Terra Rebels Releases Official Terra Classic (LUNC) Revival Roadmap
The post Terra Rebels Releases Official Terra Classic (LUNC) Revival Roadmap appeared first on Coinpedia Fintech News
The official Terra Classic (LUNC) Revival Roadmap has been published by Terra Rebels, the volunteer developer organization behind the 1.2% tax burn proposal. Terra Rebels’ primary architects, Edward Kim and Alex Foreshaw have 3 goals in mind: “Rebuild the Algorithmic Fungible Token (AFT),” “Rebuild the project environment,” and “Rebuild independence.”
Terra Rebels’ New Revival Roadmap for Terra Classic (LUNC)
A tweet by Terra Rebels on September 29 revealed the official Terra Classic resurrection roadmap. There is a white paper and a Roadmap available online. The approach may change, though, if and when new data emerges on how to bring Terra Classic back to life.
“With much excitement, we present to you the official Terra Rebel Roadmap. We have made the road map available on our website (terrarebels.net). You should assume that the roadmap will be updated periodically.”
Additionally, Terra Rebels have announced that they would be collecting donations through the platforms Open Collective and Terra Classic Wallet. This tweet contains all the information you need.
After the successful rollout of the v22 upgrade on August 26, which officially kicked off the resuscitation of the Terra Classic blockchain and the LUNA token, Terra Rebels re-enabled delegation and staking during the emergency phase.
As a result, on September 21 all on-chain transactions were subjected to a 1.2% tax burn thanks to the overwhelming approval of Terra Rebels’ governance proposal 4661. This marks the end of Stage 6 of the Roadmap.
Presently, Edward Kim and Alex Foreshaw identify three major goals for the reconstruction phase.
It’s time to start over with the Algorithmic Fungible Token (AFT), the ecosystem the project relies on, and your freedom.
Re-create the Algorithmic Fungible Token (AFT)
- Terra Rebels envisions a cryptocurrency using an algorithmic fungible token (AFT). Devs want to stop the existing Terra swap mechanism and develop a new approach to reduce supply. The original Terra swap mechanism may have caused hyperinflation in LUNA and the death of UST.
- Debt-to-equity swap needed to re-peg AFT top the dollar. To retain its decentralization focus, Terra Rebels plans to seek funds from its own community, diluting its own interests by a certain percentage.
- Plans are underway to establish a large on-chain programmable reserve to burn away all USTC in circulation. Terra Classic (LUNC) holders may lose money in a systemic crisis. It won’t cause hyperinflation like the Terra-LUNA disaster. 2022 has high hopes.
The Project Ecosystem Must Be Rebuilt.
In order to restore dApp and project support on the Terra Classic blockchain, the Terra Rebels will restore Inter-Block Communication (IBC) between Osmosis and Terra, implement Upgrades and Utility for chain cleanup, and make Terra Classic compatible with Cosmos v45.8 and Tendermint v0.34.
Restore Autonomy
The group Terra Rebels wants to overthrow TFL’s rule over Terra Classic. People in the community are worried that TFL is affiliated with Do Kwon and Terra Classic. Each member of the Terra Classic programming, validating, and LUNC holding communities will hold a fractional share of the legal possession of Terra Classic.
In order to break away from TFL and Do Kwon, the Terra Rebels are working on the Light Client Daemon (LCD), the Terra Station Wallet, and the Community Pool. Furthermore, TFL is focusing on LUNA v2 and no longer supporting the Terra Classic network or LUNC money.
Finally, LUNC Price Showing Strength
A little but a shadow of hope is shown with recent price action. CoinGecko reports Terra Classic (LUNC) has risen 370% since the Terra-LUNA dispute. After v22, the price rose over 500%. Burning, staking, project construction, ecological education, and governance are included.
LUNC hit $0.00058 on Sept. 8. Due to a South Korean arrest warrant for Terra founder Do Kwon, the price is $0.00027.
