Interpreting Terra Luna Classic
The LUNA Classic (LUNC) token is a replica of the original LUNA tokens traded on the Poloniex exchange before the Luna collapse in December. Kwon’s recovery plan involved splitting the original chain into the LUNA Classic and the Terra chains. The new chain is called Terra; LUNA Classic (LUNC) is the original Terra blockchain’s native currency.
Terra Luna is a decentralized e-commerce platform powered by the moon. The platform is built upon blockchain technology, maintained and executed by a network of computers (nodes) spread worldwide.
Terra Luna provides users with a secure and transparent platform to buy and sell products and manages their reputations in an incentivized way. The network has two native tokens: Luna and Terra USD or LUNA USDT.
How It Works
A product is listed on the market and can be purchased using Luna coin (LNC). A buyer can pay using fiat money or any major cryptocurrencies supported by the platform. The payment then gets verified by the network nodes, recorded in an immutable blockchain database, and sent to the seller’s wallet instantly.
If a buyer purchases a product with cryptocurrency, he can trade his coins for LNCs on the exchange. The seller then receives LNCs in his wallet and will be able to resell them on the exchange to convert them back into major coins or fiat money.
Terra is also compatible with other blockchains, including Ethereum, Binance Smart Chain, Harmony, and Osmosis.
Terra Luna is a decentralized, open-source, secure blockchain platform for creating dApps and smart contracts. It aims to become the next-generation Internet of Things (IoT) platform. Terra Luna’s currency is Luna Coin (LTC), which has a maximum supply of one billion tokens.
Terra 2.0 and How It Operates
Terra luna 2.0 is a crypto coin you can invest in and help build your community. It’s a community-driven coin that plans to give back and help different communities like the environment, animal rights, and the health industry.
Terra luna 2.0 wants to use blockchain technology to make a real-world change in the world. The more people who join the community of Terra luna 2.0, the better chance it will succeed for all of us.
Terra luna 2.0 is an android app that is working to help provide a decentralized way to share and store information and create and trade items of value. Terra Luna 2.0 uses blockchain technology to help solve the problem of keeping communities safe and secure by sharing information in a timestamped public ledger that cannot be changed or deleted. The platform aims to be a free app with paid options such as premium upgrades, digital goods, and services.
Do Kwon is the CEO of Terra Capital Markets (TCM), a blockchain and cryptocurrency investment firm. He’s involved in the blockchain industry since 2012 and has made a name for himself as a trusted crypto expert. He’s also the founder and CEO of Terra, a stablecoin project he started in 2016, intending to fix some major issues that other stablecoins were having.
Do Kwon has now released the latest version of his project, Terra 2.0 (LUNA). The main goal is to restore trust in this stablecoin through the Terra ecosystem’s new venture.
Trust Issues with Centralized Exchanges
Terra is designed as a decentralized currency resistant to manipulation by centralized forces, such as exchanges. To achieve this goal, Do Kwon had to create an ecosystem in which each component (the wallets, the exchanges) had incentives lined up with those of the other parts to maintain the stability and liquidity they all needed to succeed.
Unfortunately, as we have recently seen with Binance/Bitfinex and other high-profile hacks, finding ways around these incentives can lead to big problems. It is no secret that exchanges have been struggling with infrastructure issues.
Terra 2.0 will use Cosmos SDK, a double-decker blockchain infrastructure on Cosmos Hub. The main goal for 2.0 is to restore trust in the Terra ecosystem because there have been many scam coins (fake ICOs) recently trying to use the name “Terra.” 2.0 will also give out airdrops to crypto investors who lost money during this bear market and want to get back into crypto investing without having to buy at a low rate.
What Sets Apart Luna Classic From Luna 2.0?
LUNC is a token that co-exists with LUNA 2.0 but does not have the same value. In other words, only LUNA 2.0 can be used for “gas” on the new chain, and LUNC will exist as a separate token.
LUNA 2.0 has an independent blockchain and will not replace LUNA Classic’s chain; they will co-exist.
The old LUNA will co-exist with LUNA 2.0 rather than being entirely replaced. Any decentralized applications (DApps) launched for Terra Luna will be favored for LUNA 2.0, and the development community will begin constructing DApps and providing utility for the new token. However, it does not include an algorithmic stablecoin as Terra did initially. Terra Classic is intended to be used primarily as a cryptocurrency, whereas LUNA 2.0 will be used more as a currency for transactions (and, therefore, will require faster transaction times).