Started development in January 2018 and launched officially for public use on 26 July 2019, terra is both a stablecoin and a protocol operating on a consensus mechanism known as POS Tendermint.
Terra was developed to solve most issues surrounding bitcoins and other altcoins. Generally, price volatility is one of the major setbacks facing bitcoin as it is a result of predetermined issuance and strong speculative demand; this feature inhibits it from being a popularly recognized form of exchange as its price is subjected to quick and consistent change.
This change may be detrimental to the sender or receiver, hence the need to create an alternative coin that will be widely accepted as a store of value of form of exchange.
Terra came as a solution and serves as the cryptocurrency with a stable price and an elastic monetary policy, devoid of all bitcoin inhibiting factors making it perfect for everyday use.
In more light, Terra is a stable digital currency developed to aid or complement both existing fiat currencies or cryptocurrencies, which can also be used as a form of financial transaction and also as a store of value to avoid the waves of volatility plaguing other altcoins.
The terra protocol provides the foundational building blocks for a new digital economy with its stablecoin protocol, oracle system, smart contracts, and plan for mass-user adoption. It is a blockchain system protocol that supports stable programmable payment and open financial infrastructural development supported by various fiat-backed stablecoins which are digitally and algorithmically stabilized by its official utility token, Luna.
The protocol replaces the need for including credit and debit card details, bank links, financial payment gateways, and any other financial transactional apps with a single layer of blockchain satisfying easy financial contributions and payment are one of its core values.
Through the already provided infrastructural improvements and tools that are the foundation of a credible, neutral, distributed, radical, and decentralized ecosystem, it is easy for both merchants and consumers to access payment channels and conduct seamless transactions.
LUNA is the official utility token of Terra and it is the native staking mechanism recognized by the Terra protocol, it serves as the gateway and foundational assets for the entire Terra ecosystem.
The main function of the LUNA token is to protect the integrity of Terra mechanisms by locking value within the Terra ecosystem through staking. The LUNA token can exist in three forms bonded, unbonded, and unbonding.
Terra aims to build a more advanced and reliable ecosystem that will offer competitive programming payment, logistics, and infrastructures to allow for more efficiency and scalability.
Who Are the Founders of Terra (TERRA)?
Terra was founded in January 2018 by co-founders Daniel Shin and Do Kwon.
Before the development of Terra, Daniel Shin co-founded a lot of high-profile companies. One of the companies is the Ticket Monster as known as TMON, an e-commerce platform, he has also worked for popular western brands like Apple. Do Kwon serves as the CEO of Terraform Labs, the founding father of Terra.
What is Terra (TERRA) Used For?
Terra has several uses to developers, merchants, and consumers. It positions itself as the coin and also protocol with other existing altcoins feature whilst including benefits that degrade these other coins
Benefits of Terra to developers
The Terra protocol has already in-built tools that will serve as the foundational block for developers to build and implement blockchain-based developments and decentralized apps (dApps). The Terra core and ecosystem are user-friendly as its simple library toolkit allows for easy creation.
Benefits of Terra to merchants
Merchants can use Terra to conduct seamless financial transactions without the need of implementing stressful credit and debit card imputation to the customers. These requirements have been replaced with a blockchain technology that conducts transaction 10 times faster than the regular way.
Benefits of Terra to consumers
Consumers can get to pay merchants easily and also use it as a store of value without fear of price volatility. Transactions conducted using Terra is a win-win for both the merchant, sellers, and the Terra ecosystem itself as the accrued financial value remain constant and the Terra ecosystem is utilized.
What Is the Unique Point of the Terra (TERRA)?
There are several unique points the Terra protocol and the LUNA cryptoassest possess, two honorable mentions include: various pegged-currencies and variety of applications the networks uphold.
The Terra network is one of the few stablecoins that are pegged to more than one fiat currencies and these currencies include the Us Dollar (UST), South Korean Won (TerraKRT), Mongolian tugrik (TerraMNT) and TerraSDR, the IMF’s special drawing rights baskets of currencies.
Proposals were already approved to mint stablecoins for some fiat currencies like the Chinese Yuan (CNY), Japanese Yen (JYP), British Pounds (GBP), Indian Rupees (INR), Canadian Dollar (CAD), Swiss Franc (CHF), Hong Kong Dollar (HKD), Australian Dollar (AUD) and the Singapore Dollar (SGD)
Asides from being able to mint different currencies if approved and being pegged to some fiat currencies, the Terra protocol also houses various terra applications include:
This application allows merchants to accept over 20 different financial payment options and it is powered by TerraKRW, one of the largest e-commerce wallets in South Korea. It offers low fees, fast settlement and approval, an extremely smooth user experience and protection, and it is also cheaper to operate.
It is a synthetic asset protocol designed to provide easy access to real-world exposure assets such as Us Tech equities, crypto assets, ETFs, and various commodities.
It is a savings protocol offering low-volatile yields on Terra stablecoin deposits. Anchor currently holds over one billion dollars in TVL.
How Many TERRA is in Circulation?
LUNA is the official crypto asset of Terra. There are approximately 403 Billion LUNA tokens in circulation out of its maximum supply of 993 billion.
Is Terra (TERRA) Network Secured?
The Network is secured with a Proof of Stake consensus algorithm based on Tendermint, it also included the LUNA tokens as collateral to validate transactions and rewards the users a proportional value of the staked amount of tokens,
The Terra network is very secured as the technology incorporates Tendermint consensus performed over the 100 validators bonded by a LUNA stake. This ensures the block finality as the Terra blockchain is able to reach hundreds of transactions per second.
Also, the smart contracts on Terra are written in Rust computing language, modern low-level language systems, and ran on Webassembly to ensure a safe, portable, standard, and high-performance execution.
How Do I Buy Terra (TERRA)?
Terra (TERRA) is a very popular project and has been existing for a long time. They are listed on several exchange platforms for sale and exchange. All you have to do is to sign up a member by providing necessary details such as your name, email, SSN, licensed document, and profile. This information should be inputted carefully and correctly with the aid of a stable internet supply.
Once you have signed up successfully, you will receive a designated public wallet from the exchanger. These wallets are not 100% safe and coins kept there are liable to be hacked.
Buying LUNA tokens
These platforms offer versatile modes of payment which may include your debit or credit card or other financial apps like Paypal or Payoneer. Type in the number of TERRA tokens you need, the platform will direct you to an already linked payment platform.
After linking up the payment method, or inputting your debit or credit card details, confirm the transactions from both parties: your bank or financial app and the exchanger,
Withdraw the purchased tokens to your own wallet. Ensure you have your own personalized wallet asides from the one provided by the exchanger, it is recommended you get your own hot or cold external to avoid theft.