Proposal Project ECHO Morphing USTC into a Gas Token

Discussion on: https://commonwealth.im/terra-classic/discussion/14217-proposal-for-using-ustc-as-a-gas-token Presenting Project ECHO: Our idea to turn USTC into a Gas Token to facilitate cross chain interoperability and transactions processing. ECHO will serve as the first, true contracts functionality bridge between Terra Classic and the chains outside of IBC. Yes, USTC can and would be used to allow Solidity based contracts to directly communicate with any WASM launched contract on USTC supporting chains. Not only is this functionality novel, it will provide a much-needed edge in the marketplace of not just IBC chains, but Layer 1 Enterprise Solutions overall. We will be using the Cronos Chain and its token CRO (Crpyto.com) as the first chain to interact with EVM Contract Chains as well as all the IBC-Connected Chains. The premise is fairly simple: an intermediary software would act as an optimistic canary, pulling data from call functions on either chain, processing that data, and funneling the data into another chain. There are a lot of very compelling use cases for writing and handling such software, which include but are not limited to: I. Allow Terra Classic to access long stating existing services on EVM, such as CurveDAO, ChainLink, ETC... II. Allow Existing EVM projects and Software to become compatible with IBC without needing a fork, migration or rewrite. III. Having USTC as the gas would allow for USTC's transactional power to increase, thus increasing demand and in turn, the price of USTC increases and becomes more stable. IV. Completing Interoperability would make Terra Classic More attractive for new developers who are looking to off-ramp into the Non-EVM Space. EVM has largely been the epicenter of Cryptocurrencies Assets due to its general ease of use and abundance of chain providers. Project ECHO could help open the gate to new development on IBC Development Chains V. Allowing interoperability could allow the advancement of Terra Classic to support new world proof mechanisms, such as Optimism, ZK-SNARKS and indirect sharding, without having to fork the entire chain with expansive validator proposals. Common examples of such chains are Optimism (OP, EVM Chain 0x10) and Polygon POL (Polygon 2.0 which the Polygon team is phasing out Matic 1.0 for) VI. Project ECHO would not just allow EVM, but in theory, could help bridge IBC and more importantly Terra Classic to other expansive ecosystems, like Polkadot, SUI and Substrate. This type of functionality could be expanded overtime as need or cause warrants. VII. Project ECHO intends for the intermediary software to be eventually directly implementable into the software that runs all staking services, thus validators would be able to process and benefit from ECHO transaction handling with a software update. Preliminary releases would constitute separate software so it does not cause any immediate downtime or issues for the validators and staking services. In Layman's terms, this would mean the following: 1. A direct benefit to both USTC and LUNC by creating expansive development opportunities. 2. A potential to onboard one of the largest IBC and EVM markets, Cronos. 3. Access to the vast array of EVM software and chains for LUNC projects. Implementation and how this will work is available for review on Commonwealth. We have replaced “USTX” as noted on Commonwealth with ECHO, our own synthetic token. Proposal Authors: AxionSempra V3 and Mistyck Cast Your Vote! Yes: You support this proposal. No: You reject this proposal. No With Veto: A “NoWithVeto” vote indicates the proposal is either (1) deemed to be spam, not relevant to Terra Classic. (2) disproportionately infringes on minority interests or (3) violates or encourages violation of the rules of engagement as currently set out by Terra Classic Governance. If the number of “NoWithVeto” is greater than 33% of total votes, the proposal will be rejected and the deposit subsequently burned. Abstain: You choose to align with the majority’s decision.