Terra Classic: Blockchain developer proposes new grants program to attract ‘new utility’
Terra blockchain developer Edward Kim has shared a proposal to launch a Terra Classic Grants program. The directive is aimed at an efficient and transparent distribution of community pool funds.
Kim shared the proposal via a tweet, adding that the program will provide accountability for community spending.
The previous proposal 5234 provided for a 1.2% tax burn to be reduced to 0.2% and 10% of the tax obtained to be added to the community pool to fund development activities. Last week, Kim revealed that he had voted yes to the proposal.
It is in continuation of this previous proposal that Kim has proposed the Terra Classic Grants program.
Developers supported by $68,000 fund
As per the program, the team will uncover bugs on the Terra Classic chain. Once these vulnerabilities have been identified, incentivized requests will be made for developers to submit plans to address the identified shortfall.
To avoid any conflict of interest, independent reviewers will oversee the proposals. Towards the end, the data and reviewers’ suggestions will be presented, requesting the Terra community to approve the distribution of funds to a selected multi-sig address. Notably, the grant foundation will issue payments to recipients based on the address.
As per Kim’s proposal, a fund of $68,000 is required to begin the process and address the program expenses for six months in the beginning.
How will the Terra Ecosystem address this challenge?
The response to Kim’s proposal has been promising. The community has welcomed an incentive programme that leverages on new talent for problem-solving.
It was the collapse of the Terra stablecoin ecosystem earlier this year that precipitated the crypto-crash. The TerraUSD (UST) stablecoin was linked to LUNA Classic (LUNC) in order to ensure the latter’s price stability. The future of this cryptocurrency is crucial in determining if a failed currency can make a comeback among investors and grow.
One should watch out for how the Terra ecosystem reacts to these developments and if it can adapt to the emerging trends in the crypto-industry.
The Terra community pool already has a holding of 407 million LUNC worth about $120,000.