search

Trending trendingIconclose

Terra

What is Terra ?

Terra is a decentralised blockchain e-commerce platform that offers fiat-pegged stablecoins for international payments.

Terra’s two tokens are Terra (the stablecoin) and Luna (the collateral token).

Aside from its utility and stake token LUNA, Terra relies on many additional stablecoins linked to major fiat currencies, notably TerraUSD (UST). The Terra crypto ecosystem powers retail transactions with minimal costs, rapid settlement, and frictionless cross-border exchange.

Daniel Shin and Kwon, now CEO of Terraform Labs, launched the startup in 2018. Kwon, 29, used to work at Microsoft; Shin now runs Chai, a Terra partner.

Primary features of Terra

  • Terra aims to boost efficiency for payment service providers and value for customers in the rapidly developing Asian e-commerce sector.
  • Terra uses Cosmos blockchain technology to challenge existing retail payment apps.
  • Terra, being a complete end-to-end payment solution, avoids the present fragmented payment infrastructure.
  • Using Terra’s technology may save payment service providers hundreds of millions of dollars annually.
  • The Terra crypto network employs its native LUNA currency as a utility and governance token to manage the collateralising processes that back and safeguard the price stability of Terra’s stablecoins.

Is Terra a promising cryptocurrency?

Terra’s discount strategy, fast settlement, and cheap product purchase costs entice businesses and customers alike.

However, only time will tell if Terra(LUNA) becomes a promising cryptocurrency.

How to use Terra?

  • Staking: Holders of LUNA tokens can stake. When you stake LUNA, you provide the network with those tokens to validate transactions.
  • Voting Rights: Token holders have a role in Terra’s future. As a governance token, Luna holders can vote on the project.
  • Trading: Traders can trade Terra (LUNA) tokens on a cryptocurrency exchange.

Pros & Cons of Terra

Pros

  • The Terra ecosystem also includes a blockchain-agnostic development platform that lets software developers construct their own protocols and dApps on top of Terra.
  • The Terra protocol supports several currency-linked stablecoins.
  • Terra Luna tokens help stabilise its stablecoin. It encourages trade between Luna and stablecoins to boost or decrease supply.
  • Terra introduced Anchor, a savings and lending system. This protocol lets users deposit and earn interest on stablecoins.

Cons

  • Terra is still lagging behind major cryptocurrency initiatives like Ethereum.
  • Most Terra-related cryptocurrency transactions originate in Korea, where its creators reside. It is too early to tell if Terra-related currencies will catch on elsewhere.
  • Terra is less “decentralised” than Ethereum. This may turn off some blockchain purists.

Trade Terra on CoinSwitch kuber

  • Trade-in Terra(LUNA) with just Rs.100
  • User-friendly Cryptocurrency trading platform 
  • No trading fees
  • Invest in Terra(LUNA) without any hassles

Terra ICO summary

The Terra (LUNA) Initial Coin Offering (ICO) finished on March 1, 2019, and raised a total of $ 62,000,000.

FAQ's on Terra

  • What is Terra Luna?

Terra (LUNA) is a payment platform based on stablecoins. Terra is a blockchain payment network powered by its own LUNA token and integrated with stablecoins.

  • How does Terra Luna Work?

Terra is driven by Tendermint consensus, which secures the network via a set of validators. Validators operate complete nodes and try to bring the network’s consensus to a conclusion. 

  • Are Terra and Luna the same thing?

Terra employs a dual-token structure. Terra serves as the stablecoin and Luna as the collateral token.

 

  • Can I mine Luna coins?

Yes, investors can mine Luna coins.

Compare with

Ox

Compare with

Terra

Ox

Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.

Crypto Returns Calculator

Highlight

Terra is a decentralised blockchain e-commerce platform that offers fiat-pegged stablecoins for international payments.