Terra Classic Proposal To Reopen IBC Channels Voting Is Now Live

Share this story:


Voting for the proposal to reopen IBC channels by December 5 before the v23 upgrade has been started by Edward Kim.

According to a tweet from Edward Kim, a core developer for Terra Classic, voting has begun on the request to reopen Inter Blockchain Communication channels before the v23 network upgrade.

By December 5, rather than with the v23 upgrade, the Terra Classic chain will once again be able to transfer currency and communicate with the Osmosis, Juno, and Crescent blockchains within the Cosmos ecosystem if the request is approved.

“Another proposal… Re-enable IBCs to Osmosis, Juno, and Crescent. Happy Thanksgiving!”  Kim shared the voting link in a letter to the neighborhood.

Another proposal… Re-enable IBCs to Osmosis, Juno, and Crescent. Happy Thanksgiving! https://t.co/ggSxm8u2a3

— Edward Kim (@edk208) November 24, 2022

Why it is Necessary to Speed Up the Timeline for IBC Re-opening

On Monday, the developer posted the plan for the first time on Twitter. 

According to the proposal, because the Cosmos ecosystem is constantly changing and considerable testing is needed to achieve technological parity, developers felt it was important to accelerate the schedule for IBC’s reopening.

Users can access stranded liquidity inside the ecosystem thanks to the IBC re-opening, but the Terra Classic chain will be fully Cosmos-interoperable once the v23 upgrade is implemented. 

The CosWasm update is included in the network upgrade, as developer Raider07 of Terra Classic noted in a prior report.

No Specific Date for the v23 Upgrade

The v23 upgrade is also planned for December by the developers. They still need to provide a precise date, though.

As IBC reopens and Cosmos becomes more interoperable, the community is optimistic that additional projects will be developed for the chain, increasing Terra Luna Classic’s (LUNC) usability. 

Unsurprisingly, there has been a lot of support for Kim’s idea. Classy, a network validator and influential community member, has already declared his support for the plan.

The current success should be acknowledged as a result of the work of independent Terra Classic development teams and the assistance of Cosmos developers like Jacob Gadikian.

Read Also:

The post Terra Classic Proposal To Reopen IBC Channels Voting Is Now Live appeared first on FX Crypto NewsRead More 

All provided materials and tools are for entertainment purposes only and should never be considered financial advice. Crypto News 19 will not take any responsibility for lost funds based on investments/trades made on information found here or any linking website/affiliate. This includes all social media posts and all other communications occurring under the name Crypto News 19. You should always seek professional advice before making any investment or trade.