• Terra Classic (LUNC) has recently passed Proposal 11168 to fund the Joint L1 Task Force.
• This proposal allocates $141,000 in LUNC to support the development of the Layer 1 platform.
• The proposed allocation has caused bullish sentiment across the Terra Classic community.
The Terra Classic (LUNC) community is abuzz with the recent news of a vote that was passed in favor of Proposal 11168 which allocates $141,000 in LUNC to fund the Joint L1 Task Force. This vote is seen by many as one of the “MOST Important” proposals in the history of LUNC, and is a major step forward for the protocol.
The Joint L1 Task Force is a group of developers who are dedicated to improving the usability of the Luna Classic Layer 1 platform through regular upgrades and developments. The proposed allocation will fund the Task Force for the first quarter of this year, and will be assessed afterwards to determine whether to proceed with the funding or not.
The news of Proposal 11168 has been met with great enthusiasm from the Terra Classic community, with many investors viewing it as a sign of the protocol’s commitment to development and improvement. The proposal has also led to a 1.7 percent increase in the price of LUNC, and has contributed to the cryptocurrency’s recent resurgence, as it is now the 40th biggest cryptocurrency.
In addition to the allocation of funds to the Joint L1 Task Force, the Terra Classic Protocol also recently implemented a new consensus protocol, called Tendermint. This new consensus protocol has been designed to improve the scalability and security of the protocol, and has been tested over several weeks in a simulated network.
The Terra Classic community has been very welcoming of the recent changes and developments to the protocol, and the bullish sentiment among investors is certainly reflective of this. With the further development of the protocol, and the increased security and scalability that it brings, it is likely that this positive sentiment will continue in the future.