Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
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.
Avalanche is a high throughput smart contract blockchain platform. Validators secure the network through a proof-of-stake consensus protocol. It is said to be fast, low cost, and environmental friendly.
The purchase of AVAX is part of an agreement between Terra and Avalanche to collaborate on the interconnection between the two networks and the expansion of both ecosystems.
Earth has decided to diversify the reserves for its stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. algorithmic beyond Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. . After committing to buy USD $10 billion in Bitcoin the blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. project has now decided to add also Avalanche to su tesoro.
Luna Foundation Guard (LFG) and Terraform Labs (TFL), both organizations that support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. blockchain. Earth announced Thursday that they hadadquirido colectivamente USD $200 millones en tokens AVAX , de Avalanche . This fund will be used to support the project’s native stablecoin, TerraUSD (UST), over and above the reserves of bitcoins .
The founder of Earth y CEO de Terraform Labs , Do Kwon, dijo and Bloomberg that the choice of AVAX as one of the cryptocurrencies for its UST pool is due to the “ rapid growth and large fan base “of that project.
Avalanche is still a growing ecosystem… much of it is fueled by loyalty to the AVAX token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. and users feel a lot of affinity for an asset that aligns with AVAX.
Terra diversifies its UST reserves
According to reports, the purchase of AVAX is also part of a strategic agreement of Luna Foundation Guard that will allow users of Avalanche exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. UST for tokens of Avalanche directly into the latter’s network. The collaboration also seeks to create a bridge between the ecosystems of the two networks, enabling decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. finance protocols (DeFi) native to Earth se expandan a Avalanche . The Twitter account an account is essentially a whose purpose is to track the financial activities of a specific asset/ of Earth said in a thread on tweets :
The partnership will also bring distinct benefits to the Avalanche ecosystem at large by connecting the builders of #LUNAtics and Terra with the vibrant Avalanche ecosystem, giving way to an immersive experience between chains.
4/ The partnership will also provide distinct benefits to the Avalanche ecosystem at large, by connecting the #LUNAtics & Terra builders with the vibrant Avalanche ecosystem, ushering in an immersive cross-chain cross-chain is a technology that enhances the interconnection between blockchain networks by allowing the exchange of information and value. experience.
— Terra (UST) ???? Powered by LUNA ???? (@terra_money) April 7, 2022
With a market an area or arena, online or offline, in which commercial dealings are conducted. capitalization of USD $23.4 billion, AVAX now becomes the first digital digital technologies are these electronic tools that have the ability to generate, store or even process data. asset besides Bitcoin which adds to UST’s stockpile. The news comes the same week that Earth acquired around USD $230 million in BTC , increasing on balance to 35,767 bitcoins or just over $1.5 billion.
Kwon’s stated short-term plans are to increase this fund to $3 billion in the next three years. Bitcoin . The move seeks to back the UST stablecoin, pegged to the U.S. dollar, which was originally backed solely by LUNA, the native token of Earth .
Kwon told Bloomberg that while Bitcoin will remain the “principal respaldo“UST, the agreement with Avalanche “ buy a lot of familiarity from users “of this project for UST and Earth.
Avalanche now maintains UST and LUNA
According to CoinDesk LFG purchased USD$100 million worth of AVAX tokens using its stable UST currency currency is a medium of exchange that defines value. in an over-the-counter (OTC) trade with the Avalanche Foundation . The news outlet quoted a spokesperson for Ava Labs .
Además, TFL, la compañía que respalda el desarrollo de la cadena de bloques Earth has executed a $100 million token exchange from LUNA to AVAX for ” strategically align ecosystem incentives “, as indicated by Earth in a tweet .
In this sense, the collaboration has produced an exchange between the foundations, which now hold funds in the native cryptocurrency of their partners. The Avalanche Foundation owns $100 million in UST and $100 million in LUNA after the two deals.
“ I wish more and more coins would look for ways to grow the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. space instead of competing for the same set of people “commented Emin Gün Sirer, CEO of Ava Labs and principal developer of Avalanche, on the agreement to Bloomberg .
- Terra wants to back its UST stablecoin with USD $10 billion in Bitcoin
- Terra founder bets more than USD $10 million that LUNA will go up in the next year
- Avalanche Foundation Launches $100 Million Fund in Partnership with Grimes and Op3n Platform a place to buy, sell and store cryptocurrency
Article by Hannah Estefania Perez / DiarioBitcoin
Imagen de Unsplash