- To clear confusion over the amended Terra Ecosystem Revival Plan 2, the Terra team on Monday gave an explanation.
- The Terra ecosystem has been trying to come up with a revival plan.
- Terra had last week made three major revisions taking into account community feedback.
The Terra ecosystem, upon its latest collapse, is working on a recovery strategy. On Monday, its team clarified about the modified Terra Ecosystem Revival Plan 2.
Last week, Terra published an amendment to the proposal that mentioned three crucial adjustments as a response to comments by the community. These three modifications aimed at increasing genesis liquidity, decreasing the allocation for post-attack UST holders, and introducing a new liquidity profile.
According to the researchers, the rejuvenation proposal, contrary to common assumption, does not propose a fork of the present chain, but rather a new one. The Terra team clarified in a tweet thread.
1/ Recently, a few community members (including some from TFL) have referred to the proposed new blockchain in Prop 1623 as a “fork” as opposed to a genesis chain.
Note: The revival plan is not proposing a “fork” of the existing chain, but rather the creation of a new one 🧵.
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 23, 2022
A fork is a change in a blockchain protocol that results in two blockchains. While one blockchain follows the previous protocol; another one follows the new version. The new chain shares all of its previous history with the original.
Important difference here is that original chain’s entire history is being shared by a branched blockchain, which is not a part of the Terra 2.0 plan. Based on the new concept, a completely new blockchain Terra will be formed from genesis block 0 and it will not share history with Terra Classic.
Terra ecosystem’s latest disaster will be known as one of the most noteworthy crypto market crashes. In just a week, the meltdown wiped away about $40 billion, rattling the crypto market.
After the dramatic fall, crypto billionaire Mike Novogratz warned that crypto investors to have proper risk management in mind.
According to KBS, Police authorities in South Korea are taking action to freeze assets tied to the non-profit group Luna Foundation Guard.