6 months after the depeg, Lunc Classic is facing its first organizational crisis.
After the Depeg, the relentless efforts of a handful of community builders unlocked a first wave of growth enabling Lunc to make an already historic come-back.
With the arrival of potential new investors leading to an x2 of the Mcap of the chain, the initial community vision, 100% decentralized supported by some of the tech groups active on the chain is quickly reaching to a ceiling point.
Unclear direction, disputed strategic visions, unsecure working hours FTE hours to perform maintenance & chain upgrades of the chain performed due to unfinanced work can render the chain unclear.
For Luna Classic to kick off its next growth phase, we are proposing the setup of a strategic Council to gather all the leaders of the different developers groups and act as a coordination body in order to :
- Put together a clear strategy involving all Dev groups in the Lunc Community
- Secure the necessary funding to execute the Strategy & Roadmap
- Protect our Builders from the external pressure of the community
I. The Luna Classic Council - A clear governance for the chain
The Luna Classic Council aims to gather in one specific virtual space, all the willing developers community Leaders with the sole objective of pushing the Luna Classic Chain forward.
It is designed as a private place of free expression to protect developers community Leaders from external influence. Its Structure will be light as it won’t have any Power figure. The Developer Community Leader will elect a Secretary who will undertake to :
- Structure a set of goals / mission for the Lunc Classic Chain
- Detail a clear roadmaps of the future
- Organize the life of the Council as an interface between the community and the builders
- Have full admin ability to merge PRs on the canonical Github repository of Terra Classic
The Secretary will also :
- Work to find common ground between Developers Community Leaders
- Provide timely updates to the community through AMA, Spaces and other mediums
- Appoint a PR reviewer and merger to be granted full rights of merging PR requests
Ones can see the Secretary as an Ops manager working for the greater good of the Lunc Community.
With this setup the Luna Classic Council will be a powerful tool to :
- Protect Builders from disturbance of the world
- Align internally all the stakeholders and select the best tech setup
- Present a united front to the investors and community
How will it work
Each willing Dev Team will need to register in order to become a Luna Classic Council member, and will be asked to provide proof of :
Structured under a group name with a dedicated Twitter & Discord group.
L1 or L2 capabilities in the specific dev languages used to support the Terra Classic chain
Each Dev Team will have the responsibility to name one representative who will become the voice of their Dev Team within the Luna Classic Council.
Sign a mutual respect charter that will be written and validated with the first members of the Luna Classic Council.
Commit to deliver on the roadmap in a timely manner. Failure to do so, could lead to a possible suspension of the Dev Team from the Council
NOTE: The Secretary won’t have any voting power and is considered neutral.
Every decision will be made by a qualified majority.
Every Dev Team will have a voting power of 1 so No Dev Team will be above others and will commit to stand by the Charter that will be decided.
Each year, a Strategic Luna Classic Council will take place to decide a clear Roadmap for the Year to come.
Monthly Luna Classic Council will be held to monitor overall progress on the roadmap and break down the Roadmap into Quarterly OKRs.
II. Pay-per-Merge - A stable teams of paid devs
It is of the highest priority to increase the output of our dev teams to get back to better levels of price.
This output velocity needs to be rewarding for the participating dev team. Therefore, we aim to develop a pay-per-merge system on top of Github following these principles :
- Scoping of the features required from the Pulls
- Dev Teams will submit their Pull Requests with a cost proposal
- Analysis of the PRs on a First Pr first serve basis
- Selection of the First Pr compliant with the most fair cost
- Payment of the Dev Team either in Crypto or Fiat (depending on will)
this tool will be built and maintained by the Luna Classic Council internal team
The Luna Classic Council team under the supervision of the Secretary will :
- Develop the tool
- Merge the PR that
- Pay the Dev teams according to the completion of their share of the Roadmap
III. Funding the Chain - Fresh money to execute the Roadmap
Having a roadmap is a necessary but not sufficient step. Every roadmap needs to be securely funded in order to be executed.
No chain will be able to operate in a sustainable fashion with benevolent participants, furthermore, no important investors would trust enough a chain to put meaningful funds in the chain with that setup.
Setting up Luna Classic for success
The Lunc Classic Council will set up a legal org in a Country where it is not risky to do so, in order to collect the means of action for the rebirth of the Terra Classic Chain.
The legal form of the entity will be decided upon Legal advice. For obvious reasons, It is unlikely that the structure is based in the US.
Getting Fresh Cash in
With a Roadmap and a clear system to pay Dev Team to execute on the roadmap, we will be in position to attract new capital to finance the progress of the Terra Classic Chain.
The Lunc Classic Council Secretary will undertake the following actions :
- Crowdfunding to get us started
- VC & Crypto Investor roadshow
- Sponsorship / Branding deal
- Allocate some funds Lunc Fund to it for later (We’d expect dev team to require fiat payments)
First Target is to raise not less than 4M$ that would get us through at least a year of dev spending.
In addition, A validator is already active and up & Running, it is managed by Lunc Repeg Club and will be absorbed by the Lunc Classic Council once a legal entity is created. Once created the validator will be renamed as “Luna Classic Council Validator” and will have a duty of reserve to protect its independence.
All the proceeds after maintenance cost will be used to fund the development of the Pay Per Merge system.
The Secretary will also undertake fundraising activities with external partners supporting the rebuilding of the Terra Classic chain.
This Whitepaper is proposed by Lunc Repeg Club & Andy92