Continuing with the rescue plans for Earth, Kwon proposes to bifurcate the network and create a new version that does not contemplate the UST, where the new governance in the world of cryptocurrencies, governance is defined as the people or organizations that have decision-making powers regarding the project. tokens will be distributed for the community to run the project. The old network will continue to operate and will become known as the Terra Classic.
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The founder of Terra, Do Kwon, offered new details about the plan they plan to promote to rescue the ecosystem. Blockchain, for which it proposes to launch a new Hard Fork (large-scale fork/upgrade) to the network, with which they plan to create a new version of it that is completely independent 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.
Kwon propone Hard Fork to create new version of the Earth
This was revealed by Kwon today in a rather extensive thread in which he had been developing the plan to rescue the ecosystem of Earth. There, the person in charge of the project invited those interested to consider this possibility, since they plan to launch it to vote next Wednesday, May 18.
Among the details, Kwon noted that this new version of the will be known as the LUNA and if approved will be launched on May 27th. The executive also clarified that the other network will continue to operate, but will now be known as Terra Classic (LUNC) and in this other version it will still exist UST.
Kwon had originally said last week that plans were in the works to perform “ the reboot of the entire Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. network a network refers to all nodes in the operation of a blockchain at any given moment in time. “and presented a proposal for the distribution of the new governance tokens as follows:
- 400 million (40%) of tokens will go to the holders of the LUNA before token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. unbinding.
- Another 400 million (40%) of the tokens will go to holders of UST.
- About 100 million (10%) of the tokens will be earmarked to compensate / reward buyers who purchase LUNA / UST before the cessation of the network.
- And the remaining fund, about 100 million (10%) of the tokens will go to the community fund to promote the development of future projects.
These new tokens LUNA will be distributed according to the scheme proposed above through an airdrop, and the intention is to ensure the greatest possible decentralization the handover of control from a central authority to several different custodians. for the project, in order to let the community decide the direction of the project from its launch. Kwon invited those interested to learn more about the proposal through a new post published on the official forum of Earth, assuring that the project is more than UST and adding:
“It has been inspiring to participate in the dynamic discussion about the next best steps for Terra. Taking into account an account is essentially a whose purpose is to track the financial activities of a specific asset/ the feedback from the community and the proposals considered, I would like to suggest the following as a way forward….”.
2/ It has been inspiring to partake in the dynamic discourse regarding the best next steps for Terra. Taking feedback from the community and thoughtful proposals, I would like to suggest the following for the path forward. https://t.co/E13VI8bkLh
A thread on our reasoning:
– Do Kwon ???? (@stablekwon) May 16, 2022
Not everyone is happy with this plan
Although the proposal for Terra will be put to a vote in a couple of days, a glance at the forum shows that not everyone is happy with this proposal.
Several users have expressed their dissatisfaction with the idea of the Hard Fork for the network of Earth, stating as main allegation the doubts present with respect to many other tokens that operate on said token. Blockchain, as well as the lack of credibility in Kwon after what happened.
Others compare what has happened and Kwon’s proposal to what happened many years ago with the Ethereum, which also made a similar move following the theft of the funds housed in theThe DAO. This led to the birth of Ethereum a decentralized open-source blockchain with smart contracts functionality. Classic, and generated disputes among developers who disagreed with modifying the network to disavow the asset theft.
On the other hand, there are those who support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. the proposal and qualify it as the best step to follow, so they maintain the expectation that this may be what the ecosystem needs to take a second wind and rise from the ashes. Meanwhile, a third group has reservations about the latter, so they are just waiting to see how it turns out to pronounce on the matter.
Let’s keep in mind that this has even generated divisions between developers and influential figures in the crypto sector. We have on the one hand the main developer and co-founder of Ethereum, Vitalik Buterin, who endorses the proposed plan to Earth by Kwon, while at the other end of the spectrum is the CEO of Binance, Changpeng Zhao (CZ), who claimed that they will support those affected but consider that this has not been the best handling after what happened.
- Binance’s CZ changpeng Zhao (CZ) is the founder of crypto exchange Binance. says Axie Infinity handled its crisis better than Terra did with UST
- Ethereum’s Vitalik Buterin backs TerraUSD’s proposed refund plan
- Investor who lost $2 million in Terra broke into Do Kwon founder’s home
Source: Now.earth , Twitter , Cointelegraph
Version by Angel Di Matteo / DiarioBitcoin
Imagen de Unsplash
