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  /  Blockchain   /  Creating Another Blockchain from Terra’s Ruins Shows the Recklessness of the Founder

Creating Another Blockchain from Terra’s Ruins Shows the Recklessness of the Founder

Do Kwon is yet taking another risk to create a new blockchain from Terra’s ruins after its major fall.

We are all familiar with the mythical story of the Phoenix bird who rises from the ashes of its funeral pyre with renewed vigor. It seems Terra (LUNA) is slated to be the modern-day Phoenix. Terra recently vanished from the scene. But when most observers were thinking that the company would wait for a while before taking an attempt to make a comeback, Terra’s Founder, Do Kwon, the South Korean cryptocurrency developer, has made a startling revelation that he is ready to revive the Terraform Labs ecosystem by creating another blockchain. Surprisingly he does it after acknowledging that TerraUSD, the decentralized stablecoin has not only gone out of circulation but has also lost the trust it had among investors. Do Kwon’s announcement has invited criticism and is being described as unthoughtful and reckless.

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The current price per Terra (LUNA) stands at an incredibly low price of US$0.000187. This is what stuns the observers. In fact, in the aftermath of the horrible crash that the currency witnessed there was news in the media that Do Kwon had dissolved Terraform Labs before the fall of the token in the highly volatile cryptocurrency market. It was also known widely that Do Kwon has also met with failure when his proposal to hard fork to make radical changes in the protocol, especially for making corrections in the design flaws in the ecosystem, was rejected in preliminary voting. But being not a man who can be deterred, Do Kwon made successive tweets to state the following: “The Terra chain as it currently exists should be forked into a new chain without algorithmic stablecoins called ‘Terra’ (token LUNA – $LUNA), and the old chain be called ‘Terra Classic’ (token LUNA Classic – $LUNC). Both chains will coexist.” Do Kwon is at least clear in his mind that unless he adopts this path it would be “devastating for broader crypto adoption and advancement”. He does not want to ‘remain in entropy amidst opposing views” and he asserts that the path he charts out is the best for the troubled Terra ecosystem.

Do Kwon’s Terra Ecosystem Revival Plan 2 has the following goals: it will be a living document to coordinate the fork with the community; Terra will be a full community chain; intense coordination with major exchanges to have airdrop supported. He is quite confident that the #LUNAtic community is unparalleled in its passion, that the builder talent pool is broader and deeper on Terra compared to other ecosystems, and that Terra’s blockchain is “incredibly robust”. The last-mentioned point is no less surprisingly attributed to “recent events”. Do Kwon adds an emotional note that the Terra community “being his family” he will always be there “no matter how hard it gets”.

The confusion however refuses to go away. If one closely notices the reactions and comments of the Terra community members, they seem to have several questions, too many to be able to be convinced about the grand commencement of Terra 2.0. If one also takes into account the steadfast skepticism of the cryptocurrency market experts about Do Kwon’s adventurist act, it is certainly not going to be easy for him. Fortune does favor the brave but not necessarily the reckless.