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Terra Classic, a blockchain network, recently proposed a new governance rule. This rule aims to enhance the network’s security and decentralization. The regulation restricts validators from operating more than one node. Furthermore, entities cannot validate the network across different project divisions. Non-custodial service providers are also barred from allowing customers to run multiple validators.
This measure addresses concerns about potential risks to the network’s security and decentralization. Validators currently operating multiple nodes would need to revert to a single-node operation. Non-custodial providers must enforce these restrictions rigorously. The proposal seeks to diminish the likelihood of Sybil attacks, where one entity controls multiple nodes, thus compromising the network’s integrity.
The <a href="https://www.google.com/url?client=internal-element-cse&amp;cx=e6c2264173c544ed8&amp;q=https://coingape.com/terra-classic-community-votes-repeal-kyc-proposal-when-lunc-ustc-rally/&amp;sa=U&amp;ved=2ahUKEwip-frC7ueFAxV2xAIHHX0mCPQQFnoECAkQAg&amp;usg=AOvVaw2KqPKKYaZAYtqDAbR-2l4c" rel="noopener noreferrer nofollow">Terra community</a> is set to vote on this crucial proposal soon. If passed, the rule would mandate immediate compliance from all network participants. This would ensure a fair and equitable environment within the Terra Classic network, bolstering its reputation and operational stability.
<h2 id="strong-rule-change-strengthens-terra-classic-integrity-strong">Rule Change Strengthens Terra Classic Integrity</h2>
The <a rel="noopener noreferrer nofollow" href="https://station.terraclassic.community/proposal/columbus-5/12101">proposed governance</a> rule is designed to solidify the foundational security of the Terra Classic network. By limiting the number of nodes an entity can control, the network aims to maintain a more decentralized structure. This is crucial for preventing any single entity from gaining disproportionate influence over the network.
Enhancing decentralization is vital for the network’s resilience against attacks and manipulation. The dynamic commission module, which adjusts fees based on network conditions, will also benefit from increased compliance. This leads to more predictable and fair transaction costs for users.
Validators play a pivotal role in the blockchain’s functionality by verifying transactions and creating new blocks. The new rule ensures that these validators operate under strict guidelines, which is essential for maintaining trust and integrity across the platform.
<h2 id="strong-establishment-of-a-dedicated-development-team-strong">Establishment of a Dedicated Development Team</h2>
In a related development, Terra Luna Classic has proposed the formation of a core team to oversee all developments on the Terra Luna Classic chain. The proposal outlines that the community pool will fund the team’s monthly salaries. This initiative reflects an effort to centralize development oversight while maintaining the decentralized nature of blockchain governance.
The role of this team would be to manage and implement new projects and updates efficiently. By having a dedicated team, <a href="https://coingape.com/terra-luna-classic-community-votes-on-crucial-proposal-to-establish-lunc-core-team/" rel="noopener noreferrer nofollow">Terra Luna Classic</a> aims to enhance its operational efficiency and response to technical challenges. The proposal is pending community approval, which would detail the team’s roles, responsibilities, and compensation.
This development team would operate independently of <a href="https://www.google.com/url?client=internal-element-cse&amp;cx=e6c2264173c544ed8&amp;q=https://coingape.com/terraform-labs-on-trial-sec-brands-it-a-fraudulent-empire/&amp;sa=U&amp;ved=2ahUKEwjf1K2e7ueFAxXoR6QEHYbPDfEQFnoECAEQAg&amp;usg=AOvVaw1EmrBpIs8_cdeC01hlAx0o" rel="noopener noreferrer nofollow">Terraform Labs</a>, which manages the newer Terra (LUNA) chain. The distinction emphasizes Terra Classic’s commitment to a distinct and autonomous operational framework. The community’s decision on this matter will significantly influence the future governance and development structure of the Terra Classic network.
Read Also: <a href="https://www.google.com/url?client=internal-element-cse&amp;cx=e6c2264173c544ed8&amp;q=https://coingape.com/circle-eyes-france-as-its-eu-mica-regulatory-headquarter-heres-why/&amp;sa=U&amp;ved=2ahUKEwis5Ybp7ueFAxXj2wIHHUzMBDEQFnoECAAQAg&amp;usg=AOvVaw3LKLwTner0A-Q1TReNYWu5" rel="noopener noreferrer nofollow">Circle Eyes France As Its EU &amp; MiCA Regulatory Headquarter, Here’s Why</a>
The post <a href="https://coingape.com/terra-classic-community-to-vote-on-key-validator-rule/" rel="noopener noreferrer nofollow">Terra Classic Community to Vote on Key Validator Rule</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Terra Classic Community to Vote on Key Validator Rule

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