Edward Kim, a lead developer at Terra Rebels and an associate professor at Drexel University, proposes the Terra Classic Grants program to attract new utility to the Terra Classic (LUNC) chain. The program will ensure transparent and efficient use of funds channeled to the Community Pool after the adoption of proposal 5234. Moreover, he proposes to become the program director of the scholarship program.

Terra Classic (LUNC) Grant Program

Terra Rebels, the volunteer developer group, introduced strike, fire, 1.2% tax burn, and other governance change proposals that were welcomed by the Terra Classic community. Now Edward Kim of Terra Rebels has made another proposal to establish the Terra Classic Grants program.

With community approval of Proposal 5234, the LUNC burn tax will be reduced to 0.2% and 10% will be diverted to fund Terra Classic ecosystem development and contributors. Edward Kim proposes the program to oversee the use of funds in a transparent and efficient manner.

“Historic distribution methods are inadequate without accountability, nor is there an established peer review process in the distribution or oversight of the use of grant funding.”

The Terra Classic Grants program will identify and discuss Terra Classic developments and grant applications with community members, validators, developers and users. The process includes creating, marketing, and reviewing approved grant applications. An interview and KYC are also mandatory for subsidy applicants.

Furthermore, community governance will be presented at Agora. The community votes for distribution to a multi-sig wallet managed by the team and the program manager. The distribution of the fund is based on the milestones presented by grant applicants. A beneficiary provides progress in the form of documents, videos or demonstrations.

Edward Kim is requesting 1.45 million USTC and 50 million LUNC (about $68,000) from the community pool. As Program Director, he will set up and lead the Terra Classic Grants Program.

Terra Classic (LUNC) Price

The price of Terra Classic (LUNC) continues to trade in a range between $0.00025-$0.00030 this month. The community seems to be targeting $0.0005, again supported by the Binance burning mechanism and the Terra Classic Revival Roadmap.

At the time of writing, LUNC price is trading at $0.00026, up nearly 1% in the past 24 hours. The price has fallen by almost 13% in the past 7 days.

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a significant period of time and is currently covering all the latest updates and developments in the crypto industry.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.

This post Professor behind 1.2% LUNC Tax Burn shares his new plan

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