The professor behind the 1.2% LUNC tax cut shares his new plan

Edward Kim, Lead Developer at Terra Rebels and Associate Professor at Drexel University, offers the Terra Classic Grant Program to attract new utilities to the Terra Classic Chain (LUNC). The program will ensure transparent and efficient use of funds redirected to the community pool after the passage of Proposition 5234. Additionally, he offers to become the program director of the grant program.

Terra Classic Grant Program (LUNC)

Terra Rebels, the volunteer developer group, introduced staking, burning, the 1.2% tax cut, and other governance change proposals that were well received by the Terra Classic community. Now Edward Kim of Terra Rebels has made another proposal for establish the Terra Classic grant program.

With the adoption of Proposition 5234 by the community, the LUNC burn tax will be reduced to 0.2% and 10% will be redirected to fund the development and contributors of the Terra Classic ecosystem. Edward Kim offers the program to monitor the use of funds in a transparent and efficient manner.

“Historical methods of distribution are insufficient without any accountability, nor is there an established process for peer review in distribution or oversight in the use of grants.”

The Terra Classic Grants Program will identify and discuss Terra Classic developments and grant applications with community members, validators, developers, and users. The process includes creating, marketing and reviewing approved grant applications. Additionally, an interview and KYC are mandatory for grant applicants.

In addition, community governance will be featured on Agora. The community will vote for distribution to a multi-signature wallet controlled by the team and program manager. The distribution of funds is based on milestones submitted by grant applicants. A recipient will provide progress in the form of documents, videos or demonstrations.

Edward Kim is asking for 1.45 million USTC and 50 million LUNC (about $68,000) from the community pool. He will establish and lead the Terra Classic Grants Program as Program Director.

Terra Classic Award (LUNC)

The price of Terra Classic (LUNC) continues to trade in a range between $0.00025 and $0.00030 this month. The community is looking to target $0.0005 again backed by Binance’s burn mechanism and Terra Classic Revival roadmap.

As of this writing, LUNC price is trading at $0.00026, up almost 1% in the last 24 hours. The price is down almost 13% in the last 7 days.

Varinder is a technical writer and editor, technology enthusiast, and analytical thinker. Fascinated by disruptive technologies, he shared his knowledge on blockchain, crypto-currencies, artificial intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period of time and currently covers all the latest updates and developments in the crypto industry.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

Comments are closed.