Terra Foundation’s First Initiative Seeks to Honor Important Community Members

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Terra Classic Proposal To Reopen IBC Channels Voting Is Now Live
Terra Classic Proposal To Reopen IBC Channels Voting Is Now Live

The Terra Classic Grants Foundation’s inaugural project was presented in a thread on Twitter today by Edward Kim, the director and key creator of Terra Classic.

The foundation aims to honor and value the contributions of neighborhood members who helped the network recover from the ecosystem collapse in May.

Also, It proposes establishing a 750 million Terra Luna Classic grant fund to do this (LUNC).

Marco Perreira, Terra Grants Foundation Program Manager, stated, “From my viewpoint, hard work not only needs to be acknowledged but needs to be rewarded. If it weren’t for the past applicants’ work, commitment and time, the Terra Classic blockchain would not be where it is today.”

As Kim pointed out, it is now merely a signal proposal to determine whether the foundation should establish the fund and begin accepting award applications. 

Furthermore, Kim notes that the community might only accept the governance plans that would ask for the payment of the grants if it is addressed after the assessment process.

More Details About the Initiative

In particular, the initiative will consider contributions from the following groups: validators, developers, projects, and community ambassadors. 

The foundation will accept only donations made between May and October. Potential beneficiaries must describe their team/personal background, “proof of evidence,” and impact in the proposal.

The foundation also discloses a three-person review committee for each of the four categories, chosen based on subject-matter competence. 

Notably, the organization will make public the qualifications of these committee members on its website.

Additionally, the foundation will post the following information on its website in the interest of transparency.

  • The applicant list in order of application 
  • The fund wallet with transaction details 
  • Grant recipients and award amount
  • The scoring sheet from the reviewers 
  • The reasoning behind individual scores 

Influential community members have so far reacted favorably to the project. The plan was “well thought out,” according to Rex Harrison, AKA Rexzy, a senior member of the independent Terra Classic development team TerraCVita. 

In the meantime, network validator and local influencer Classy exclaimed his pride at being the first validator to cast a “yes” vote.

The Terra Classic community approved the distribution of 1.6 million TerraClassicUSD (USTC) to operate a Terra Classic Grant program for six months, as was previously stated. 

The foundation’s main objective is to effectively distribute cash from the community pool for Terra Classic development operations.

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