Terra is a decentralized financial payment network that rebuilds the traditional payment stack on the blockchain. Luna is the reserve currency of the Terra platform. It has three core functions: i) mine Terra transactions through staking, ii) ensure the price stability of Terra stablecoins and iii) provide incentives for the platform’s blockchain validators.
In an interview for The Wall Street Journal, Do Kwon pointed out that they are working to make Earth 2.0 a much more robust network a network refers to all nodes in the operation of a blockchain at any given moment in time. than its predecessor and is confident that it will regain its former glory, as there are projects that will relaunch their products on the new network.
- Do Kwon feels confident that they will succeed in rebuilding the ecosystem of Earth.
- Projects that operated on the old network will relaunch their products and services in Earth 2.0.
- The manager paid his respects to those affected and assured that he was also harmed after what happened.
- “There’s a difference between failing and committing fraud.” Kwon pointed out.
The CEO of Terraform Labs y fundador de Earth, Do Kwon, indicated that despite everything that has happened in recent weeks with the project he presides over, he still feels very confident that the network Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. will be able to recover and become one of the most used again.
Do Kwon has faith in Earth 2.0
This was revealed by Kwon during an interview with the media. The Wall Street Journal, in which he said he had great confidence that his team could rebuild the Blockchain and make it much stronger than its previous version, which they are currently working on and therefore hope to attract a lot of projects to operate on the new network.
About your expectations regarding Earth 2.0, Kwon said that they are currently waiting for many teams and developers to relaunch their products and services, which some of the most reputable entities that operated on the old network are already doing. He also assured that he is fully committed to the project, so he will take every action under his power to make the new version of the Blockchain regain the glory of its predecessor.
Kwon and his team submitted a proposal to relaunch Terra’s network with a new token, which was approved at the end of May. This was followed by the launch of Earth 2.0 while the old Blockchain was renamed Terra Classic which is still in operation today.
Those affected after the fall of Earth
However, the relaunch of Earth does not seem to have been enough for the public to regain confidence in the project. Consider that the hardest hit were the users of LUNA (now known as LUNC) y of the stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. UST (now known as USTC), tokens that lost more than 99% of their price.
In relation to the fall of Earth, Kwon indicated that he was devastated after what happened to the previous version of the network, and had the following words for those affected:
“I hope all the families who have been affected find comfort for themselves and their loved ones.”
Kwon also revealed that the aforementioned network and token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. crashes also affected him personally, as he was also an investor in the programs based on UST. Al respecto indicó que promovió y participó en dichas ofertas porque “believed in [UST’s] resilience and its value proposition.” and added:
“Desde entonces yo también perdí ese capital, pero mis acciones están 100% alineadas con mis palabras. Hay una diferencia entre fallar y cometer un fraude”.
Effects beyond Earth
For many analysts, the fall of the ecosystem of Earth had a major effect on the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency currency is a medium of exchange that defines value. ecosystem, leading to a drop in the price of many of the most reputable exponents of the market, and, if you will, bringing about the arrival of the crypto winter around this time.
After the fall of the flagship tokens of the Earth and its network, the crypto market an area or arena, online or offline, in which commercial dealings are conducted. in general suffered a rather shocking crash. The situation even attracted the attention of regulators and lawmakers in many countries, who backed the narrative of the risks associated with cryptocurrencies and pointed the finger at stablecoins, further highlighting the need to regulate such assets.
For their part, both Kwon and the team of Earth are the subject of several lawsuits and ongoing investigations. Some of the members are legally prohibited from leaving South Korea,
- Do Kwon denies accusation of diverting $2.7 billion in UST funds in his favor
- SEC Expands Terraform Investigation; Do Kwon Allegedly Withdrew $80M from LUNA and UST Each Month
- Terra’s Do Kwon Now Accused of Alleged Laundering Through South Korean Shell Company
Version by Angel Di Matteo / DiarioBitcoin
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