Wednesday, November 30, 2022
HomeCrypto NewsMarketTerra Rebels Set To Stop Working On Free Volunteer Basis

Terra Rebels Set To Stop Working On Free Volunteer Basis

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The Terra Rebels have revealed plans to change their working model in the interest of their members and sustainable network development.


The Terra Rebels are moving to a “budgeted working model” after the v23 Terra Classic network upgrade, according to a tweet from the Rebels on Monday.

Per the attached document, the Terra Rebels will submit detailed budgets for the cost of future projects and releases to the community. An internal Terra Rebels vote has already approved the decision.

The Rebels disclose that the new working model will allow the community to see the cost of their work and past contributions. It will also give assurance of compensation to members who pool their time and expertise to maintain the chain. Additionally, it creates a sustainable system that ensures the Terra Rebels can continue working on the network.

It is worth noting that the new model is likely to work seamlessly with the Terra Classic grants program. Notably, earlier in the month, the network approved 1.6 million USTC to fund a Terra Classic grant scheme directed by Terra Classic core developer and member of the Terra Rebels Edward Kim. The program promises to efficiently allocate funds in the community pool to fund development activity.

The decision by the Terra Rebels comes as the community debates how best to fund development. Presently, with the grants program, the community hopes to fund development from the seignorage of Terra Classic Luna (LUNC) burns sent to the community pool.

However, there have also been debates about using newly discovered $4 million Terra Classic off-chain assets to pay for professional development efforts. 

In a tweet last Friday, community influencer and network validator Classy disclosed that while the squabbles continued and the community dragged its feet, the assets had lost about 50% of their value. According to Classy, $4 million is nothing to a network with a market cap of about $1 billion. The influencer asserts that the resistance against developers’ funding is hurting the chain. 

The assets are now worth only about $2.4 million.

As previously reported, Alex Forshaw, who discovered the existence of these assets through communications with Terraform Labs founder Do Kwon, recently proposed to use the assets to purchase LUNC. After the purchase, he suggested that all of it be burnt to take away legal liability and reduce LUNC supply while minting about half of the value burnt for the community to keep in an on-chain multisig address to fund development.

At the time, the plan would have burnt about $2 million worth of LUNC while creating $2 million worth of LUNC for on-chain development.

It bears mentioning that the Terra Rebels have been instrumental in reviving the Terra Classic chain. They are responsible for the return of staking, effectively allowing for community governance. Additionally, they are also responsible for implementing the burn tax parameter changes. Furthermore, their efforts have made it possible for new validator nodes to be created, making the network more secure.

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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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