Cryptocurrency

Terra Classic is the original version of the Terra blockchain. It uses stable coins linked to fiat currency to support a stable global payment system. According to its white paper, Terra combines the price stability and extensive adoption of the fiat currency, and the anti -review of Bitcoin provides a fast and cheap settlement method.Terra's development began in 2018, and its main network was officially launched in 2019. As of September 2021, it provided a stable currency linked to the special withdrawal rights of the US dollar, Korean won, Mongolia Togrik and the International Monetary Fund, and plans to launch more options. In May 2022, Terra's governance voting passed a proposal to create a new chain to undertake the name of Terra, and the original COSMOS chain was renamed Terra Classic. The original local token LUNA was also renamed Luna Classic (LUNC).In addition, all stablecoins (UST, KRT, EUT) on the network are also renamed Terra Classic Stable Coins (USSC, KRTC, EUTC). There is a theory that the additional term Classic is a reference to the classic split of Ethereum / Ethereum in 2017. According to CEO DO Kwon, UST's incident of losing anchor and collapse in the spring of 2022 was equivalent to the DAO hacking incident in Ethereum in 2017.