In a groundbreaking decision, the Terra Luna Classic (LUNC) community has overwhelmingly supported and approved Proposal 12033, which introduces mandatory Know Your Customer (KYC) procedures for all L1 developers. This significant move is aimed at fortifying the security and integrity of the blockchain, addressing previous vulnerabilities associated with anonymous code creation.
Terra Luna mandates KYC for L1 developers
The LUNC community’s resounding approval of Proposal 12033 marks a pivotal moment in the evolution of Terra Luna Classic.
The proposal, spearheaded by SolidVote LUNC Validator, signifies a collective commitment to tightening security measures within the blockchain ecosystem. One of the critical aspects of the proposal is the enforcement of KYC procedures for all Level 1 (L1) developers.
Previously, the absence of KYC requirements allowed for the creation of code on the chain without any accountability, posing potential threats to the entire ecosystem.
The approval of this proposal ensures that every L1 developer undergoes the necessary KYC procedures, mitigating the risk of unauthorized entries and bolstering the overall security of the blockchain.
Closing the door on anonymity a necessary step
The absence of KYC procedures meant that any individual could contribute code to the Terra Luna Classic blockchain anonymously.
This anonymity created a vulnerability, exposing the ecosystem to potential malicious activities such as the insertion of malware, including Trojans, that could compromise and infect the entire network.
With the newly approved proposal, the community has taken a decisive step towards closing this loophole and ensuring that only legitimate and identified developers contribute to the codebase.
By mandating KYC procedures, Terra Luna Classic aims to build a more secure and transparent environment for its community. The implementation of these security measures is aligned with industry best practices, bringing the blockchain in line with regulatory standards and fostering trust among users and developers alike.
Prominent community voice endorses proposal
In the wake of the approval of Proposal 12033, ‘Mr.Diamondhandz1,’ a prominent figure within the LUNC community, took to X post to highlight the significance of this development.
His endorsement underscores the widespread support within the community for measures that enhance the safety and reliability of the Terra Luna Classic blockchain.
The community’s decisive backing of the proposal reflects a shared understanding of the importance of security in the rapidly evolving landscape of blockchain technology.
‘Mr.Diamondhandz1’ emphasized the proactive nature of the proposal, stating that it not only addresses existing vulnerabilities but also sets a precedent for responsible and secure development practices within the Terra Luna Classic ecosystem
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