Terra Founder Officially Suggests Splitting From The Original Project (Hard Forking) To Reboot!
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Answer Terra Founder Officially Suggests Splitting From The Original Project (Hard Forking) To Reboot!
Terra co-founder Do Kwon has revealed a detailed plan that includes a split from Terra to re-establish the network ecosystem.
The hard fork will involve abandoning its algorithmic stablecoin UST, and launching a new cryptocurrency to replace the old digital currency designated for governance, LUNA.
Suggestion It is a follow-up to the unofficial “Do Kwon” he posted last week, in which he admitted that UST was a stable currency, and that the blockchain needed a fresh restart.
What he recently said is also in line with the original plan to distribute 1,000,000,000 new LUNA coins to former UST and LUNA holders as compensation for their recent losses.
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UST is now trading at a tenth of its supposed dollar value, while the digital currency LUNA has collapsed to almost zero after hyperinflation.
The current devalued LUNA digital currency will be renamed LUNC, which stands for “Luna Classic,” while the old Terra blockchain will be called “Terra Classic.”
Co-founder Do Kwon wrote:
The failure of the UST peg to the dollar is a moment of penetration into Terra’s DAO community and an opportunity to rise again from the rubble.
A similar incident occurred previously for Ethereum, where the DAO hacked the development of Ethereum and inspired the chain into a hard fork, leaving behind an old blockchain now called “Ethereum Classic.”
Do Kwon stressed that preserving the Terra developer ecosystem is paramount, tweeting:
Terra is more than just UST.
According to his plan, 5% of the supply of new LUNA coins will be allocated to core developers.
Terraform Labs will put a motion for a governance vote tomorrow, May 18, Asia Time.
His proposal did not indicate that LUNA would be a watchdog within the new network.
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LUNA previously reported that it sold almost all of its bitcoin reserves in an effort to restore the moribund UST.
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