The cryptocurrency scene is buzzing with the next Terra Classic (LUNC) update, Cosmwasm v.1.1.0, scheduled for June 14th. This event could be a game-changer for the functionality of Cosmos SDK v0.45, specifically focusing on optimizing smart contracts on the Terra blockchain.
The Cosmwasm update is expected to have a significant influence for the Terra blockchain in the cryptocurrency market, possibly boosting the LUNC price. With the implementation of this update, investors and experts alike remain vigilant and optimistic about the potential market reaction and consequent appreciation of the LUNC.
LuncBurnArmy, project manager for the Joint L1 Task Force, did the anúncio the release date of the update on Twitter. Initially, the launch was scheduled for May 31, but the developer team of Terra Classic decided to postpone it for two weeks, to ensure additional testing and to assess the importance of this significant change.
The Cosmwasm update, transitioning from version v0.16.6 to v1.1.0 (also known as parity upgrade), proposes four different scenarios for the implementation. Each scenario has its particularities in terms of complexity, potential impact on the schedule and associated costs.
The choice for “Scenario 4” came after discussions with specialized developers. Joint Task Force L1 made the decision to go with this scenario for the upgrade.
The Cosmwasm v1.1.0 update has significant value for the network Terra Classic, with the aim of restoring its usefulness. This will allow Cosmos and Terra Luna 2.0 projects and builders to be back up and running on the grid. Terra Classic.
On May 17th, Joint Task Force L1 successfully completed the v2.0.1 update without any hitch, bringing to the blockchain Terra Classic several essential features. These additions included the implementation of a minimum initial deposit requirement for governance proposals, updates to Cosmos SDK v0.45.13 and Tendermint v0.34.24, and critical security updates.
