Terra Luna Classic Community Approves KYC Proposal
The Terra Luna Classic community has approved a proposal to make KYC (Know Your Customer) compulsory for all L1 developers. This decision was made in order to introduce security measures and prevent potential damage to the chain. The proposal, titled “Compulsory KYC for all L1 developers,” is currently in the voting phase and will end on February 8.
The SolidVote LUNC Validator, who put forward the proposal, emphasized the risks of allowing anonymous developers to work on the Luna Classic blockchain. They highlighted the potential for rogue developers to manipulate the chain for personal gain.
If the proposal passes, any developer seeking a governance vote for a spend proposal will be required to undergo a compulsory KYC process with a third-party company. The cost of this process will be added to their spend proposal if they have not completed KYC previously.
After the proposal is passed, both existing and new developers added to the team will be required to complete the KYC process before working on the chain. The specific details of these safety and security measures will remain undisclosed unless legal action is taken.
Currently, there are over 38 ‘Yes’ votes in favor of the proposal, along with 16% ‘No’ votes, 20% ‘No with veto’ votes, and 26% ‘Abstain’ votes. Notably, top validator Allnodes voted Abstain.
LUNC and USTC Prices Experience Surge
The price of LUNC has seen a significant rally of 20% in recent days and is currently trading at $0.0001097. During the past 24 hours, it reached a high of $0.0001107 and a low of $0.0001041. This surge in trading volumes has left the community bullish about its future.
In addition, the price of USTC has also experienced a 3% jump in the last 24 hours. It is currently trading at $0.02561, with a low of $0.02488 and a high of $0.02594 during the same period.
Hot Take: Terra Luna Classic Community Enhances Security Measures
The Terra Luna Classic community has taken a significant step towards enhancing security on the chain by approving a proposal to make KYC mandatory for all L1 developers. This move aims to mitigate potential risks posed by anonymous developers and protect the integrity of the Luna Classic blockchain. With over 38 ‘Yes’ votes in favor of the proposal, it seems that the community recognizes the importance of these security measures.
Furthermore, the recent surges in LUNC and USTC prices indicate growing confidence in the Terra Luna Classic ecosystem. As the community continues to prioritize security and attract third-party developers, we may see further positive developments in the future.
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