Terra 2.0 is Not a Hardfork But the Genesis of a New Blockchain, says The Team Behind LUNA 14

Terra 2.0 is Not a Hardfork But the Genesis of a New Blockchain, says The Team Behind LUNA

Quick takeaways:

  • The team at Terra has clarified that the new chain that will arise from Proposal 1623 is not a hardfork.
  • The Terra Team has described Terra 2.0 as the genesis of a new blockchain.
  • Dapps from the old chain will not pre-exist on the new Terra (LUNA) chain.
  • Voting for the new chain and airdrop of new tokens is still underway.
  • However, questions linger on the future of the Terra (LUNA) project if its assets are frozen in South Korea.

The team behind the Terra (LUNA) project has clarified via Twitter that the blockchain is not actually undergoing a hardfork, but rather the new chain created will be the genesis of a new blockchain.

The team at Terra went on to define a hardfork as a change in an existing blockchain that results in two chains with a shared history but different future paths. They said:

The important distinction here is that a forked blockchain “shares all of its history with the original (chain)”, which Terra 2.0 will not.

Terra 2.0 = the genesis of a new blockchain.

If Prop 1623 passes, a brand new blockchain (Terra) shall be created starting from genesis block 0 that will not share history with Terra Classic.

Dapps on Terra Classic Will Not Pre-exist in the New Chain of Terra (LUNA)

Furthermore, the team explained that popular decentralized applications built on Terra Classic would not automatically exist on the new chain of Terra (LUNA). The Dapps will have to be migrated to the new chain.

Voting on Proposal 1623 Continues, But the Fate of Terra Hangs in the Balance as S. Korean Authorities Aim to Freeze the Project’s Assets

At the time of writing, there are only 20 hours left before voting on Terra Proposal 1623 concludes. According to Terra Station, 77% of the possible votes in the Terra community have been cast in total. Additionally, 65.99% of the voters are for the proposal.

Terra 2.0 is Not a Hardfork But the Genesis of a New Blockchain, says The Team Behind LUNA 15
Progress on the voting of Terra Proposal 1623 with 20 hours left. Source, Terra Station.

By the look of things, Terra proposal 1623 to introduce the new chain will sail through smoothly since it has met the pass threshold of 50% and without the 33% veto threshold.

However, the fate of the project might hang in the balance based on reports that South Korean authorities are seeking to freeze the Luna Foundation Guard’s assets. The potential consequence of an early seizure of the LFG’s assets has been explored by Terra Community member @FatManTerra, who came to the following conclusion.

If LFG assets are frozen by the police too soon, the small holder refund that they guaranteed may not take place.

Let’s hope bureaucracy drags its feet on this one, at least for the time being. I have been contemplating several matters (albeit sleep-deprived) – more to come soon.