Terra Classic Approves KYC Mandate for L1 Developers

LUNC USTC TERRA CLassic

The proposal for Terra Classic, which mandates that L1 developers must undergo Know Your Customer (KYC) procedures, has been successfully passed. This decision has led to a 4% increase in the price of LUNC.

Cryptos Headlines Token Airdrop Is Live, Claim Instant 5000 CHT Tokens Worth Of $50 Free On CryptosHeadlinesToken.com

Terra Luna Classic has officially passed a proposal mandating compulsory KYC for all L1 developers, with a significant voter turnout of 90.5%. Following the approval by the community, the price of LUNC surged over 4%, while USTC also saw a 3% increase.


Terra Luna Classic Approves Compulsory KYC for L1 Developers

The Terra Luna Classic community recently voted on a proposal to mandate Know Your Customer (KYC) procedures for all L1 developers. Despite some contradictory voting from members and validators, the proposal was ultimately approved by the community, marking a defining moment for the platform. Notably, the proposal received a significant voting turnout of 90.5%, indicating strong community engagement and support.

With the goal of fostering increased development on the chain through third-party developers, the Terra Luna Classic community recognized the importance of introducing security measures. The decision to implement compulsory KYC for L1 developers reflects a proactive approach to safeguarding the chain against potential risks and ensuring its long-term viability and integrity.

Successful Passage of Terra Luna Classic Proposal for Compulsory KYC

The Terra Luna Classic community recently witnessed the approval of proposal 12033, titled “Compulsory KYC for all L1 developers,” by SolidVote LUNC Validator. According to the latest voting details on the Station wallet, this proposal, deemed essential for enhancing the chain’s security, garnered significant attention and engagement from the community. Notably, JesusIsLord, the largest validator within the support group, remarked that it was the closest vote in LUNC history, underscoring the importance of the decision.

The proposal received a massive voting turnout of 90.5%, indicative of widespread participation and interest from stakeholders. Among the voting outcomes, 34.94% voted ‘Yes’ in support of the proposal, while 16.86% voted ‘No,’ and 17.89% voted ‘No with veto.’ Additionally, 30.31% of voters chose to ‘Abstain’ from the decision. Despite initial challenges, last-minute votes and support from over 40 validators contributed to the successful passage of the proposal, with top validator Allnodes opting to abstain from voting.

Cryptos Headlines Token Airdrop Is Live, Claim Instant 5000 CHT Tokens Worth Of $50 Free On CryptosHeadlinesToken.com

Enhancing Security Measures in Terra Luna Classic Ecosystem

A recent proposal within the Terra Luna Classic ecosystem aims to bolster security by implementing mandatory Know Your Customer (KYC) procedures for individuals involved in governance votes for spend proposals. The initiative seeks to mitigate potential risks associated with anonymous developers by requiring them to undergo KYC verification with a third-party entity before engaging in blockchain-related work. Notably, the proposer will integrate the KYC cost into the spend proposal for developers who have not previously completed the process, and the specific details of the KYC procedure will only be disclosed in the event of legal disputes.

SolidVote Validator underscores the significance of this measure, citing the dangers posed by unidentified developers operating on the Luna Classic blockchain. Without proper identification, malicious actors could exploit vulnerabilities within the chain, posing a significant threat to its integrity and security.

According to the proposed guidelines, each developer involved in a spending proposal must undergo the KYC process before contributing to the chain. Additionally, any new members added to the development team subsequent to the proposal’s approval will be subject to the same KYC verification requirements. These stringent safety protocols are essential safeguards in response to proposals from new developer groups seeking to undertake projects within the Terra Luna Classic ecosystem.

Terra Luna Classic Tokens Surge Amid Market Recovery

Following the broader crypto market’s recent rebound, Terra Luna Classic tokens have experienced a notable rally, with LUNC prices soaring by more than 20% alongside increased trading volumes.

Over the past 24 hours, the price of LUNC has surged by 4%, reaching a current trading value of $0.0001125. Throughout this period, the token’s trading activity has seen a rise, with its 24-hour low and high recorded at $0.0001072 and $0.0001132, respectively.

Similarly, the price of USTC has witnessed a 3% increase following the successful passage of the proposal. Currently trading at $0.02616, USTC has demonstrated a notable uptick in trading volume, with its 24-hour low and high reported at $0.02535 and $0.02631, respectively. This surge in trading activity signals heightened investor interest and confidence in the Terra Luna Classic ecosystem.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

Join Cryptos Headlines Community

Follow Cryptos Headlines on Google News

Author

  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

Leave a Reply

Your email address will not be published. Required fields are marked *