Terra Classic: In this article, we cover a detailed review of Terra Classic. How does Terra Classic Crypto work & Are important features?
About Terra Classic
Terra is a blockchain protocol that uses fiat-linked stablecoins for price-stable global payment systems. According to Terra’s whitepaper, the protocol combines the price stability and widespread use of fiat currencies with the censorship resistance of Bitcoin (BTC), offering fast and affordable settlements.
The development of Terra started in January 2018, the mainnet was officially launched in April 2019 . Since September 2020, Terra has been offering stablecoins pegged to the US dollar, South Korean won, Mongolian tugrik, and the International Monetary Fund’s Special Drawing Rights basket — Terra plans to introduce additional options.
Terra’s native token, LUNA, will be used to stabilize the price of the protocol’s stablecoins. LUNA owners also have the ability to submit and vote on leadership suggestions.
Terra Classic Crypto Point Table
| Coin Basic | Information |
|---|---|
| Coin Name | Terra Classic |
| Short Name | LUNC |
| Circulating Supply | 5,821,203,793,851 LUNC |
| Total Supply | 6,846,060,153,796 |
| Support | 24/7 |
| Official Project Website | Click Here To Visit Project Website |
Pocket Price Live Data
Who are the founders of Terra?
Terra was founded in January 2018 by Daniel Shin and Do Kwon. The two conceptualized the project as a way to drive rapid adoption of blockchain technology and cryptocurrency with a focus on price stability and ease of use. Kwon assumed the role of CEO of Terraform Labs, the company behind Terra.
Prior to developing Terra, Shin co-founded and ran Ticket Monster, also known as TMON — a major South Korean e-commerce platform. He later co-founded Fast Track Asia, a startup incubator that works with entrepreneurs to build fully-functional businesses.
Previously, Kwon founded and served as CEO of Anyfi, a startup providing decentralized wireless networking solutions. He has also worked as a software engineer for Microsoft and Apple.
What makes Terra unique?
Terra wants to differentiate itself from the competition by using fiat-pegged stablecoins, stating that the protocol combines the limitless advantages of cryptocurrencies with the daily price stability of fiat currencies. It maintains its one-to-one pairing with the help of an algorithm that automatically adjusts stablecoin supply to match demand. It does this by incentivizing LUNA holders to trade LUNA and stablecoins at profitable exchange rates as needed to either expand or contract the supply of stablecoins according to demand.
Terra has established a number of partnerships with payment platforms, particularly in the Asia Pacific region. In July 2019, Terra announced a partnership with Chai, a South Korea-based mobile payment app, where purchases made with the app on e-commerce platforms will be processed through Terra’s blockchain network. Each transaction is subject to a 2%-3% fee (on average) charged to the merchant.
In addition, Terra is supported by the Terra Alliance, a group of companies and platforms dedicated to promoting Terra. In February 2019 , the company announced that e-commerce platforms from 10 different countries, representing a user base of 45 million and a gross merchandise value of USD 25 billion, are members of the alliance.
How many Terra Coins (LUNA) are in circulation?
Terra has a stash of 1 billion tokens. Once this number is exceeded, LUNA will be burned until the supply level regains equilibrium. New LUNA tokens are minted as needed by the protocol’s algorithm to maintain the price of Terra’s stablecoins.
LUNA was initially offered for purchase in a private token sale for first-time investors, which included the investment arms of major exchanges such as Binance , OKEx , and Huobi . The sale, which raised Terra for $32 million , was completed in August 2018. Of the 385,245,974 LUNA minted for sale, 10% were for Terraform Labs, 20% for staff and project contributors, 20% for the Terra Alliance, 20% for Price Stability Reserves, 26% for project supporters, and 4% for the Genesis -Liquidity Reserved .
Features
Fiat-Linked Stablecoins
Terra is pleased to offer fiat-linked stablecoins that are directly tied to fiat currencies like the US dollar, euro and yen. These stablecoins aim to maintain a steady value, eliminating some of the volatility commonly associated with cryptocurrency transactions allowing users to transact securely on Terra as an ideal global payments platform.
Price Stability
Terra ensures its users can depend on a steady and predictable value for their transactions by peging the value of its stablecoins to major fiat currencies, providing merchants and businesses a safe way to manage payments and finances without being exposed to price volatility caused by traditional cryptocurrencies.
Censorship Resistance
Terra’s decentralized nature draws inspiration from Bitcoin, making transactions on its network resistant to interference or censorship by any central authority, giving users more financial freedom and security than ever.
Fast and Affordabile Settlements
Terra’s blockchain protocol offers fast and affordable settlement of transactions. By harnessing blockchain technology, Terra facilitates near instantaneous transfers across borders without delays from traditional banking systems. Additionally, transaction fees remain affordable to make transacting through Terra both accessible and cost effective for individuals as well as businesses alike.
Widespread Adoption
Terra aims for widespread adoption by seamlessly integrating with existing payment systems and merchant platforms, such as e-commerce platforms and payment gateways. By doing this, it creates an intuitive user experience for consumers as well as merchants alike while also making Terra an excellent global payment solution.
Ecosystem and DApps
Terra is home to an ecosystem of decentralized applications (DApps) that leverage its stablecoins and infrastructure, allowing innovative financial applications such as lending platforms, decentralized exchanges and remittance services to be developed utilizing Terra’s network thereby further increasing its utility and value.
How is the Terra Network secured?
Terra’s blockchain is secured using a proof-of-stake consensus algorithm based on Tendermint. LUNA token holders use their tokens as collateral to confirm transactions. In return, they receive rewards in proportion to the amount of LUNA they have wagered. Token holders can also authorize others to confirm transactions on their behalf, sharing in the revenue generated. Terra also provides additional advice and help for “Validator” nodes on network security best practices.
In May 2019, shortly after Terra’s mainnet went live, blockchain verification and penetration testing firm CertiK completed the network’s security audit. She examined both the economic model to test it against market manipulation and Terra’s architecture and coding language. CertiK noted that the Terra Network’s “modeling and mathematical justification” was “sound,” although the firm said it would not comment on the blockchain’s performance.
Where to buy Terra (LUNA)?
Terra’s native token, LUNA, is listed on several cryptocurrency exchanges — including Huobi , Bitfinex , and Upbit — where LUNA can be traded against fiat currencies, stablecoins, and other cryptocurrencies.
Interested in buying LUNA or other cryptocurrencies such as Bitcoin? CoinMarketCap offers a simple step-by-step guide that will explain everything about crypto and show you how to buy your first coins.