Terra blockchain developer Edward Kim has shared a proposal to launch a Terra Classic Grants program. The directive is aimed at an efficient and transparent distribution of community pool funds. Kim shared the proposal via a tweet, adding that the program will provide accountability for community spending. The previous proposal 5234 provided for a 1.2% […]
It is in continuation of this previous proposal that Kim has proposed the Terra Classic Grants program.As per the program, the team will uncover bugs on the Terra Classic chain. Once these vulnerabilities have been identified, incentivized requests will be made for developers to submit plans to address the identified shortfall.
To avoid any conflict of interest, independent reviewers will oversee the proposals. Towards the end, the data and reviewers’ suggestions will be presented, requesting the Terra community to approve the distribution of funds to a selected multi-sig address. Notably, the grant foundation will issue payments to recipients based on the address.
As per Kim’s proposal, a fund of $68,000 is required to begin the process and address the program expenses for six months in the beginning.The response to Kim’s proposal has been promising. The community has welcomed an incentive programme that leverages on new talent for problem-solving. It was the collapse of the Terra stablecoin ecosystem earlier this year that precipitated the crypto-crash. The TerraUSD stablecoin was linked to LUNA Classic in order to ensure the latter’s price stability. The future of this cryptocurrency is crucial in determining if a failed currency can make a comeback among investors and grow.
One should watch out for how the Terra ecosystem reacts to these developments and if it can adapt to the emerging trends in the crypto-industry.Read the best crypto stories of the day in less than 5 minutes
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