LUNA Update: Terra Founder Suggests a Solution as an Attempt to Restore and Fix the Project…Details Here
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Answer LUNA Update: Terra Founder Suggests a Solution as an Attempt to Restore and Fix the Project…Details Here
A few hours after the Terra blockchain was back in action, suggest Dokwon, founder of Terra, has a plan to try to fix what can be fixed.
The Terra founder stated that protecting the Terra ecosystem and as a first step to take is to re-locate ownership by redistributing cryptocurrencies and capping the overall supply.
Seeking to bring the project back to the fore, and investors are still confused:
While the community and various validator groups were discussing how to make the Terra blockchain valuable again, Dokwon conveyed a possibility on possible measures that could be applied, to redeem Terra after the UST depegging event.Read:Binance announces support for burning new LUNC tax at 0.2%…Details here
Dokwon noted that several billion dollars remain from UST, while noting that Luna was also destroyed as an attempt to compensate.
He admitted that the severe liquidation of the digital currency LUNA would not save the surrender even if the peg was re-linked.
In addition, the Terra ecosystem is not strong enough to build the market capitalization of all the UST stablecoins, and the trust of many users has been wiped out.
Hence, the most practical measure for him is to provide a sustainable structure to maintain the developer ecosystem and user community.
Redistribution of the LUNA tokens and an end to the total supply:
In short, the suggested solution from Dokwon is:
Reprogramming the ownership of cryptocurrencies on the network into a billion tokens, which will be distributed to the affected parties.
For beneficiaries who kept Luna prior to disengagement, 400 million tokens (40%) are allocated to them.
Dokwon believes that keeping the fair ownership of the network in the hands of the strongest believers and builders is paramount, and therefore, the new chain deserves to be owned by the community.Read:In a Strategic Expansion… ConsenSys Acquires JPMorgan’s Blockchain Platform
The same amount (40%) should also be given to UST holders, while 100 million (10%) should be given to Luna holders who held it until the last minute of the network’s shutdown.
In a similar way, 100 million (10%) should be allocated to the Community Gathering Basin to fund future developments.Read:For the second time and in two months … the “Deus Finance” project was hacked and cryptocurrencies worth more than $13 million were stolen
Finally, he suggested providing reasonable incentives directed at network security, because fees would no longer suffice for security without swap fees.
With this system in place, Terra may be able to successfully redistribute its value in its ecosystem, simultaneously enhancing its value, and slowly contributing to the pursuit of a decentralized economy.
To view the reform plan from the source, this can be done through Link.
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