Upgrade Announcement: Terra Luna Classic is preparing to launch its version 2.5 upgrade. This highly anticipated update is scheduled to occur at block height 7316000, which is projected to be reached on October 18th at 12:04 pm UTC.
Understanding Terra: Terra is a groundbreaking blockchain protocol that specializes in global payment systems. It achieves this by utilizing stablecoins that are anchored to traditional fiat currencies. What sets Terra apart is its unique integration of stablecoins pegged to fiat, combining the advantages of cryptocurrencies with the price consistency of traditional currencies. This integration relies on an intricate algorithm that adjusts the supply of stablecoins to maintain a 1:1 price peg, based on market demand.
To enhance the security of the Terra network, it employs a proof-of-stake consensus mechanism based on the Tendermint protocol. In this framework, holders of the LUNA token validate transactions by staking their tokens. In return, they earn compensation proportionate to their staked LUNA amount.
Distinguishing LUNA Classic: LUNA Classic, symbolized as LUNC, represents the original Terra LUNA coin that persisted after the UST/Luna downturn, resulting in the creation of a new Terra chain. After this event, the original chain split into LUNA Classic and the new Terra chains. While the new chain is known as LUNA 2.0, LUNA Classic (LUNC) remains the native token of the original Terra LUNA blockchain.