Terra blockchain developer Edward Kim shared a proposal to launch the Terra Classic Grants Program. The directive aims for an efficient and transparent distribution of joint funds.
Kim shared the suggestion via tweetHe added that the program would provide accountability for community spending.
Previous Proposal 5234 provided for reducing the 1.2% tax to 0.2% and adding 10% of the tax received to the common pool for financing development activities. Last week, Kim revealed that he voted yes on the proposal.
Continuing this earlier suggestion, Kim suggested Terra Classic Grants.
The developers are backed by a $68,000 fund
According to the program, the team will detect errors in the Terra Classic series. Once these vulnerabilities are identified, incentive requests will be made to developers to provide plans to address the identified flaw.
To avoid conflicts of interest, independent reviewers will monitor the submissions. Eventually, data and reviewers’ suggestions will be submitted, and the Terra community will be asked to agree to allocate funds to a chosen multi-signature address. Notably, the Grant Foundation will issue payments to recipients based on the title.
Under Kim’s proposal, $68,000 in funding is required to start the process and address program costs for the first six months.
How will the Terra ecosystem deal with this challenge?
The response to Kim’s proposal was promising. The community welcomed the incentive program that taps into new talent to solve problems.
It was the collapse of the stable Terra ecosystem earlier this year that caused the collapse of the cryptocurrency. The stablecoin TerraUSD (UST) has been linked to LUNA Classic (LUNC) to ensure the stability of the price of the latter. The future of this cryptocurrency is crucial to determining whether the failed currency can return among investors and grow.
One must watch how the Terra ecosystem reacts to these developments and whether it can adapt to emerging trends in the crypto industry.
The Terra community pool already owns 407 million LUNCs worth approximately $120,000.