Upgrade Announcement: Terra Luna Classic is preparing to release its version 2.5 upgrade. This highly anticipated update is scheduled to occur at block height 7316000, expected to be reached on October 18th at 12:04 pm UTC.
Understanding Terra: Terra is a revolutionary blockchain protocol designed for global payment systems. It utilizes stablecoins tied to traditional fiat currencies, setting it apart from competitors. By integrating stablecoins pegged to fiat, Terra combines the advantages of cryptocurrencies with the price stability of traditional currencies. An advanced algorithm autonomously adjusts the stablecoin supply 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. LUNA token holders participate in transaction validation by staking their tokens, earning rewards proportional to their staked LUNA amount.
Introduction of LUNA Classic: LUNA Classic, or LUNC, is the original Terra LUNA coin that persisted after the UST/Luna downturn and the subsequent launch of the new Terra chain. The original chain bifurcated into LUNA Classic and the new Terra chains. While the new chain is recognized as LUNA 2.0, LUNA Classic (LUNC) remains the native token of the original Terra LUNA blockchain.
