Terra Luna Classic community has approved a proposal mandating KYC procedures for all L1 developers aiming to enhance chain security.
The community has just approved the Terra Luna Classic proposal to make Know Your Customer (KYC) mandatory for all L1 developers, despite conflicting votes from members and validators. It is a defining moment according to members of the community who are in favor of the idea with a massive voting turnout of 90.5% participating.
Because the Terra Luna Classic community is working hard to speed up the development of the chain with the help of third-party developers, it has become necessary to implement specific security measures to prevent any harm that could be damaging to the chain.
The community formally approved the Terra Luna Classic proposal 12033 titled “Compulsory KYC for all L1 developers,” which was submitted by SolidVote LUNC Validator according to the most recent voting information on the Station wallet.
It was the most close vote in the history of the LUNC according to JesusIsLord, the most prominent validator within the support group. A significant number of people of about 90.5% voted in favor of the plan since it was essential for increasing the chain’s level of security.
The plan was supported by 34.94% of those who voted “yes,” 16.86% of those who voted “no,” 17.89% of those who voted “no with veto” and 30.31% of those who voted “abstain.” The proposal was approved although the top validator Allnodes voted against it until the very last minute with support from more than forty validators.
Following a report, the Terra Luna Classic proposal requires all individuals interested in a governance vote for a spending proposal to operate on the chain to go through a mandatory Know Your Customer procedure with a third-party organization.
If a developer has not completed the Know Your Customer (KYC) process, the cost will be charged to their submitted spending proposal. The information will remain confidential unless there are legal issues. Anyone can work on the blockchain of Luna Classic without revealing their identity.
The chain faces a significant risk as a result. SolidVote Validator states, “For instance, a malicious developer could open a short position and then cause damage to the chain to profit from it.”Each developer on the team is required to have finished the Know Your Customer (KYC) procedure before beginning work on the chain.
This is the case when a developer presents a spending proposal. The Know Your Customer (KYC) process was also required to be completed by every new member who joined the team after the proposal was approved. When new developer groups propose to work on the chain, a set of safety and security measures is implemented after receiving the proposal.
In the wake of the rebound of the cryptocurrency market today, Terra Luna Classic tokens continue their upward trend. With increased trading volumes, the price of LUNC has risen by more than twenty percent.
The price of LUNC has increased by 4% over the past twenty-four hours, and it is currently trading at $0.0001125. The lowest price in the past twenty-four hours is 0.0001072, and the highest price is $0.0001132.
After 24 hours, there has been an increase in the volume of trading. When the proposal was approved, the price of USTC also increased by 3% in the past twenty-four hours. On the market right now, the price is trading at $0.02616.
The low for the past 24 hours is $0.02535, and the high for the same period is $0.02631. The amount of trading also increases by 30%.