Crypto news

Terra has figured out how to save the project

Terra representatives said that the “revival plan” of the project does not involve a fork of the existing network, but the creation of a new one.

They noted that in a classic fork, the new network would inherit the history of the original network, but that would not be the case with Terra 2.0.

“If proposal 1623 is accepted, there will be a new blockchain (Terra), starting from genesis block zero, that will have no shared history with Terra Classic,” the team said.

As such, applications or assets from the old network will need to migrate to the new one – they will not automatically appear there.

The developers of most popular dapps, including Prism, Stader, RandomEarth and OnePlanet, are ready to migrate, the project said.

Terraform Labs co-founder Do Kwon, when proposing the hardforward, called it “a chance to revive the project from the ashes.” The idea was greeted negatively in the community.

As of this writing, validators support the emergence of a new blockchain with about two-thirds of the votes.

Right on the ballot, Kwon amended the original proposal by editing some of the token allocation parameters of the new network.

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