Terra Refutes Claims Of A “Hard Fork” Instead Stating That A New One Will Be Created
In the past week, Terra’s “revival plan,” or Terra governance prop 1623, has proposed to rename the existing network Terra Classic, LUNA Classic (LUNC) and create a new Terra blockchain.
Following that, Terra points out a misunderstanding concerning the new blockchain, claiming that certain members of the community (including those from Terraform labs) have referred to the intended new blockchain in Prop 1623 as a “fork” rather than a genesis chain. As a result, the revival plan emphasizes that it does not propose a “fork” of the old Terra blockchain, but rather the establishment of a new one.
What a hard fork could imply
Explaining this further, a (hard) fork in Terra’s context might imply a change in that blockchain protocol that produces two blockchains: one that follows the prior protocol and one that follows the new one. The new chain is identical to the original in terms of its history. The key difference is that a forked blockchain “shares all of its history with the original (chain),” but Terra 2.0 would not.
If Prop 1623 passes, a new Terra blockchain would be created from scratch from genesis block 0, which would not be linked to Terra Classic’s history. DApps or assets from the old chain would not be compatible with the new Terra (as they would be in a fork) and will need to be migrated.
Terra says in its latest thread of tweets that most of the popular dApps built on Terra Classic have already committed to migrating, including Prism Protocol, Stader Labs and the like.
Coinbase’s infrastructure arm, Coinbase Cloud, has announced that it will stop supporting Terra
The Terra ecosystem collapsed earlier this month, with the LUNA token plunging to zero after the UST stablecoin lost its peg.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Terra Refutes Claims Of A “Hard Fork” Instead Stating That A New One Will Be Created
In the past week, Terra’s “revival plan,” or Terra governance prop 1623, has proposed to rename the existing network Terra Classic, LUNA Classic (LUNC) and create a new Terra blockchain.
Following that, Terra points out a misunderstanding concerning the new blockchain, claiming that certain members of the community (including those from Terraform labs) have referred to the intended new blockchain in Prop 1623 as a “fork” rather than a genesis chain. As a result, the revival plan emphasizes that it does not propose a “fork” of the old Terra blockchain, but rather the establishment of a new one.
What a hard fork could imply
Explaining this further, a (hard) fork in Terra’s context might imply a change in that blockchain protocol that produces two blockchains: one that follows the prior protocol and one that follows the new one. The new chain is identical to the original in terms of its history. The key difference is that a forked blockchain “shares all of its history with the original (chain),” but Terra 2.0 would not.
If Prop 1623 passes, a new Terra blockchain would be created from scratch from genesis block 0, which would not be linked to Terra Classic’s history. DApps or assets from the old chain would not be compatible with the new Terra (as they would be in a fork) and will need to be migrated.
Terra says in its latest thread of tweets that most of the popular dApps built on Terra Classic have already committed to migrating, including Prism Protocol, Stader Labs and the like.
Coinbase’s infrastructure arm, Coinbase Cloud, has announced that it will stop supporting Terra
The Terra ecosystem collapsed earlier this month, with the LUNA token plunging to zero after the UST stablecoin lost its peg.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Annie
CoinCu News
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