More On: luna
Terraform Labs has confirmed in a press release that Luna 2.0 will be a genesis blockchain beginning at block 0 with no dApps at launch.
Terraform Labs has verified that the new Luna 2.0 blockchain will not share any history with Luna Classic when it is released on May 27.
According to an official announcement, the new chain would be a "brand-new blockchain... beginning with genesis block 0 that will not share history with Terra Classic."
1/ Recently, a few community members (including some from TFL) have referred to the proposed new blockchain in Prop 1623 as a “fork” as opposed to a genesis chain.— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 23, 2022
Note: The revival plan is not proposing a “fork” of the existing chain, but rather the creation of a new one 🧵.
The organization clarified that,
“A (hard) fork refers to a change in a blockchain protocol that results in two blockchains – one that follows the previous protocol & one that follows the new version. The new chain shares all of its previous history with the original.”
If the vote passes, the new Terra network will represent "the beginning of a new blockchain." Currently, a quorum has been reached and the vote has surpassed the pass threshold of 50 percent without reaching the veto threshold of 33 percent.
At 12:17 GMT on May 25, the vote will conclude and the route to Luna 2.0 will begin. However, a major question at this time must be whether Terraform Labs is capable of carrying out the concept. In the previous week, two key initiatives were approved but could not be implemented owing to technological challenges.
Implementing proposition 1623: Will there be a technical obstacle? As a new blockchain is being established, it is improbable. However, the last several weeks have taught us that anything is conceivable with regard to the Terra Luna debacle.
Terra faces formidable obstacles as a result of the creation of a new blockchain beginning with block 0. For example, "DApps or assets from the old chain (Terra Classic) will not pre-exist on Terra (as they would in a fork) and will need to transfer."
Any Terra project that announced support for the new chain will be required to select whether to continue supporting their dApp on Luna Classic and Luna 2.0 or to drop one in favor of the other. No dApps will be operational on Luna 2.0 at launch, as there will be effort to move the codebase to the new chain.
Controversially, the further controversy comes from FatManTerra’s response, stating,
“It’s not technically a fork, but that’s besides the point. Why did you manipulate the governance vote into pushing it through? Why not have a real vote? Why are you strong-arming builders into supporting it when they don’t want to?”
The allegation is bolstered by the fact that on May 12, Luna Foundation Guard purchased 221 million LUNA and bet it across validators. This gave LFG a majority in the governance vote, ensuring the passage of any plan they favor.
@stablekwon @LFG_org You used money from the reserves to buy 221M $LUNA, that represents 60% of the current voting power. How are we supposed to stand a chance on this proposal's voting while you have almost all the voting power? #FakeDecentralization pic.twitter.com/3dBbRboIuM— JB (@JBDLR) May 20, 2022
Given that these voters were "staked across a variety of validators," it is unclear if the LFG utilized these votes or delegated them to the validators.
Another commentator pointed out that Do Kwon himself used "fork" jargon when explaining the new blockchain, adding to the situation's ambiguity.
** Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of USA GAG nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.