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The Terra ecosystem is upgrading its network after passing a proposal to install three new updates.
A few days ago, Terra fielded a proposal for the community to vote on. It was dubbed Proposal 894. Apparently, there are some issues that were overlooked during the creation of the blockchain network. The issue pertains to the creation of special accounts and how transactions are run on them. The proposal has since been passed by the community, and Terra is already making plans for the upgrade.
There will be three main updates for the Terra chain:
Update 1: To enable the creation of vesting accounts through normal transactions
Initially, the Terra chain was coded in such a way that it could only allow vesting accounts to be created during Genesis. After this update, vesting accounts will be able to be created via transactions on the network.
Update 2: To rectify the specifics of an incorrectly whitelisted wallet address
During Genesis, an exchange wallet was whitelisted with a missing letter, leading to the wallet receiving no LUNA during initial allocation. This update seeks to rectify this mistake and unlock the 1.137 million LUNA initially intended for the wallet.
Update 3: Allow users to initiate transactions to send vesting tokens to the Community Pool
As of now, users can’t send or donate tokens allocated at Genesis to the community pool. This particular update aims to make this possible and allow users to donate tokens to the Community Pool.
Network To Be Halted At Specific Time
For these updates to be implemented, the Terra Chain will have to be halted for some time at block height 890000 at around 12:00 UTC on July 29th. This will allow Terra validators to execute the upgrade. Basically, validators will be required to update their software to the latest version to remain on the network after the upgrade.
1/ Prop 894 to upgrade the Terra chain and add three new updates has successfully passed! As a result, the Terra blockchain will halt temporarily at block 890000, which is approximately 12:00 am UTC on July 29th, to execute the upgrade with Terra validators. https://t.co/TPnrWMlQXX
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) July 27, 2022