community to vote on IBC re-opening.

In a tweet on Wednesday, the TerraCVita urged the community to consider voting on a proposal to re-open the Terra Classic Inter Blockchain Communication (IBC) channels authored by a couple of its members.

As disclosed by the group, it is voting “yes” to the proposal.

It is worth noting that fragwuerdig, the original proposer authored it with the help of Rex Harrison, AKA Rexzy or RexYellerBelly. The TerraCVita members published the proposal codified as proposal 10880 in October.

While some community members have pledged their support for the proposal, reXx of the Terra Rebels raised concerns over how the authors wrote it. According to reXx, the proposal appears to want to coerce the voters into voting “yes.” Moreover, he notes that voting “no” should not mean that the community does not want IBC re-opened. Furthermore, he points out that the proposed changes will not kick in as the proposal suggests should it pass a governance vote as developers have not finished testing the IBC code.

Meanwhile, the Terra Rebel was not the only one to raise concerns. Other community members also criticized the extremely technical nature of the proposal. According to the user, most of it is not understandable by most community members.

Notably, reXx’s statements elicited a response from the proposer. fragwuerdig strongly denied any claims that the proposal was trying to coerce community members but asserted that he was just a community member with technical skills suggesting the IBC re-opening to the community.

It bears mentioning that IBC is the protocol that allows Cosmos chains to interact and transfer value in the Cosmos ecosystem. Terraform Labs permanently disabled Terra Classic’s IBC connection during the Terra ecosystem collapse in May to prevent impermanent losses.

By re-opening its IBC channels, the chain can access locked liquidity and attract new utility for Terra Classic Luna (LUNC). To this end, members of the Terra Rebels have been working closely with Jacob Gadikian, a renowned Cosmos developer, and other members of the Osmosis team to write the code to re-open the Terra Classic’s IBC channels. 

As reported by The Crypto Basic on October 26, the code is now ready. However, Gadikian has requested that the Terra Rebels make a governance proposal to ensure community support for the effort as the code undergoes testing.

Furthermore, as The Crypto Basic reported yesterday, the Terra Rebels are scheduled to roll out the v23 upgrade in December, along with the IBC re-opening.

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Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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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