As a seasoned crypto investor with experience in the Terra ecosystem, I’m excited about the recent proposal submitted by Genuine Labs to upgrade the Terra blockchain. The potential benefits of this upgrade are significant and could positively impact both the Terra network and the price of Terra Classic (LUNC).
As a researcher studying the Terra blockchain community, I’ve come across an exciting development from Genuine Labs, a prominent Terra Classic (LUNC) developer group. They’ve recently unveiled their proposed upgrade for the Terra blockchain, which is now under governance voting. If approved, this upgrade could bring significant improvements to the Terra ecosystem and potentially boost the value of Terra Classic (LUNC).
What The Major Upgrade Is About
The significant update entails installing the Terra chain’s v.3.0.1 software revision, which incorporates the most recent Cosmos SDK version, SDK 47, from Genuine Labs. This upgrade is vital for enhancing and maintaining the stability of the Terra Classic network. According to LUNC validator Lunanauts, a yes vote on this proposal is necessary for the network’s continued development and progress.
As an analyst, I’ve identified one significant improvement in the pipeline: the resolution of the app hash error on the Terra network through an upgrade. This persistent issue, labeled “critical” by validators, has caused nodes to encounter errors during Wasm transactions. By implementing this proposed update, we can prevent such occurrences and ensure a smoother experience for all users involved in the Terra chain.
With the new Lunanauts update, versions 3.0.1 now supports importing legacy contracts that were incompatible with WASMD 0.45.0. This enhancement is expected to significantly enhance network performance and stability by resolving this long-standing issue.
As an analyst, I’d rephrase the given information as follows: I’d like to add that this upgrade comes with a prevention mechanism against peer-to-peer (p2p) storms through backported changes. These storms pose a significant challenge on our network, leading to considerable disruptions and inefficiencies. Moreover, the upgrade introduces limitations for mempool and receiver lengths within IBC-go for both versions 6 and 7. This enhancement aims to promote seamless interoperability between Terra and other Cosmos chains.
If approved, the suggested modification will be implemented by temporarily pausing the blockchain for a software update. The pause in the blockchain is planned for block height 18,303,000, and validators will need to install the new binary in place of the old one. As per the proposal, this update is projected to take place around June 2.
In simpler terms, the plan comes with essential modifications and merge requests to handle any potential issues arising from the upgrade process. This ensures a smoother transition and maintains Terra’s stability.
How This Upgrade Could Positively Impact Terra Classic’s Price
This update is expected to restore investor trust in Terra Classic, resulting in increased usage and desire for the LUNC token. The network’s standing has been negatively impacted by the 2022 LUNA market downturn. Consequently, initiatives such as this one have the potential to significantly improve the network’s perception within the larger cryptocurrency community.
As a researcher studying the cryptocurrency market, I’ve noticed that Terra Classic’s price has been showing signs of significant potential for growth. Specifically, I believe there is a strong possibility for a rally that could increase its value by over 1,300%. This upward trend might be initiated by the upcoming network upgrade, which serves as a catalyst to ignite this bullish momentum for Terra Classic’s crypto token.
Currently, Terra Classic is priced at approximately $0.0001128 during my writing process, representing an increase within the past 24 hours based on information obtained from CoinMarketCap.
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2024-05-28 18:41