Terra (LUNA) Blockchain About to Welcome Three Major Upgrades: Details
The Terra blockchain will undergo an upgrade on July 29 to include three new updates. Therefore, the Terra chain will be temporarily stopped at block 890000 on the said date to perform the upgrade with Terra validators.
On July 20, a proposal to upgrade the Terra blockchain and add three new updates went live for voting on Terra Station. This proposal was named Prop 894 passed July 27, after it received maximum support from the Terra community.
1/ Prop 894 to upgrade the Terra chain and add three new updates has passed! As a result, the Terra blockchain will temporarily stop at block 890000, which is approx. 12:00 UTC on July 29, to perform the upgrade with Terra validators.
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) 27 July 2022
Prop 894 is a type of proposal that requires the Terra blockchain to be halted at a certain block height in order for nodes to update the software. Therefore, the Terra chain will shortly be stopped at block 890000 for the three new updates to be added to the chain.
As revealed in suggestionthis block height will be reached approx. at 12:00 UTC on July 29, 2022. To enable a smooth chain upgrade, the Software Upgrade Governance feature will be used.
The first update of the proposal will enable the creation of accrual accounts via transactions. Originally, accrual accounts could only be created during Genesis.
Unprecedentedly, this condition prevented the completion of the planned LUNA flight. Interestingly, with this update labeled ‘Enable Creation of Account Earning via Transaction’ in game, the LUNA airdrop would be performed.
The second update aims to correct an anomaly that occurred during the Genesis of Terra blockchain. From the proposal, “an exchange with the wallet address terra1chq5ps8yya004gsw4xz62pd4psr5hafe7kdt6d was incorrectly whitelisted under Genesis.”
Therefore, the update aims to adjust the vesting period of the Pre-Attack LUNC allocation for this wallet address. “1.137M LUNA will be unlocked with this update and the vesting schedule for remaining LUNA will be adjusted to a 6-month cliff, 2-year vesting,” Prop 894 showed.
The latest update on the list is aimed at enabling any user to send their earned LUNA tokens to the Community Pool via transaction.
Also read: Terra (LUNA) tops most searched cryptograph as investors hope for further price appreciation
Development on the new Terra Blockchain is increasing
After the historical collapse of the old Terra ecosystem tokens UST and LUNC, a new Terra blockchain was born. This Terra 2.0 has a native token with the ticker LUNA and is void of the algorithmic stablecoin, UST.
Several developments have since been registered on the new chain. On Monday, LUNA was the most searched token, according to Coinmarketcap. This could mean that some investors still have faith in the controversial cryptocurrency project. Terra
