The Cosmos blockchain developer group has announced a major upgrade proposal to upgrade the functionality and interoperability of Terra Luna Classic. Genuine Labs' security upgrade package includes strategic upgrades to Cosmos SDK, IBC go, and Wasmd, enhancing and optimizing existing components.
The LUNC Genuine Labs development team also announced a KYC solution with Germany-based blockchain security company SolidProof.
Tagging proposal 12087 “Terra Classic Upgrade Proposal by Genuine Labs” is displayed for voting in the Station wallet. The proposal aims to upgrade the functionality and interoperability of Terra Luna Classic, with plans describing strategic upgrades to Cosmos SDK 0.50.1 (Eden), IBC go v8, and Wasmd 0.50.0.
Genuine Labs consisting of three main developers plans to complete all upgrades within 8 weeks, with an estimated budget of $30,000. The teams involved stated that improved security levels, increased interoperability, a developer-friendly UI, and overall performance improvements will improve the development or deployment of applications in the Cosmos network.
As far as can be found have received 96% of votes agreeing in the initial vote. Among the 5 participating validators, all have voted "Yes". This approval will mark the start of the upgrade, with expenses to be paid off once all upgrades have been successfully implemented.
The price of LUNC jumped 2% in the last 24 hours, with Terra Luna Classic trading at $0.000124. The 24-hour low and high are $0.000122 and $0.000133 respectively. Additionally, trading volume has increased by 200% in the last 24 hours amid new long positions by traders.
USTC prices surged 25% but pared some gains in the past 24 hours. The price is currently trading at $0.0368, with a 24-hour high at $0.0410. In addition, trading volume has exceeded 450% in the last 24 hours, indicating increased interest among traders.
