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Uncategorized

Terra Refutes Claims Of A “Hard Fork” Instead Stating That A New One Will Be Created

May 24, 2022 - Around 2 mins mins to read

In the past week, Terra’s “revival plan,” or Terra governance prop 1623, has proposed to rename the existing network Terra Classic, LUNA Classic (LUNC) and create a new Terra blockchain.

Terra Refutes Claims Of A "Hard Fork" Instead Stating That A New One Will Be Created
LUNA Refutes Claims Of A “Hard Fork” Instead Stating That A New One Will Be Created

Following that, Terra points out a misunderstanding concerning the new blockchain, claiming that certain members of the community (including those from Terraform labs) have referred to the intended new blockchain in Prop 1623 as a “fork” rather than a genesis chain. As a result, the revival plan emphasizes that it does not propose a “fork” of the old Terra blockchain, but rather the establishment of a new one.

What a hard fork could imply

Terra Refutes Claims Of A "Hard Fork" Instead Stating That A New One Will Be Created
LUNA Refutes Claims Of A “Hard Fork” Instead Stating That A New One Will Be Created

Explaining this further, a (hard) fork in Terra’s context might imply a change in that blockchain protocol that produces two blockchains: one that follows the prior protocol and one that follows the new one. The new chain is identical to the original in terms of its history. The key difference is that a forked blockchain “shares all of its history with the original (chain),” but Terra 2.0 would not.

If Prop 1623 passes, a new Terra blockchain would be created from scratch from genesis block 0, which would not be linked to Terra Classic’s history. DApps or assets from the old chain would not be compatible with the new Terra (as they would be in a fork) and will need to be migrated.

Terra says in its latest thread of tweets that most of the popular dApps built on Terra Classic have already committed to migrating, including Prism Protocol, Stader Labs and the like.

Coinbase’s infrastructure arm, Coinbase Cloud, has announced that it will stop supporting Terra

Terra Refutes Claims Of A "Hard Fork" Instead Stating That A New One Will Be Created
LUNA Refutes Claims Of A “Hard Fork” Instead Stating That A New One Will Be Created

The Terra ecosystem collapsed earlier this month, with the LUNA token plunging to zero after the UST stablecoin lost its peg.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

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Annie

CoinCu News

# Cryptocurrencies

LUNA

price

Terra

Terra 2.0

terra labs

Terra's UST

Terraform Labs

Terraforms DO kwon

Terras

TerraUSD

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
Uncategorized

Terra Refutes Claims Of A “Hard Fork” Instead Stating That A New One Will Be Created

In the past week, Terra’s “revival plan,” or Terra governance prop 1623, has proposed to rename the existing network Terra Classic, LUNA Classic (LUNC) and create a new Terra blockchain.

Terra Refutes Claims Of A "Hard Fork" Instead Stating That A New One Will Be Created
LUNA Refutes Claims Of A “Hard Fork” Instead Stating That A New One Will Be Created

Following that, Terra points out a misunderstanding concerning the new blockchain, claiming that certain members of the community (including those from Terraform labs) have referred to the intended new blockchain in Prop 1623 as a “fork” rather than a genesis chain. As a result, the revival plan emphasizes that it does not propose a “fork” of the old Terra blockchain, but rather the establishment of a new one.

What a hard fork could imply

Terra Refutes Claims Of A "Hard Fork" Instead Stating That A New One Will Be Created
LUNA Refutes Claims Of A “Hard Fork” Instead Stating That A New One Will Be Created

Explaining this further, a (hard) fork in Terra’s context might imply a change in that blockchain protocol that produces two blockchains: one that follows the prior protocol and one that follows the new one. The new chain is identical to the original in terms of its history. The key difference is that a forked blockchain “shares all of its history with the original (chain),” but Terra 2.0 would not.

If Prop 1623 passes, a new Terra blockchain would be created from scratch from genesis block 0, which would not be linked to Terra Classic’s history. DApps or assets from the old chain would not be compatible with the new Terra (as they would be in a fork) and will need to be migrated.

Terra says in its latest thread of tweets that most of the popular dApps built on Terra Classic have already committed to migrating, including Prism Protocol, Stader Labs and the like.

Coinbase’s infrastructure arm, Coinbase Cloud, has announced that it will stop supporting Terra

Terra Refutes Claims Of A "Hard Fork" Instead Stating That A New One Will Be Created
LUNA Refutes Claims Of A “Hard Fork” Instead Stating That A New One Will Be Created

The Terra ecosystem collapsed earlier this month, with the LUNA token plunging to zero after the UST stablecoin lost its peg.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

CoinCu News

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