Terra Classic Embraces Upgraded Potential: Revitalizing the Blockchain Ecosystem with v2.1.0

Unanimous Approval Sets the Stage for Enhanced Utility and Security, Propelling Terra Classic to New Heights

The vote to implement the v2.1.0 upgrade, submitted by the core development team, “Joint L1 Task Force (L1TF)”, was unanimously approved by the Terra Classic community.

- Advertisement -

Following the approval vote, on June 14, L1TF will proceed with a Blockchain upgrade, which will significantly diversify the outlook of Terra Classic.

The main advantage Terra Classic now gains is that it will be on par with other Blockchains, such as Terra 2.0 and others within the Cosmos ecosystem.

As a result, developers and projects will once again be able to use the Terra Classic infrastructure, which is expected to increase the utility of the network and thus both the price of LUNC (Terra Classic’s currency) and the coins that are “burned”.

Major modifications

This update is one of the most significant updates since the Terra Classic community took control of the blockchain in May 2022, following the collapse of the Terra-LUNA ecosystem.

The update will be implemented on June 14.

Among the notable features of the upgrade is the fact that there will be a minimum 5% commission rate that validators will have to apply, which will prevent someone from setting a low commission rate to garner a large number of users and thus more power within Terra Classic. Also included in the upgrade are two major security fixes.

- Advertisement -

For the record, the vote count for proposal 11561 was 99.99% in favor, with just 0.01% against. Almost no one voted “Abstain” or “Vetoed No” on the proposal.

READ NEXT

Previous Articles:

- Advertisement -

Latest

Pi, IMX, ZBCN in Focus as Key Token Unlocks Threaten More Losses

The crypto market experienced a sharp drop as Bitcoin fell from $111,900 to below $104,000, resulting in widespread altcoin declines.Investors are closely watching key...

Crypto’s “Inverse Cramer”: Trader Gains Millions Opposing James Wynn

A trader known as James Wynn became notable for a $1 billion Bitcoin short position on the Hyperliquid platform.Other crypto traders have started to...

Bitcoin Drops 10% From Highs Amid Quantum Computing Warnings

Bitcoin dropped nearly 10% from its record high, falling close to $103,000 after reaching $112,000 last week. BlackRock warned that advances in quantum computing could...

Czech Justice Minister Resigns Over $45M Bitcoin Donation Scandal

Czech Justice Minister Pavel Blazek resigned after controversy over accepting and selling Bitcoin from a convicted criminal.The Justice Ministry auctioned nearly 500 Bitcoin, raising...

Uniswap (UNI) Rebounds Above $6 After Brief Uptrend Breakdown

Uniswap's UNI token dropped below its key uptrend line following a failed hold above the $6.00 support level.High trading volumes accompanied the decline, including...

Must Read

This is How to Buy and Sell Bitcoin

Now more than ever, there are a variety of ways to enter and exit the crypto market. While this is good, the availability of...