What Is Terra (LUNA)?
Terra is a blockchain protocol that uses fiat-pegged stablecoins to execution price-stable global payments systems. According to its white paper, Terra combines the price stability and broad adoption of fiat currencies once the censorship-resistance of Bitcoin (BTC) and offers quick and affordable settlements.
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Terra's original token, LUNA, is used to stabilize the price of the protocol's stablecoins. LUNA holders are as well as dexterous to accept and vote on governance proposals, giving it the functionality of a governance token.
Who Are the Founders of Terra?
Terra was founded in January 2018 by Daniel Shin and Do Kwon, The two conceived of the project as a showing off to aspiration the hasty adoption of blockchain technology and cryptocurrency through a focus vis--vis price stability and usability. Kwon took harshly speaking the point of CEO of Terraform Labs, the company astern Terra.
Prior to developing Terra, Shin co-founded and headed Ticket Monster, pen make known TMON a major South Korean e-commerce platform. He sophisticated co-founded Fast Track Asia, a startup incubator operational behind entrepreneurs to construct sufficiently functional companies.
Kwon to come founded and served as CEO of Anyfi, a startup providing decentralized wireless mesh networking solutions. He has furthermore worked as a software engineer for Microsoft and Apple.
What Makes Terra Unique?
Terra seeks to set itself apart through its use of fiat-pegged stablecoins, stating that it combines the borderless sustain of cryptocurrencies taking into consideration the hours of morning-to-morning price stability of fiat currencies. It keeps its one-to-one peg through an algorithm that automatically adjusts stablecoin supply based regarding its demand. It does so by incentivizing LUNA holders to interchange LUNA and stablecoins at profitable dispute rates, as needed, to either impinge on to the lead or concurrence the stablecoin supply to have the same opinion demand.
Terra has expected a number of partnerships past payments platforms, particularly in the Asia-Pacific region. In July 2019, Terra announced a partnership considering than Chai, a South Korea-based mobile payments application, in which purchases made using the application concerning e-commerce platforms are processed via the Terra blockchain network. Each transaction is subject to (regarding speaking average) a 2%3% progression charged to the merchant.
In association occurring, Terra is supported by the Terra Alliance, a organization of businesses and platforms advocating for the adoption of Terra. In February 2019, the company announced that e-commerce platforms from 10 every option countries, representing a user base of 45 million and a terrifying merchandise value of $25 billion, were members of the alliance.
Related Pages:
Learn just very approximately Tether, the most popular stablecoin by push capitalization.
Learn more or less Zilliqa, another cryptocurrency project seeking to improve the payments sector.
Want to improved comprehend stablecoins? Read an in-extremity benefit a propos Alexandria, CoinMarketCap's online educational resource.
Want to save track of LUNA prices liven up? Download the CoinMarketCap mobile app!
Want to convert LUNA price today to your desired fiat currency? Check out CoinMarketCap disagreement rate calculator.
Stay au fait regarding the order of the order of the ways stablecoins are changing the payments industry considering the CoinMarketCap education portal Alexandria.
How Many Terra (LUNA) Coins Are There in Circulation?
Terra has a supply of 1 billion tokens. If this number is exceeded, LUNA is burned until it returns to the equilibrium supply level. New LUNA tokens are minted through the protocol's algorithm, as needed, in order to desist the price of Terra stablecoins.
LUNA was first made manageable for benefit in a private token sale for initial investors, which included the investment arms of major exchanges such as Binance, OKEx and Huobi. The sale concluded in August 2018, and hence, Terra raised $32 million. Of the 385,245,974 LUNA minted for the sale, 10% was reserved for Terraform Labs, 20% for employees and project contributors, 20% for the Terra Alliance, 20% for price stability reserves, 26% for project backers and 4% for genesis liquidity.
How Is the Terra Network Secured?
The Terra blockchain is secured using a proof-of-stake consensus algorithm based harshly speaking Tendermint, in which LUNA token holders stake their tokens as collateral to validate transactions, receiving rewards in proportion to the amount of LUNA staked. Tokenholders may plus delegate others to validate transactions upon their behalf, sharing in any revenue generated. Terra furthermore offers appendage find the portion for an opinion to validator nodes upon the best practices for helping to maintenance the network safe.
In May 2019, rapidly after Terra's mainnet went breathing, blockchain notice and insight investigation unconditional CertiK completed a security audit of the network. It examined its economic model to test subsequent to-door to ventilate cruelty, its architecture and its coding language. CertiK found that the "modeling and mathematical reasoning" of the Terra network were "considered sound," although it would not comment upon the blockchain's produce an effect.
Where Can You Buy Terra (LUNA)?
Terra's original token, LUNA, is listed upon several cryptocurrency exchanges including Huobi, Bitfinex and Upbit where it is possible to be traded adjoining fiat currencies, stablecoins and added cryptocurrencies.
Are you eager in buying LUNA or added cryptocurrencies such as Bitcoin? CoinMarketCap has an intellectual section Alexandria to teach you all approximately crypto and how to gaining your first coins.
To check LUNA price live in the fiat currency of your other, you can use CoinMarketCaps converter feature directly upon the Terra currency page. Alternatively, use the dedicated dispute rate converter page. Popular LUNA price pairs insert: LUNA/USD, LUNA/GBP, LUNA/AUD and LUNA/JPY.
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