Quick takeaways:
- The team at Terra has clarified that the new chain that will arise from Proposal 1623 is not a hardfork.
- The Terra Team has described Terra 2.0 as the genesis of a new blockchain.
- Dapps from the old chain will not pre-exist on the new Terra (LUNA) chain.
- Voting for the new chain and airdrop of new tokens is still underway.
- However, questions linger on the future of the Terra (LUNA) project if its assets are frozen in South Korea.
The team behind the Terra (LUNA) project has clarified via Twitter that the blockchain is not actually undergoing a hardfork, but rather the new chain created will be the genesis of a new blockchain.
The team at Terra went on to define a hardfork as a change in an existing blockchain that results in two chains with a shared history but different future paths. They said:
‘The important distinction here is that a forked blockchain “shares all of its history with the original (chain)”, which Terra 2.0 will not.
Terra 2.0 = the genesis of a new blockchain.
If Prop 1623 passes, a brand new blockchain (Terra) shall be created starting from genesis block 0 that will not share history with Terra Classic.’
Terra team reveals Terra 2.0 is not a fork.
For days now, there have been speculations as to whether Terra 2.0 will be launched or whether Do Kwon and his team will change their minds and agree to burn extra Luna tokens to revive the dwindling price. Now, it appears that Terra 2.0 will happen.
However, contrary to what most people thought, Terra 2.0 will not be a fork of the Terra chain that’s currently harboring Luna.
Instead, it will be a whole new blockchain network that will start from Genesis block 0. Terra shared this revelation in a recent Twitter thread. Earlier on, Do Kwon had tweeted that Terra 2.0 will be a hard fork of Luna. That doesn’t seem to be the case anymore.
Terra 2.0 Will Not Share History with Current Terra Chain
Terra sought to distinguish between a hard fork and a new blockchain network in the Twitter thread. First off, a hard fork shares history with the original chain, but a new chain doesn’t. This means that Terra 2.0 will not share any history with the current Terra Luna chain (which will now be called Terra Classic).
As such, Proposal 1623 is about the complete re-birth of Terra as opposed to tweaking the chain to create a split chain of the current one. However, Terraform Labs has yet to develop a launch date or a roadmap for the new Terra 2.0.
DApps To Migrate To Terra 2.0
Since Terra 2.0 will not share any history with the original chain, dApps and other projects that are currently on Terra (Luna) will have to be migrated to Terra 2.0. The point to note here is that in the case of a hard fork, dApps pre-exist in the new chain. This will not be the case with Terra 2.0.
According to Terra, various popular dApps have already pledged to migrate to Terra 2.0 once the new chain is launched.
Prism Protocol, Stader Labs, Random Earth, One Planet, ChainLayer, BTCSecure, Sigma, TerraBay, and Nebula Protocol Show Commitment to Validate New Terra (LUNA) Network.
Initially, the Terra community was majorly in favor of burning Luna to reduce its supply and pump up the price, but Do Kwon’s proposal to create Terra 2.0 took center stage in the end. Do Kwon plans to airdrop the new Luna tokens to holders of Luna Classic once Terra 2.0 is live.
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