If you are a crypto enthusiast, you will agree with us when we say that cryptocurrency has changed a lot of people’s lives. Some have become millionaires and others have found a new way to make a living. As we talk right now, more people are working on joining the crypto world.
One of the cryptos that is more popular among crypto enthusiasts is Terra. If you have never heard of Terra, this is a good chance for you to learn more about it. This article has you covered on this interesting topic.
What Is Terra?
Terra can be simply explained as an innovative blockchain with a number of stablecoins. By enabling these fiat-pegged stablecoins, the Terra blockchain strengthens digital payment solutions around the globe and offers a stable investment. The development of this great blockchain began in January 2018, but the main blockchain went live in April 2019.
The Terra blockchain aims to decrease the volatility that is endemic in many cryptocurrencies such as Bitcoin.
Investors that want to participate in Terra have many choices of what to do with their crypto. They can trade, spend, or exchange the stablecoins through the Terra Station wallet or exchanges.
How Does the Terra Blockchain Work?
Validators are the ones who maintain this blockchain. They usually solve complex problems, and in return, they are rewarded with tokens known as LUNA. This token is also responsible for governing the Terra stablecoins to make sure they are steady. There are many things about the LUNA token that you might need to know, but you can find out more about it on this useful website.
What Are the Stablecoins of the Terra Blockchain?
Stablecoins are digital currencies that are pegged to conventional assets such as the US dollar.
Does the Terra blockchain have stablecoins? We are sure that this question has been lingering in your mind. So, to make everything clear, the answer is yes, Terra does have different stablecoins. They include stablecoins pegged to the euro and Japanese yen as well as the US dollar. TerraUSD (UST) is a good example.
These and additional Terra stablecoins are usually backed up by a native token known as LUNA.
Who Governs the Terra Blockchain?
Over the years, the blockchain has been run and is still run by a group of members. Through the governance process, all the Terra users as well as validators can make any important changes to the blockchain through voting and implementing proposals. This way, they can make good decisions that will help the Terra blockchain to continue thriving.
In Conclusion
The Terra blockchain has come in handy in the crypto world due to the way it brings stability. There is a balance between the supply and the demand of the stablecoins used in Terra. Also, as a result of Terra, the world has come to realize and become more familiar with cryptocurrency because the Terra blockchain has brought crypto to the masses. Well, what are you waiting for? Go ahead and join the Terra blockchain.