The Terra Luna Classic (LUNC) community has taken a decisive step towards bolstering the network’s security by overwhelmingly approving a proposal to reduce the maximum block size. This move aims to mitigate the risks associated with peer-to-peer storm attacks, a growing concern within the blockchain space.
The proposal, submitted by developer group Genuine Labs under the ID “Proposal 12094: Proposal to decrease MaxBlockSize,” garnered a near-unanimous 99.87% vote in favor from the community. This strong endorsement reflects the critical nature of addressing potential vulnerabilities.
Previously set at 5 megabytes (MB), the maximum block size will now be reduced to 2 MB. This initial step acts as a temporary safeguard until a more permanent solution is established by Genuine Labs.
“This is likely the best option currently until we find a permanent solution,” validators reportedly stated, according to a CoinGape report.
Further measures are being explored alongside the block size reduction. Notional Labs CEO Jacob Gadikian has proposed an additional decrease in block size, potentially ranging between 850 kilobytes (kb) and 1 megabyte (MB). Additionally, a separate proposal is under consideration to increase gas fees by a factor of 10. Proponents argue that the current fee structure makes malicious transactions economically viable for attackers.
Related: Terra Luna Classic Considers 10x Gas Fee Hike to Combat Spam Attacks, But Will It Hurt Adoption?
The community’s proactive approach to security coincides with a positive price movement for LUNC. The token experienced a 10% surge in the last 24 hours, currently trading at approximately $0.00011. This uptick aligns with a broader market recovery, but the recent security measures could also be contributing to renewed investor confidence. Trading volume has also witnessed a significant increase of 102% within the same timeframe, suggesting heightened interest from traders.
The Terra Luna Classic community’s swift action demonstrates its commitment to ensuring the long-term stability and security of the network. As the blockchain landscape evolves, the importance of proactive measures to combat emerging threats becomes increasingly evident. The success of this proposal will be closely monitored, with potential adjustments and further advancements anticipated in the future.
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