Terra News: Proposal To Reopen Remaining IBC Channels Before v23 Upgrade

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According to a tweet from yesterday, Edward Kim, a Terra Classic core developer and member of the Terra Rebels and TerraCVita, has issued a proposal to reopen the network’s Inter Blockchain Communication (IBC) channels.

Before upgrading to version 23, the Terra Classic Core developer proposes reopening the remaining IBC channels.

According to Kim, IBC channels must be reopened to keep up with developments in the Cosmos environment and allow for thorough testing.

By approving the proposal, the Terra Classic network and Cosmos chains like Osmosis, Crescent, and Juno will be able to communicate and conduct business once more.

Why Separating the IBC Reopening from the Network Upgrade is Necessary

As previously reported, the v23 network upgrade was expected to reopen the IBC channels. 

However, Kim claims that developers think separating the IBC reopening from the larger network upgrade is vital. 

According to Kim, this is a result of the Cosmos ecosystem’s ongoing modifications and the stringent testing necessary for the Terra Classic network to achieve technological parity with the Cosmos environment.

Developers will reopen the IBC channels with block 10,542,500 if the community approves. This will take place, according to the developer, around December 5. 

Notably, it will let the flow of liquidity blocked when the IBC channels were closed in May during the Terra ecosystem collapse to stop temporary losses.

However, once developers release the v23 upgrade, which includes the CosWasm improvement emphasised by Terra Rebel member Raider, the network could only be partially Cosmos compatible. 

A library called CosWasm has code standards for creating contracts in the Cosmos environment.

Many Benefits from the Reopening of IBC Channels

The collaboration by Jacob Gadikian and Terra Classic developers to reactivate IBC channels was initially made known by Kim in September.

Gadikian specifically mentioned that the code was prepared in October. According to previous reports, the v23 upgrade will continue in December.

The Terra Classic network and the Cosmos ecosystem could benefit from reopening IBC channels and the ensuing full Cosmos interoperability. 

By luring the growing Terra Classic community, other Cosmos chains can stimulate the economy, while Terra Classic players get access to new ways to spend their Terra Luna Classic (LUNC).

Many people have expressed enthusiasm for the new idea. For instance, network validator and local influencer Classy predicted his validator would support the idea.


Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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