Terra is a blockchain that was built using COSMOS SDK with a core focus on stablecoins. It is working to make stablecoins (like UST) a mode of payment for day to day transactions. Stablecoins are basically a cryptographic version of fiat currencies (like USD) that are created by blockchains to reduce volatility surrounding crypto assets.
Luna is the native token of Terra blockchain. Luna powers the Terra ecosystem and helps it function by providing the network with price stability, governance, gas fee and staking.Claim Now
The concept of stable cryptocurrency is derived by following an elastic monetary policy which helps to stabilize the price of Terra stablecoins but this isn’t the only problem to solve. According to the whitepaper, there’s also a need for a better fiscal policy that can drive the adoption of stablecoins by encouraging demand through adoption.
Token Name - Terra LUNA
Token Symbol - LUNA
Token Decimal - 18
Token Supply - 100.000.000
Network - Smart Chain
Contract Address - 0x8d56851B0cEeD587178DD754f6985C8660D77Be4
LUNA is Terra's cryptocurrency that plays four different roles on the platform: 1. A method to pay transaction fees in its gas system (utility token). 2. A way to take part in the platform's governance system. By staking your LUNA tokens, you can create and vote on proposals with changes regarding the Terra protocol. 3. A volatility absorber for the price of stablecoins minted on Terra. 4. A token to stake in the DPoS consensus mechanism behind validators processing network transactions.
Terra is working towards building a solid financial system that starts with Terra stablecoins. Imagine a world where a user doesn’t have to depend on rigid financial system i.e banks or financial institutes to make a trade or purchase digital assets. Moreover, the system is transparent with little to no currency fluctuation. The project has proven its ability to deploy cryptocurrency as a reliable mode of payment and now it’s working towards building two amazing projects i.e Anchor and Mirror protocols (explained above) which will speed up the adoption rate and completes the Terra ecosystem. It’s not hard to conclude, Terra is here for the long game and anyone who believes in a decentralized economy should take a pie in this project.
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