Hello PUBLISH0X community and welcome back in this new article of my “Easy & Short Cryptocurrencies Made Accessible
With this article we are going to introduce the 24th cryptocurrency of this section with the 50th “E&S” article.
Today we will talk about: Terra (LUNA)!
In the last token review, I talked about Curve DAO Token. If you missed my last crypto analysis, you can recover it below.
Curve DAO Token Review: https://www.publish0x.com/easyshort-cryptocurrencies-made-accessible/e-and-s-crv-decentralized-liquidity-provider-xrnpvmx
What is Terra?
Terra (LUNA) is a blockchain protocol that uses smart contracts, oracle systems and stablecoins to promote many blockchain-based applications. Terra's decentralized infrastructure brings different theories and concepts to DeFi and the cryptocurrency ecosystem. The protocol provides users with many stablecoins options by using a unique price stabilization algorithm. The algorithm preserves the value of assets on the blockchain by changing the money supply to ensure that users pay lower transaction fees. In addition, the price stabilization algorithm ensures more seamless and stable cross-border transactions.
was founded in January 2018 by Daniel Shin and Do Kwon. The two see the project as a way to promote the rapid adoption of blockchain technology and cryptocurrency by focusing on price stability and availability. Kwon serves as the CEO of Terraform Labs, the company behind Terra. Before developing Terra, Shin co-founded and led Ticket Monster, also known as TMON, Korea's main e-commerce platform. Later, he co-founded Fast Track Asia, a startup incubator that works with entrepreneurs to build fully functional companies. Kwon previously founded and served as the CEO of Anyfi, a startup company that provides decentralized wireless mesh network solutions. He has also worked as a software engineer at Microsoft and Apple.
LUNA Token
Terra's native token is LUNA, which is used to stabilize the protocol's stablecoin prices. LUNA holders can also participate and vote on governance proposals in the network.
Terra has a supply of 1 billion tokens. If this number is exceeded, LUNA will be burned until it returns to a balanced supply level. New LUNA tokens are minted through the algorithm of the protocol as needed to maintain the price of Terra stablecoin. LUNA was initially offered as a private token sale for initial investors, including the investment departments of major exchanges such as BINANCE and Huobi. The sale ended in August 2018, so Terra raised $32 million. Of the 385,245,974 LUNAs cast for sale, 10% is reserved for Terraform Labs, 20% is reserved for employees and project contributors, 20% is reserved for Terra Alliance, 20% is reserved for price stability, and 26% is reserved for project supporters, 4% is reserved for creation liquidity.
As already suggested for other coins, The best place to store or hold Terra is a hardware wallet. If you want to keep the coins for years to wait for the price to increase, please use a hardware wallet or cold storage. This is a way to store cryptocurrency offline. The advantage of cold storage is that it can protect your investment from cybercriminals. Although hackers can destroy other forms of encrypted storage, they cannot access your offline wallet.
There are many types of hardware wallets to consider, such as Ledger Nano S, LEDGER Nano X and TREZOR Model T. Any of these wallets can protect your LUNA coins from hackers and cybercriminals.
I recently inaugurated a new section here on Publish0x dedicated to crypto scams. In this section we will evaluate arguable projects, with dubious assets and suspicious people. Not just what have already been declared a fraud. We will also evaluate ongoing projects to create awareness around them.
If you'd like to check out the article regarding Amazon Scam, I'll leave the article link below.
After a little introduction about what Terra is and what is the LUNA token, I invite you to follow me so you don't miss the second part of the article that will be released next Sunday.
We'll go more specifically into new features of this project!
