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Terra developer forum appeared revival plan Terra 2 ecosystems.
According to this plan, on May 26 at 19:20 Moscow time, a new Terra 2 network will be launched on block 7,790,000. The supply in the new version of the blockchain will be significantly lower than anyone expects, closer to 116.7 million, and will increase to 182 million in 1 year.
The distribution of new tokens for LUNA holders who purchased the cryptocurrency before the attack begins will be made in the following order. All LUNA holders with a balance of up to 10,000 coins will receive new tokens. Of these, 30% will be unlocked after the launch of the new network. And 70% will be blocked for 2 years, and then will be gradually unlocked every 6 months. This way, all small LUNA holders will receive a refund from the new network. As a result, 99.81% of wallets, which accounted for only 6.45% of LUNA’s emission, will receive a refund under this scheme.
How the rest of the major participants will receive compensation is not reported on the forum.
Terra creates a new blockchain
Previously in Twitter Terra’s team explained the blockchain hard fork and the creation of a new network:
- Recently, several members of the community (including some of the TFL) called the proposed new blockchain a hard fork rather than a new blockchain. The plan for the revival of Terra involves not a hard fork of the existing network, but the creation of a new one.
- A hard fork is a change in the blockchain protocol that results in the formation of two blockchains: one follows the previous protocol and the other follows the new version. The new network shares its entire previous history with the original.
- An important difference here is that the blockchain branched out as a result of the hard fork shares its entire history with the original chain, which will not be in Terra 2.0.
- Terra 2.0 is a new blockchain. If the Proposal for its creation is accepted, a new Terra block chain will be created, starting with the initial block 0, which will not have a common history with Terra Classic.
- Decentralized applications (DApps) or assets from the old Terra Classic chain will not be automatically transferred to the new Terra 2.0 blockchain as it would be with a hard fork, so they will need to be transferred manually.
- Most of the popular dApps created on Terra Classic have already migrated.
Author: Elvir, Analyst Freedman Club Crypto News
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