The Terra Luna Classic community-supported core developer group, known as the Joint L1 Task Force (L1TF), has recently introduced a bug bounty program. This program aims to encourage security researchers, ethical hackers, and developers to actively participate by identifying and reporting any vulnerabilities found within the Terra Luna Classic network.
The funds allocated for this bounty program are derived solely from the contributions received by L1TF from the community. The project manager of the Joint L1 Task Force, LuncBurnArmy, recently shared an announcement on Twitter regarding Proposal 11602, titled ‘Luna Classic Bug Bounty Incentive Program,’ which is now open for voting.
As a developer group focusing on reducing the circulating supply of LUNC and USTC in Q3, the aim of this proposal is to address and provide clarity on any bugs present in the Terra Luna Classic network as some members have raised concerns about an increase in bugs following recent upgrades.
Enhancing Security, Collaboration, And Rewards
The proposal highlights the benefits of implementing a bug bounty program, which includes enhancing security and network stability, promoting collaboration and functionality, as well as providing rewards to contributors who identify and report vulnerabilities.
Related Reading: HKVAC Considers Inclusion Of Terra Luna Classic (LUNC) In Digital Asset Index
The responsibility for funding these rewards lies with L1TF, eliminating the need for a separate community spending proposal. In the initial phase during Q3, L1TF plans to allocate 50 million LUNC for this purpose.
The bug bounty program is open to all members of the community, external developers, and security experts. Participants are, however, expected to adhere to responsible disclosure practices and maintain legal and ethical standards.
This entails refraining from publicly reporting vulnerabilities and abstaining from engaging in any malicious activities.
Unanimous ‘Yes’ Votes From Community And Validators
The proposal for the bug bounty program has garnered overwhelming support from both the Terra Luna Classic community and validators.
Notable members and validators, including Lunanauts, and DFLunc, have all cast their votes with a unanimous ‘Yes’. This endorsement highlights the collective recognition of the importance of bolstering network security in the face of ongoing developments.
In addition to the resounding support, the Terra Luna Classic community pool balance has experienced a significant decrease. This decline can be attributed to the approval and execution of three community pool spending proposals.
The community has actively engaged in allocating funds for various initiatives, emphasizing their commitment to progressing and strengthening the ecosystem.
Terra Luna Classic Price, Trading Volume, And Circulating Supply
The current price of LUNC stands at $0.000087, accompanied by a 24-hour trading volume of $29,652,971. Over the past 24 hours, LUNC has dipped 0.06% with a live market cap of $506,881,809. According to CoinMarketCap, Terra Luna Classic has a circulating supply of more than 5 trillion LUNC coins.
LUNC market cap chart | Source: TradingView
Featured image from Twitter, charts from TradingView.com