Terra Classic (LUNC) token holders may soon notice a change in the cryptocurrencycurrency’s token burning process as a more efficient method is proposed. Known as “tax2gas,” the concept seeks to streamline the burning procedure by including the current transaction tax straight into the gas prices that consumers pay.
At the moment, LUNC transactions are subject to an additional 1.2% tax, of which 80% is burned and 20% is used to finance development. The idea put out by Tax2gas is to do away with this separate tax and include it in the gas cost itself. Advocates contend that this would simplify the procedure, maybe lessen complexity, and provide more clarity regarding the burning mechanism.
Two coders with blockchain development skills, Jockey Jockey and Code Lover, are the ones behind the idea. They are currently going through identity verification. They have teamed up with Genuine Labs for extensive testing and StrathCole for conceptual help.
If authorized, the implementation would happen in three stages: preliminary study, development, and extensive testing. Six weeks is the estimated timeframe, plus an extra two weeks for unanticipated difficulties. The $24,000 total budget would be allocated in accordance with the level of achievement.
Following governance proposal #11873, which appeared to win community support for the tax2gas idea, is the current plan. Nevertheless, before the current plan can be implemented, more community support and money via the Commonwealth platform are needed.
Changes in transaction costs and possible implications on the LUNC token supply are possible outcomes of the tax2gas strategy. The Terra Classic community will ultimately decide whether to use this new burning process. It’s critical for LUNC holders and people following the blockchain’s development to be up to date on the voting procedure and possible results.
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