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.
Terra and LUNA vote ends in favor of Do Kwon’s new network a network refers to all nodes in the operation of a blockchain at any given moment in time. proposal.
- 65,5% de votantes de Earth favored Do Kwon’s proposal.
- El cierre de las votaciones fue hoy.
- Se trata de una nueva cadena, no de una bifurcación.
Yesterday we counted how the voting was going for the new destinations of the new Earth , which is trying to solve its current crisis. This vote was considered definitive for the future of the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. project. Earth after its plunge a few weeks ago. The algorithmic stable coin a coin can refer to a cryptocurrency that can operate independently or to a single unit of such cryptocurrency. from Earth, USD Earth (UST) lost its parity with the US dollar at the beginning of May. The asset’s crisis had a negative impact on its sister token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. LUNA, which plummeted in price. It also had an impact on the entire crypto ecosystem.
The expected government vote of Earth closed today (when it’s night in Asia and morning on the American continent) with 65.50% of government voters in favour of the proposal of the executive director of Terraform Labs Do Kwon, to create a new blockchain.
Thus, the “Terra Ecosystem Revival Plan 2” of Kwon abandons algorithmic stable coinage EarthUSD (UST) on the new blockchain, which will take the name of Earth (MOON) while the old network and cryptocurrency will be called the Terra Classic y LUNA Classic (LUNC).
The new tokens LUNA will have a launch airdrop a marketing campaign that distributes a specific cryptocurrency or token to an audience. a los participantes y titulares de EarthUSD (UST) y LUNC , y the distribution rate will vary depending on when investors held the tokens.
Some 13.53% were against the proposal and 20.98% abstained, out of 83.27% of the total number of voters in the network.
Some 91% of more than 7,300 voters in Terra’s online community rejected the proposed hard fork (hard bifurcation) of Kwon in a preliminary and unofficial vote: the term hard fork did not appear in the amended version of the proposal .
Some who opposed Kwon’s proposal advocated token burning. LUNA to reduce supply.
Kwon responded to such suggestions in Twitter to say that the tokens cannot be burned as they are the property of the investors, not of Earth .
Yes but i dont own those coins – i cant take it away from the people that own them
– Do Kwon ???? (@stablekwon) May 21, 2022
According to the details provided in the proposal, Earth 2.0 is scheduled to hit the main network on Friday. After this launch, the tokens LUNA 2.0 will be available for negotiation.
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