Terra has been the talk of the crypto town following the demise of its native assets LUNA and UST. A classic example of riches to rags Do Kwon’s crypto project sunk. The entire market was filled with rage and uncertainty. While several were on the verge of becoming homeless, a few others endured so much loss that they were suicidal. Amidst this, the firm came up with revival plans for the crypto project.
While the community had lost all hope in Terra, Kwon’s plans still managed to garner immense support. However, things are likely to become chaotic as confusion fueled these proposals as well.
Kwon has been inclined towards a fork. The community however has been carrying outburns. While the hard fork proposal amassed aid from LUNA holders, the community wasn’t very pleased. Despite this, the fork is likely to occur. Earlier today, Terra took to Twitter and affirmed that it would be rolling out a whole new blockchain steering away from the genesis chain.
Further elaborating on the meaning of a fork, Terra wrote,
“A (hard) fork refers to a change in a blockchain protocol that results in two blockchains – one that follows the previous protocol & one that follows the new version. The new chain shares all of its previous history with the original.”
However, Terra 2.0 would leave behind everything from the original chain. The forked blockchain will reportedly not share “all of its previous history with the original.”
Terra 2.0 a whole new blockchain
Once proposal 1623 gets a green signal, Terra 2.0 would emerge as a whole new blockchain. This means that Terra would be formulated from the beginning that is genesis block 0 and would reportedly have nothing to do with Terra Classic.
Elaborating the potential migration, the platform tweeted,
This further instilled confusion in the market. Just yesterday, Kwon revealed that sending LUNA to a dead wallet or burning the tokens was of no good. Despite this, he went on to share the details of the wallet with his Twitter followers. Now, the fork isn’t really a fork. While the community’s trust in Terra hangs on a dainty string, the latest confusion is speculated to shatter this.
Meanwhile, LUNA was back in the red sea after a weekend full of gains. At press time, the altcoin was trading for $0.0001669 with a 12.78 percent drop over the last 24-hours.