More than 60% voted in favour of reactivating the network. Voting ends tomorrow, Wednesday, but there is still confusion. The team said it will not be a hard fork.
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- La votación cierra mañana. Más del 60% ha votado a favor.
- The team of Earth clarified that it will not be a hard fork Instead, a new blockchain will be created.
- There is still confusion among the community. Some burn tokens LUNA to boost its price.
The proposal for the reactivation of Earth could be ready to move forward now that more than 60% of voters have given their approval; although the plans still seem to generate a lot of confusion among the community.
Just over 190 million tokens LUNA have been used to vote in favor of the proposal for the reactivation of Earth which was presented by the founder of Terraform Labs Do Kwon, last week. According to data from Terra Station The commitment in favour currently represents 66.28% of the total votes of the community. A total of 287 million LUNA have been used in the vote.
The preliminary poll reveals that 12.19% of the holders of the native cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. of Earth voted against the proposal, representing nearly 35 million LUNA who chose the “No with veto” option. Less than 0.5% of voters completely rejected the plan, while 21.18% abstained.
More than 60% approve of Terra’s reactivation
Ongoing vote will decide fate of cryptocurrency project Earth , después de su dramática implosión de hace unas semanas. La moneda estable algorítmica de Earth , USD Land (UST) lost its parity with the US dollar at the beginning of May. The unexpected volatility a statistical measure of dispersion of returns, measured by using the standard deviation or variance between returns from that same security or market index. of the asset had a negative impact on its sister token LUNA, which plummeted in price.
Both cryptocurrencies have subtracted millions of dollars from their market an area or arena, online or offline, in which commercial dealings are conducted. capitalizations since then, generating millions of dollars in losses for hundreds of cryptocurrency investors. UST still remains well below its expected level of USD $1 and LUNA is trading at lows of USD $0.00015. Just a month ago, the coin a coin can refer to a cryptocurrency that can operate independently or to a single unit of such cryptocurrency. was priced above $100.
In a movement to rescue the ecosystem of the Earth Kwon introduced the proposal #1623, which aims to create a new blockchain of Earth whose mechanism will leave behind the failed UST and distribute new tokens to current LUNA owners.
Amidst the controversy over the collapse and the various accusations against Kwon the community of Earth has been exercising its voting power on the proposal. Even though many observers have criticized it, and the Kwon introduced changes In the midst of voting, the proposal appears to have the approval of the majority of the community.
The vote needed only 188 million LUNA in favor or a veto of more than 33% to pass according to a previous report byThe Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. , so it looks like fate has already been decided now that that number has been surpassed. The voting process, in which only LUNA validators participate, will conclude tomorrow Wednesday around 7:30 am ET.
It will not be a hard fork
Just a few hours after its approval, the proposal continues to generate many doubts among community users about what will actually happen with the network. Earth . Up to now, many members – including Do Kwon – had referred to the initiative as a hard bifurcation, or hard fork (in English). However, the Earth has taken to Twitter to clarify this point.
Recently, some community members (including some from [Terraform Labs]) have referred to the new blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. suggested in Proposition 1623 as a “fork” rather than a genesis chain. Note: The revival plan does not propose a “fork” of the existing chain, but the creation of a new one.
1/ Recently, a few community members (including some from TFL) have referred to the proposed new blockchain in Prop 1623 as a “fork” as opposed to a genesis chain.
Note: The revival plan is not proposing a “fork” of the existing chain, but rather the creation of a new one ????.
— Terra ???? Powered by LUNA ???? (@terra_money) May 23, 2022
The term hard bifurcation or hard fork refers to the splitting of a blockchain in which a certain protocol the set of rules that define interactions on a network, usually involving consensus, transaction validation, and network participation on a blockchain. is executed with different rules than the existing ones, resulting in two separate chains. In this case, it was anticipated that the proposed Earth would trigger an update to create a new blockchain.
But instead, the team has explained that el plan es crear una nueva red desde el principio. That is to say that “ Earth 2.0 “will not share his story with the network a network refers to all nodes in the operation of a blockchain at any given moment in time. Earth current, as explained in the tweets . The creation of a new chain also assumes that 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. applications (DApps) or assets built on the Earth will not pre-exist in the future network (as they would in a fork) and will therefore have to be migrated. Some of the major protocols have already committed to migration.
According to the proposal’s entry, the new network will retain the original name of Earth y pasará a ser la cadena principal, dejando atrás la red original, que se rebautizará Terra Classic .
Confusion and signs of hopelessness
As he points out CryptoNews the confusion among the community is valid since Do Kwon himself used the word “Do Kwon”. tenedor ” (fork) in its initial draft. The founder then removed the term during an amendment to the proposal he made in the middle of last week. DiarioBitcoin has previously referred to the plan as a hard fork.
Meanwhile, some separate movements suggest that certain investors in the Earth are not entirely optimistic about the plans to reactivate the network. As we reported yesterday, more than 280 million LUNA have been burned (taken out of circulation) from over the weekend, when Kwon shared a burn address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. for the token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. .
While the founder of the project has disagreed with this practice, some users seem to be pursuing it with the expectation of a price increase for LUNA. The burning destroying a certain number of digital coins to reduce their issue. This method is used to fight inflation and increase the value of cryptocurrency. All token burning transactions are recorded in the blockchain as a transaction. Therefore, anyone can verify that the coins were destroyed. process removes the tokens The price of LUNA is expected to reduce the supply of LUNA in circulation and reduce the now highly inflated supply, which is expected to reduce its supply in the market, driving up its price.
It should be noted that users who burn their LUNA funds reject the possibility of being eligible for the next LUNA distribution. tokens which will be implemented once the new blockchain is generated.
Although the amount of LUNA that has been burned is smaller, the coin experienced an unsuspected rise of close refers to the closing price; similar to the same term used in stock trading. to 100% over the weekend. Even so, the cryptocurrency is still trading well below the dollar, and quite far from its peak of USD $116.
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Article by Hannah Estefania Perez / DiarioBitcoin
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