Terra Classic Users Now Need 1M LUNC To Initiate New Proposals

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The Terra Classic Burn skyrocket As Supply Drops Below 6T
The Terra Classic Burn skyrocket As Supply Drops Below 6T

Author of proposal 6082 Classy Crypto, a well-known community influencer, tweeted on Wednesday that the bid was now active on the Terra Classic network.

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According to the information provided, 99.83% of the community members supported the idea. According to Classy Crypto, the innovation is the first step in combating fraud on the community-owned blockchain.

FXCryptonews has previously reported that proposal 6082 modifies the prerequisites for submitting and starting a vote on a Terra Classic proposal. Before proposal 6082, both measures were at 0 and 345,000 LUNC.

Read Also: https://fxcryptonews.com/coininn-launches-a-poll-maintaining-terra-classic-1-2-burn/

Community members must deposit 500,000 Terra Luna Classic (LUNC) to propose Terra Station governance. Users also need to deposit an additional 1,000,000 LUNC to begin voting on the plan.

The suggestion came after the network saw a rash of scam ideas on the Terra Station trying to steal investors of their LUNC holdings by using the excitement around the LUNC community in recent months.  

Classy Crypto revealed that he had heard from several audience members who had lost thousands of dollars due to these scams. 

As a result, it was determined that the community needed to strengthen the minimal qualifications to make proposals on the Terra Station, working with Terra Classic core developer Edward Kim and Terra Rebels moderator ClanMudhorn.

Discrimination Among Terra Holders?

The autonomous development organisation Terra Rebels and several other influential community members supported the initiative. 

However, several community members expressed continued worries about the measure’s reliance on the price of LUNC, pointing out that it would discourage community members with brilliant ideas but little money from contributing.

One of these individuals, StrathCole, a member of the LUNCPenguins, a different group that aids in developing activity, revealed that he voted against the motion for these causes. 

StrathCole concedes that he comprehends the rationale behind the suggestion but maintains that adding more scam warnings to the Terra Station would be better to notify people better.

One of the LUNC Classic community members who launched validators yesterday was Classy Crypto.

Meanwhile, feedback on Classy Crypto’s announcement has been overwhelmingly positive. One user, for instance, called it a significant step for the network.