Jacob Gadikian, a well-known Cosmos developer, said in a tweet on Tuesday that the code to reopen Inter Blockchain on the Terra Classic network is complete after months of labour.
One step closer to full Cosmos compatibility for the Terra Classic Chain.
According to Gadikian, “So, as it has been for the past few months, the needed code to re-open IBC is here.”
About the IBC Protocol
It is important to note that the IBC protocol facilitates communication and value transfer between separate Cosmos chains.
For instance, when the ecosystem collapsed in May, the Terra Classic network, which was initially a Cosmos chain, had the channels permanently stopped to prevent temporary losses.
Re-enabling IBC has become vital to access stranded liquidity and increase the chain’s utility as the network plots a course for recovery.
As revealed by core developer Edward Kim in September, the Terra Rebels, a separate group of volunteers working on the Terra Classic chain, contacted Gadikian for this purpose.
Gadikian offered to clean up the chain in addition to helping them with the challenging work of re-enabling IBC after it had been permanently disabled.
Kim claims that this assistance has significantly sped up the time it will take for the Classic chain to catch up to Terra 2.0 technologically, increasing the number of projects on the chain.
According to Venus, a Terra Rebel and the core team project manager, projects on Cosmos chains may choose to incorporate Terra Luna Classic (LUNC) as a payment option once IBC is reopened to draw in its vibrant community.
As a result, LUNC’s utility and on-chain transaction volume increase.
This raises the burn rate and boosts the network’s treasury because 10% of the burning tax goes to the community pool, increasing both the burn rate and the burn rate.
Positive Response from the Terra Community
Unsurprisingly, the community has responded enthusiastically to the news that the code is ready.
One of the CEOs of the well-known LUNC validator LUNC DAO, Max Callisto, took the opportunity to emphasise the potential value of IBC and was the first to submit a proposal asking for its reopening on the chain.
Gadikian has asked for a signal vote from the community while the code is still being tested to ensure they favour re-enabling IBC.
As a result, in the next few days, the Terra Rebels will put a governance plan up for a vote.
If the proposal is approved, validators can put the new code into use, which will essentially open IBC on the chain after testing is over.
As previously reported, the chain might only be fully compatible with Cosmos after receiving a CosWasm upgrade, which will be included with the v23 Terra Classic upgrade.
It’s noteworthy that this upgrade is planned for December.