The Terra Classic (LUNC) community has voted to create a community-owned wallet, marking a major step towards decentralization. The initiative, led by validator Happy Catty Crypto, will provide open-source wallet infrastructure run transparently by the Joint L1 Task Force.
On July 22nd, Terra proposal 11645 – “L1 Team To Build Wallet Infrastructure” – officially passed with 71% approval from the community, as reported. This gives a green light for the Joint L1 Task Force to develop mobile, web, and browser extension wallets for LUNC at no upfront cost.
Aiming To Avoid Privatization
The push for an open community wallet aims to prevent privatization of core infrastructure. Previously, Terraform Labs controlled both the Terra blockchain and connected apps like the Terra Station wallet.
This led to complaints of excessive centralization, especially after May’s catastrophic collapse of the Terra USD (UST) stablecoin.
Happy Catty Crypto’s proposal states the community-owned wallet will:
“Avoid past mistakes and over-reliance on Terraform Labs as a single point of failure.”
It argues Terra needs to prioritize decentralization to rebuild trust. Handing control of a non-custodial wallet to a transparent, multi-party taskforce helps achieve this.
Joint L1 Task Force To Develop Wallet
Per the passed proposal, the Joint L1 Task Force (L1TF) will develop the new Terra Classic wallet.
The L1TF is an open collective of validators, developers, and community members working to support Terra. It formed organically after Terra’s collapse as members coordinated online.
While the L1TF will build the wallet, community member Edward Kim is suggested as the controller of domain and infrastructure. This ensures no single entity governs the wallet.
Ongoing operations and maintenance may be handled by a future L2 team. But for now, the focus is on developing the initial wallet in a decentralized manner.
Features and Roadmap
The community wallet will be developed free of charge by the Joint L1 Task Force. It may utilize the ecosystem’s public compute budget to cover incidental costs like web hosting.
Planned features include:
- Web-based wallet
- Mobile apps for iOS and Android
- Browser extension for Chrome/Firefox
The wallet will support Terra Classic’s ecosystem of tokens including LUNC, USTC, and aUST.
No firm timeline is given, but the proposal targets launching an initial web version “as soon as possible” followed by mobile and browser extensions.
The initiative received widespread support, with 20+ validators signaling approval even before the final vote.
Many cited the need to avoid past centralization mistakes and rapidly implement core infrastructure like wallets.
However, some community members raised concerns about relying on volunteer labor from the Joint L1 Task Force. They argued a funded development team may be needed for ongoing maintenance.
Overall though, the vote’s 71% approval shows strong community backing for decentralized wallet infrastructure. This marks a major milestone as Terra Classic seeks to rebuild organizational trust.
Token Price Impact
Despite the positive development, LUNC’s price remained relatively flat following the wallet proposal’s passage.
LUNC traded around $0.00009 on July 22nd, up less than 1% over 24 hours according to CoinMarketCap data. This muted reaction may reflect the bearish overall market conditions.
In the longer term, decentralized infrastructure like an open community wallet could potentially have a positive impact on perceptions of the Terra ecosystem. But near-term price moves will likely continue to follow broader crypto market sentiment.
With the community mandate for a decentralized wallet in place, attention now turns to execution by the Joint L1 Task Force.
The team of volunteers has significant work ahead to make the proposal a reality. But success would represent a big step forward in Terra’s ongoing rebuild.
Many will be watching closely to see if the L1TF can deliver a polished community-owned wallet that drives adoption – while avoiding the missteps of Terra’s past.