Terra Classic, one of the most infamous blockchains in the crypto space, has successfully completed its biggest upgrade ever. The v2.1.0 Parity upgrade, proposed by the core developer group Joint L1 Task Force (L1TF), was passed with unanimous support from the community and will be implemented on June 14.
This upgrade brings many significant changes to Terra Classic, making it more secure, scalable, and interoperable with other chains.
One of the main features of the v2.1.0 Parity upgrade is the integration of CosmWasm v1.1.0, a smart contract engine that allows developers to write contracts in any programming language and deploy them on any Cosmos-based chain. This means that Terra Classic can now host a variety of decentralized applications (DApps) and smart contracts that were previously incompatible with its native virtual machine.
Moreover, CosmWasm v1.1.0 enables Terra Classic to communicate with other blockchains via Inter-Blockchain Communication (IBC) protocol, opening up new possibilities for cross-chain collaboration and innovation.
Another important feature of the v2.1.0 Parity upgrade is the introduction of a minimum 5% commission for validators, which aims to incentivize more participation and security in the network. Validators are nodes that stake their LUNC tokens to secure the network and process transactions.
By setting a minimum commission rate, validators can earn more rewards for their service and cover their operational costs. This also prevents validators from undercutting each other and compromising the network’s decentralization and stability.
The v2.1.0 Parity upgrade also includes several bug fixes and security updates, such as a WasmVM upgrade to v1.1.2, Wasmd upgrade for multichain capability, IBC go v4.3.1, and two security patches. These improvements enhance the performance and reliability of Terra Classic, making it more resistant to attacks and errors.
LUNC Got a Boost from an Recent Upgrade
The Terra Classic community has shown remarkable resilience and dedication in the face of challenges and uncertainties since the Terra-LUNA crisis in May last year. The successful completion of the v2.1.0 Parity upgrade is a testament to their vision and commitment to making Terra Classic a thriving and innovative blockchain ecosystem.
The LUNC token, the native currency of Terra Classic, has also benefited from the upgrade, as its price surged 35% this week and reached $0.000098 at the time of writing. Many analysts predict that LUNC will continue to rally higher, as more users and developers flock to Terra Classic to take advantage of its new features and opportunities.