The governance system of LUNA 2.0 is Determine the future Legacy chain Luna Classic. Instead of using on-chain governance in Luna Classic, the decision to re-enable IBC in Luna Classic is made through the LUNA 2.0 governance system. The new proposal states:
“The current state of Terra V1 governance is controversial. It’s a way to talk to the” new “Terra community, formed from two snapshots, in favor of stakeholders in the traditional Terra chain. Represents. “
Validator response
Terra Validator PFC CryptoSlate Suggestions can be completed with Luna Classic. However, “it costs 1c to run and is flooded with spam.” Therefore, it appears that governance is being carried out in Luna 2.0 due to the loss of confidence in Luna 2.0’s ability to govern. Re-enabling IBC will allow the chain to unlock tokens currently trapped in other chains. IBC is a protocol used to allow independent blockchains to communicate with each other.
Developer of Larry0x, Delphi Digital, explanation“The IBC channel connecting Terra Classic and Osmosis / Juno / Crescent was forced to CLOSED as part of the upgrade of Terra core software v0.5.20,” PFC told CryptoSlate.
“Ibc and staking need to be re-enabled so that the chain can survive or disappear on its own.”
LUNC’s LUNA 2.0 Governance
According to PFC, the governance proposal to pass LUNA 2.0 to Luna Classic is “non-binding” according to PFC. Voting seems to focus primarily on guidance for assessing the support of the LUNA 2.0 community, which is made up of LUNC holders for airdrops. In addition, it can be argued that if the result of voting for LUNA 2.0 makes changes to the LUNC, the entire LUNC governance system will be invalidated.
How do I update my blockchain by voting for the relevant chain? The difference between proof of stake and proof of work means that this is possible with the proof of work chain. For example, Bitcoin miners do not affect Litecoin miners.
Most of the discussion between Terraform Labs and the validator during the May 12 “War Room” conversation was the re-activation of the IBC. However, the protocol is still offline as of June 4, with millions of dollars worth of tokens locked in. Bridged assets.New proposal plan
“Re-enable the previously closed IBC channels` channel-1` (penetration), `channel-20` (juno), and` channel-49` (crescent). “
“If this proposal passes, the next step is to prepare for a software upgrade and propose it in Legacy Terra, where legacy delegates and verifiers can reach a final agreement.” Therefore, LUNC governance is completely bypassed and the validator updates the code based on the result of voting in LUNA 2.0 and takes action on the upgrade. PFC told CryptoSlate:
“Vote (1299) was already done in the old chain, but it was done wrong. Therefore, terra1 has already voted.”
You could vote for Luna Classic as well as vote for the rest of the UST community pool. I am very worried that Luna Classic will not be able to succeed in its governance system. Some updates have failed due to technical issues and other reasons in the last few weeks. If the chain cannot be managed properly, you cannot expect the chain to succeed. However, as the PFC states, the chain must be given the opportunity to “live or die alone.” The proposal to re-enable IBC is the first proposal to pass LUNA 2.0, which is not clearly related to the governance of LUNA 2.0, but not to Luna Classic.
