Kim says it is necessary to reopen IBC channels to stay updated with changes in the Cosmos ecosystem and have time for rigorous testing.
Terra Classic core developer Edward Kim, a member of the Terra Rebels and the TerraCVita, has published a proposal to reopen the network’s Inter Blockchain Communication (IBC) channels, per a tweet yesterday.
Please share your comments on the following proposal discussion, https://t.co/WjZtZIWXKG
— Edward Kim (@edk208) November 21, 2022
The proposal will see the lines of communication and commerce between the Terra Classic network and Cosmos chains like Osmosis, Crescent, and Juno reopened.
As previously reported, the IBC channels were supposed to be reopened with the v23 network upgrade. However, Kim says developers believe separating the IBC reopening from the broader network upgrade is necessary. Kim says this is due to continuous changes in the Cosmos ecosystem and rigorous testing required so that the Terra Classic network can gain technological parity with the Cosmos ecosystem.
If the community approves, developers will reopen the IBC channels with block 10,542,500. The developer estimates this to happen around December 5. Notably, it will allow for the flow of liquidity trapped by the decision to close the IBC channels during the Terra ecosystem collapse in May to prevent impermanent losses.
However, the network may not become fully Cosmos interoperable until developers roll out the v23 upgrade, as it contains the CosWasm upgrade highlighted by Terra Rebel member Raider. CosWasm is a library that contains code standards to build a contract on the Cosmos ecosystem.
Kim first disclosed that Terra Classic developers worked closely with Cosmos developers like Jacob Gadikian to reopen IBC channels in September. Notably, Gadikian revealed that the code was ready in October.
The v23 upgrade remains on schedule to also roll out in December, as reported by The Crypto Basic.
It is worth noting that the reopening of IBC channels and subsequent full Cosmos interoperability would potentially benefit both the Terra Classic network and the Cosmos ecosystem. Other Cosmos chains can boost economic activity by attracting the budding Terra Classic community, while members of the Terra Classic community gain new ways to spend their Terra Luna Classic (LUNC).
Several users have expressed excitement at the new proposal. For example, community influencer and network validator Classy said his validator would vote yes to the proposal.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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