What is Terra
¿What is Terra?
Terra is a blockchain protocol focused on stablecoins, founded by a South Korean blockchain company known as Terraform Labs in 2018.
Likewise, its creators are Daniel Shin and Do Know, former Microsoft workers.
It has two cryptocurrencies which are the moon token and the UST stablecoin.
The LUNA token, originating from the Terra blockchain, is used collaterally to obtain stability in the value of the stablecoin UST, in turn TERRA uses a flexible monetary policy to maintain the firmness of its cryptocurrency.
¿What does it offer?
It allows users to create stablecoins linked to fiat currencies, these currencies primarily use the seigniorage mechanism of the network.
Terra provides smart contract capability for the development of a wide range of different types of stablecoins.
¿How does it work?
It works on the PoS-Tendermint Blockchain Consensus, which is supported by a group of validators (maximum 100) to secure the network.
Validators develop full nodes and work to enable consensus for the network.
They commit new blocks to the blockchain and get paid for their work.
Terra already has stablecoins pegged to the US dollar, the South Korean won, the euro, among others.
In a short time, the project has achieved great fame with the stablecoins designed on the platform.
TerraUSD has already become the 11th largest stablecoin by market cap.
¿How is Terra regulated?
Terra is not regulated by any financial entity, in turn its process is monitored by the company Terraform Labs.
¿Why do people use Terra?
One of the reasons why Terra has been very attractive and used by users is the positivism that is creating the great release of the network update that bears the name Columbus – 5.
In turn, it is expected to have many improvements to the mainnet, this includes the cosmWasm interface.
¿How is Terra different from other Blockchains?
With a combined design using stablecoins and a proprietary staking coin, the Terra protocol not only provides the opportunity for a stable transactional mechanism, but also provides the opportunity for users to earn profit by holding the staking coin which also serves . to secure reservations.
In conclusion, Terra Protocol operates as a central bank for digital currencies that work through smart contracts and provide stability with the help of algorithms that control prices.
¿Where can i buy it?
One of the ways where you can buy LUNA is through Binance as it has a lot of tradable variety in the trade, you can exchange a cryptocurrency, fiat cryptocurrencies or simply use a debit or credit card to buy the stablecoin, deposits are also allowed banking.
https://www.binance.com/
¿Where to find more information?
For more information such as movements, prices, explorers, contracts and more you can visit the following link: https://coinmarketcap.com/
¿Did you know that you can buy and sell USDT and BUSD online thanks to Gastcoin Gateway?
