After the crash of the Terra, there has been growing concern among people and those associated with it. It has been the most tragic fall ever witnessed in the digital currency market and has taken the finance system by storm. With various stories making the headlines, the one that has most recently caught everyone’s attention is the founder’s stance on Terra and its revival.
Take a look at the revival plans proposed by Do Kwon
The founder of Terra, Do Kwon has proposed certain steps that can contribute to the revival of digital currency. This proposed plan involves the use of a hard fork and the leaving behind or elimination of the UST which was previously known as the debugged stablecoin of Terra. In his most recent tweets, he mentioned how the Terra or stablecoin were huge failures in the digital currency market and how reform was mandatory. It also expressed how a fresh start can even help revive the Terra and save it from getting completely wiped away.
What is the new proposal that has been made recently?
Various new proposals have also appeared on the scene and have been following the same path that was proposed by the founder in the last tweet. Through a tweet made by the founder, he mentioned a detailed plan for the revival of the Terra and how a new start or a new beginning awaits for the Terra coins. It even mentioned what all tapes are being taken to bring about this huge reformational work. He said that a large team has been engaged to bring about the revival of Terra in full force and their main aim now is to re-establish the network.
It endeavors to show to the world of finance that the Terra system is not just about its stablecoin but it is much more than that. It is making attempts to show that the new changes have been brought about in its system which previously focused on the algorithm of the stablecoin. This new system shall be put into use as soon s it wins the vote of the government. It would create a major shift in the way the Terra system used to work and is believed to work out for the best of the system.
What are the main features of the steps taken?
Out of the steps proposed for the resurrection of the Terra system, certain elements have taken the centre stage. Out of the lot, the most important is the use of the hard fork. Its main task is to get the Terra system out of the old ways and propel it into the new system, depriving it of the UST or the stablecoin. Thosnpld system is proposed to be referred to as Terra classic henceforth and both the blockchains are supposed to be granted their native tokens.
The native token that is given to the old blockchain, or the Terra classic, is the LUNA and the new version of the Terra LUNA shall be appointed to the new blockchain system.
In Terra 2.0 or the new system that is about to emerge on the scene, a sum of one billion LUNA tokens shall be appointed. These tokens have been planned to be distributed along the users of Terra or its members through an airdrop system. The various stakeholders and the Investors are to be included among those who are going to be the recipient of the LUNA tokens. They have also decided upon compensating for the losses that the various investors and shareholders had to face due to the failure of the Terra system.