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Representatives of Terra said that the “revival plan” of the project involves not a fork of the existing network, but the creation of a new one.
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
They noted that with the classic fork, the new network inherits the history of the original, but this will not be the case with Terra 2.0.
“If proposal 1623 is accepted, a new blockchain (Terra) will appear, starting with the zero block of genesis, which will not have a common history with Terra Classic,” the team said.
In this regard, applications or assets from the old network will need to migrate to the new one – they will not appear there automatically. According to representatives of the project, the developers of most of the popular dapps, including Prism, Stader, RandomEarth, and OnePlanet, are ready to be ported.
Terraform Labs co-founder Do Kwon, proposing a hard fork, called it “a chance to revive the project from the ashes.” In the community, this idea was met negatively.
At the time of writing, validators support the emergence of a new blockchain by about two-thirds of the votes.
Data: Terra Station.
Right during the voting, Kwon made changes to the original proposal, editing some parameters for the distribution of tokens of the new network.
Due to the collapse of Terra, the South Korean-based blockchain company Hashed lost $ 3.5 billion The country’s authorities counted about 280,000 affected investors in the depreciated assets of the project and revived an interdepartmental group to investigate the incident, previously nicknamed the “grim reapers”.
The nonprofit Luna Foundation Guard (LFG) emptied a $3.2 billion reserve fund in a few days in May as a result of attempts to restore the dollar peg of the algorithmic stablecoin TerraUSD (UST).
According to KBS, South Korean police are taking measures to freeze assets related to the LFG. Law enforcers appealed to local cryptocurrency exchanges with a request to block the withdrawal of any funds of the organization. The police explained the actions by suspicions of the flow of stolen assets into the LFG.
Recall that the CEO and founder of Pershing Square Capital Management, billionaire Bill Ackman called Terra a crypto pyramid.
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