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The developer group of Terra Classic, Joint L1 Task Force (L1TF), has announced the official date for the CosmWasm v1.1.0 parity upgrade. This upgrade is one of the most significant advancements since the Terra Classic community took responsibility for the blockchain following the Terra-LUNA crisis in May of the previous year. It promises to bring Terra Classic on par with other blockchains like Terra 2.0 and Cosmos.
The Future of Terra Classic (LUNC)
The project manager of the Joint L1 Task Force, LuncBurnArmy, made a statement on Twitter to announce June 14 as the official date for the CosmWasm v1.1.0 upgrade. Initially planned for May 31, the Terra Classic core developer team decided to add two weeks for additional testing due to the major nature of the upgrade.
The upgrade from CosmWasm v0.16.6 to v1.1.0 can be completed in four scenarios. However, each scenario has different levels of complexity, impacts on the program, and costs. After discussions with expert developers such as Fragwuerdig and Edward Kim, the Joint L1 Task Force decided to proceed with “Scenario 4”.
There are prerequisites to successfully complete the parity upgrade. The team had completed the v1.2.0 upgrade and the smart contract unit test. They plan to complete the v1.2.0 upgrade test in the Bajor test network and the v1.2.0 “dress rehearsal” upgrade in the rebel-2 test network by May 31.
On June 1, L1TF will publish an updated Agora proposal, with post-management voting starting on June 7. The CosmWasm Parity upgrade is set to occur on June 14. DApp owners and smart contract providers need to update their smart contracts to CosmWasm v1.1.0.
The challenging and complex part of this upgrade is transferring the state and data currently inside the WASM module to a future version of the WASM module.
Why is the LUNC Upgrade Important?
The Joint L1 Task Force (L1TF) successfully completed the v2.0.1 upgrade without any issues on May 17. The upgrade added various features to the Terra Classic blockchain, including a minimum initial deposit for governance proposals, Cosmos SDK v0.45.13 and Tendermint v0.34.24 upgrades, and mandatory security updates.
The CosmWasm v1.1.0 upgrade could benefit the Terra Classic network by allowing the projects and founders in Cosmos and Terra Luna 2.0 to build on the Terra Classic chain once again.
It will enable Professor Edward Kim’s artificial intelligence upgrade for Block Entropy to launch its test network. In addition, it aims to restore the burning tax to 1.2%, increase staking rewards, and boost LUNC and USTC to $1.
The LUNC price is currently trading at $0.000087, down 3% in the last 24 hours amidst market uncertainty. The lowest and highest values in the past 24 hours were $0.000086 and $0.000090, respectively.
