Major validator calls for ‘completely new chain’ to replace Terra
The operator of a major validator node on Terra is displeased with how events unfolded leading to the cessation of the chain, and hopes a whole new blockchain will be created to replace it. As the dust settles from the Terra ecosystem crash, and the community decides what the next steps should be, the CEO of a validator runner in South Korea thinks the old Terra chain should be shut down permanently.Jiyun Kim, CEO of blockchain solutions company DSRV, wrote an opinion post on his own behalf, detailing how the Terra team tip-toed around the idea of halting block production while LUNA prices....
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Storing an NFT “in chain” means that the NFT can be generated completely off the underlying smart contract, without any need for an off-chain storage provider. PROOF, the private community behind the Moonbirds NFT collection, has announced it is shifting its blue-chip collection completely “in chain” — allowing images to be fully contained within the underlying smart contract. In a community live stream named “Future PROOF” on Aug. 30, Harri Thomas, director of products at PROOF explained that the new approach will mean that in the future, the viewable image of a Moonbird NFT will be....
According to a recent announcement from the Terra blockchain team, the community voted and passed a proposal that plans to launch a new genesis version of the Terra blockchain without an algorithmic stablecoin. The governance proposal called “Terra Ecosystem Revival Plan 2” has been amended and the final release of the new Terra Core codebase has been released to prepare for the new network. Terra Ecosystem Rebirth to Happen on May 27, Latest Version of Terra Core Has Been Released and Audited On May 27, a new blockchain will launch that’s based on the Terra....
Despite the overwhelming approval of the proposal as of Wednesday, many Terra users on social media suggested the network burn its LUNA tokens. Terraform Labs CEO Do Kwon’s plan to create a new blockchain “without the algorithmic stablecoin” TerraUSD (UST) has the support of 85 million community votes.In a proposal opened to the Terra (LUNA) community on Wednesday, more than 91% of votes at the time of publication were in favor of “rebirthing” the Terra network — roughly 85 million out of 93 million, with up to 284 million votes yet to be cast. The proposal needs roughly 188 million votes....
The main problem that led to the fall of Terra was that the reserves appeared to be overcollateralized, but in reality, they weren’t. The spectacular implosion of the Terra ecosystem in mid-May left the crypto industry scarred. Though there were some brave critics who understood just how thin the razor’s edge was for TerraUSD (UST) — now TerraUSD Classic (USTC) — I think it’s safe to say that most people didn’t expect Terra to fail so fast, so dramatically and so completely irrevocably.I’m writing this as the Terra community is voting on a plan to restart some kind of Terra 2.0 — a plan to....