Critical Vote in Terra Classic (TC) Community: Detailed Proposal and Price Reaction!

  • The Terra Classic community has begun voting on a significant proposal to bring in an official organization responsible for hosting the endpoint that provides the correct circulating supply data for Terra Classic.
  • The top validator, Allnodes, will manage the endpoint to provide protection against unauthorized changes in supply without approval from a single individual.
  • If the proposal is accepted, the establishment of the official organization and the creation of the endpoint under Allnodes’ management will take place.

The Terra Classic community is voting on a proposal to bring in Allnodes as the official organization to manage the endpoint for circulating supply data, ensuring accuracy and security.

Terra Classic Proposes Allnodes for Endpoint Management

Proposal number 12103 aims to designate an official organization to provide the correct circulating supply data for Luna Classic and secure the endpoint. The proposal suggests Allnodes as the top validator. It also aims to establish a standard for calculating circulating supply.

Allnodes to Implement Circulating Supply Calculation

According to the proposal, Allnodes will need to update to the latest FCD (Full-Featured Community Development) version and implement a specific circulating supply calculation. This calculation is as follows: Circulating Supply = Total Supply – Uninvested Coins – Community Pool Held Coins – Staked and Bonded Coins.

Proposal Encourages Use of Allnodes FCD API

The proposal encourages the use of the Allnodes FCD API as the official information source about Terra Luna Classic’s circulating supply. This will allow third-party websites to access accurate data from a reliable source, reducing the risk of altering the circulating or total supply.

Voting Results on the Proposal

According to the voting results on the proposal, 56% voted “Yes”, 3% “No”, 41% “No with Veto”, and 1% abstained. Important validators like Community First LUNC, Hexxagon, LUNC Development Fund have supported the proposal, but top validators have not yet voted. The voting will end on May 18, and the results will be clear on this date.

LUNC and USTC Approaching Breakout

Recent news of rapidly rising LUNC and USTC prices has revived the burn and destroy rhetoric in the Terra Classic community. The community is embarking on USTC and LUNC burning efforts in the LFG wallet to reduce total supply.

Conclusion

The Terra Classic community’s decision to bring in Allnodes for endpoint management is a significant step towards ensuring accuracy and security of circulating supply data. The rising prices of LUNC and USTC indicate a potential breakout, further stirring interest in the Terra Classic community.

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Sheila Belsonhttps://en.coinotag.com
Sheila Belson is a 20-year-old financial content editor who ventured into the realm of cryptocurrencies in 2023. Enthralled by the innovative world of non-fungible tokens (NFTs), she harbours a profound affection for Ethereum. With a sharp eye for detail, Sheila skillfully navigates the dynamic crypto landscape, continuously seeking to enrich her understanding and share her passion through engaging and insightful content.
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