terra luna Classic Switch Offer Failed, LUNC Price Increased by 5%
LUNC News: The Terra Luna Classic community rejected an important proposal to prevent validators from running more than one node on the chain. The proposal received some votes in favor from validators, but top validator Allnodes voted “No”, citing “No enforceable rules should be created on permissionless blockchains.”
Terra Luna Classic Proposal Rejected
Proposition 12101 “Rules to prevent double and network authentication” failed to pass executive vote. The proposal aimed to prevent the emergence of validators that run multiple nodes on the chain and pose a risk to the decentralized nature and security of the network.
The proposal received approximately 38 percent “Yes” votes, 37 percent “No” votes, 21 percent “no with veto” and 4 percent “abstentions” votes. The proposal did not receive support from validators and delegates. Of the 45 validators who participated in the vote, only 20 validators voted in favor of the proposal, including Interstellar Lounge, HappyCattyCrypto, TerrCVita, LBUN Project, and StakeBin.
As parofix previously reported, this measure addresses concerns about potential risks to the security and decentralization of the network. Validators currently running multiple nodes will need to revert to single-node operation. Non-custodial providers must strictly enforce these restrictions. The proposal aims to reduce the likelihood of Sybil attacks, in which an entity controls multiple nodes and thus compromises the integrity of the network.
Also Read: Binance Burned 1.4 Billion Terra Luna Classic (LUNC) Tokens
LUNC Price Increased by 5%
LUNC price increased by 5% in one day, driven by market-wide buying. The price is currently trading at $0.0001096. The 24-hour high and low are $0.0001047 and $0.0001097 respectively. Additionally, there has been a slight increase in transaction volume in the last 24 hours.
Meanwhile, USTC price is up 1% in the last 24 hours and is currently trading at $0.01981. The 24-hour low and high are $0.01941 and $0.01992 respectively.
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
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