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Terra Classic Grants Foundation Seeks To Appreciate Key Community Members In First Initiative

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The Terra Classic Grants Foundation pushes to appreciate community members that contributed to the revival of the Terra Classic chain.

Edward Kim, Terra Classic core developer and director of the newly formed Terra Classic Grants Foundation, unveiled the foundation’s first initiative in a Twitter thread today.

Notably, the foundation seeks to recognize and appreciate community members who contributed to the network’s revival following the ecosystem collapse in May. To this end, it aims to create a grant fund of 750 million Terra Luna Classic (LUNC).

“From my viewpoint, hard work not only needs to be acknowledged but needs to be rewarded,” Marco Perreira Terra Grants Foundation Program Manager wrote. “If it weren’t for the past applicants’ work, commitment and time, the Terra Classic blockchain would not be where it is today.”

As highlighted by Kim, it is currently just a signal proposal that will decide if the foundation should create the fund and start receiving applications for the grant. Kim explains that if the community is not impressed following the review process, it can reject the governance proposals that would request the payment of the grants.

Notably, the initiative will consider contributions from four categories: validators, developers, projects, and community ambassadors. The foundation will only consider contributions from May to October. Per the proposal, potential recipients must provide their team/personal background, “proof of evidence,” and impact.

The foundation also reveals that there will be a three-person review committee for the four categories selected based on expertise in the field. Notably, the foundation will disclose the background of these committee members on its website.

For the sake of transparency, the foundation will also publish the following on the website

  • The applicant list in order of application 
  • The fund wallet with transaction details 
  • Grant recipients and award amount
  • The scoring sheet from the reviewers 
  • The reasoning behind individual scores 

So far, influential members of the community have received the initiative well. Rex Harrison, AKA Rexzy, a senior member of the independent Terra Classic development group TerraCVita described the proposal as “well thought out.” Meanwhile, community influencer and network validator Classy declared that he was proud to be the first validator to vote “yes.”

As previously reported, the Terra Classic community approved the allocation of 1.6 million TerraClassicUSD (USTC) to fund the operations of a Terra Classic Grant program for six months. The foundation’s primary goal is efficiently allocating funds in the community pool for Terra Classic development activities.

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Mark Brennan
Mark Brennan
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.

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