Terra Luna Classic developer Joint L1 Task Force’s (L1TF) core security update package proposal is currently up for vote by the Terra Luna Classic community. This is a desperately needed act by developers in the context of some hurdles that have plagued LUNC recovery, amid a significant push by crypto exchange Binance last year. In the last 24 hours, the LUNC price has increased by 1.24%. Will this upgrade boost the LUNC price performance? Let’s take a look at this LUNC price prediction article in more detail.
Lunc news: What is Terra Classic L1TF Core Security Upgrade?
This core security update package attempts to solve security vulnerabilities and a lack of new functionality caused by Terra Classic’s old components. Fully improving these essential components could guarantee existing safety and reliability, as well as give the framework required for TFL compatibility.
The team is working on a big 11-week upgrade for the security of Terra Classic. They need $51,000 for the whole project, and the money will be in a special account watched over by the team and a committee.
The upgrade involves important parts of Terra Classic like Wasm module, Cosmos SDK, and others. Right now, they are asking for $25,500 to start the work. This money covers setup and is like a commitment to keep Terra Classic safe, says Vinh Nguyen, the leader of the team. In the first vote, most people said “Yes” to the plan (94%), but some said “No” or “No with veto.” If everything goes well, this upgrade should make Terra Classic more secure and stable in the future. This upgrade could heavily impact LUNC price prediction for 2024.
Luna classic news: Are there any issues with this new proposal?
Now, some users think that there are issues with this new proposal. One user named Jebediah Shekelstein gave five potential problems with this proposal. The user stated:
This proposal has five big problems:
1. Ignoring Agreed Payment System: The proposal doesn’t follow the agreed-upon per-job payment system, bundling various tasks together like a quarterly spend plan.
2. Unfinished Tech Work: The L1 team promised to fix technical issues for free in Q4 but didn’t. No proof of them fixing problems from 2023 is shown.
3. Paying for Unfinished Work: Despite incomplete tasks from previous quarters, the proposal suggests paying Vinh and Inonman $51,000. Concerns about their other commitments and interests are also raised.
4. Too Much Work for a Small Team: The workload for the upgrade seems too much for just three people, raising suspicions of undisclosed contributors and a lack of transparency.
5. Free Alternative: Another team, Moon Rabbit, is willing to do a significant part of the upgrade for free. This questions the need for the proposed $51,000 payment.
In short, the advice is to split the proposal into smaller tasks with separate budgets. There’s a call for the team to prove commitment by completing some tasks for free. Concerns about conflicts of interest in the multisig team are also highlighted.
The member also suggested rejecting the current proposal and wait for a revised version that follows community expectations and the agreed-upon payment system. Yet, if all is properly executed then the value of LUNC can recover in 2024 and the LUNC price prediction can improve.
Will LUNC Price Explode or Implode?
At the time of writing this, the LUNC price is trading at $0.00009443. Just two days ago, the LUNC price was decreasing heavily. After this proposal, it seems that LUNC’s price is moving towards stability. So, based on the above factors and the upcoming Bitcoin halving event that impacts the entire crypto market Terra Classic could trade within a range of $ 0.00008160 and $ 0.000167. If it reaches the upper price target, LUNC could rise by more than 80%.