The summary of this proposal is to re-enable governance of Terra (also known as old Terra or Terra Classic) in order to develop a new forum, a new domain, etc. for further development. To re-enable governance, staking function must be enabled back after the halt.
The Terra Chain (also known as old Terra or Terra Classic) must have working governance to decide on the path forward. To do so, we first need to re-institute the staking mechanism and start voting with the trusted validators and any entities with development capabilities.
Timeline:
As soon as possible.
1- Immediately with the acceptance of this proposal: Able validators running the updated code after the second halt re-enable only the governance token staking part then re-release the source.
2- Immediately with the acceptance of this proposal: A new github repository including the updated source code must be published presumably under the validator’s accounts.
3- In 7 days: Audits regarding the source code be completed with individuals and other validators.
4- 8. day: Validators coordinate among each other and restart the chain with staking enabled.
Any inputs from the validators, individuals, exchanges are welcome.
I agree we need governance and LUNC is a governance token. We need a voting mechanism in place that all holders have a say. What that will look like is hard to say, at least until stability is brought. Safeguards would need to be put in place to prevent 51 attacks etc. We need a bullet proof governance system.
Take a look at my plan and lets work together as both plans can work together.
I agree that TFL & LFG along with Do Kwon cannot remain in charge of the Classic ecosystem. There are 2 dangerous obstacles that they will have to somehow avoid.
As you said bankruptcy. They lost money too a lot. Make no mistake, this new coin is set to help them recover, not the community. If it fails then everything they own evaporates. Add to that the mountains of lawsuites coming their way.
Legal issues. He may actually end up incarcerated. Assets of LFG & TFL may be seized globally and then the tokens will trade down to 0 and become another abandoned project.
That said even if they file bankruptcy, we can not assume their IP (Name and trademarks). However if/when they file bankruptcy they will then have a firesale on assets including their IP. That would be the olny way to get it.
I also agree with the need to revamp the governance system.