What is Terra Classic (LUNC)?
Terra is a Crypto Exchange Platform and blockchain protocol that uses fiat currency pegged stablecoins for powering global payment systems with better price stability. According to the white paper, Terra combines the price stability and wide adoption of fiat currencies with the censorship resistance of Bitcoin (BTC) and offers rapid and affordable settlements.
Terra Development commenced in January 2018, and the manner of Terra was officially initiated in April 2019. As of September 2021, it intends to roll out additional options and offers stablecoins pegged to the USD, won tugrik, and the International Monetary Fund (IMF)'s basket of currencies.
On May 2022, the Genesis block of the new chain for future transactions is launched in the name Terra (LUNA). Then, the original Terra Chain is rebranded to Terra Classic. LUNA, the original native token has also been renamed as LUNA Classic (LUNC). Moreover, all stablecoins have been renamed to Terra Classic stablecoins. The additional term “classic” is a reference to the split of Ethereum/Ethereum Classic in 2017.
What is Luna Classic (LUNC)?
LUNC is the first native token of the Terra blockchain released in August 2018. LUNC existed before the introduction of the Terra chain and works with the original code of the Terra ecosystem.
The main function of the LUNC is to absorb the price eccentricity of the algorithmic stablecoin. The price of the TerraUSD (UST) stablecoin was pegged to the US dollar by minting and burning UST tokens to balance the supply and demand of the LUNC. The UST stablecoin algorithm created trillions of LUNA tokens, plummeted into a hyperinflationary spiral, and reduced the value of the LUNA token by 99%.
Founders
Daniel Shin and Do Kwon founded Terra in January 2018 as a way to drive the rapid adoption of blockchain technology and crypto through a focus on price stability and usability. Kwon became the CEO of Terraform Labs, the company behind Terra.
Uniqueness
Terra seeks to set itself apart through its use of fiat-pegged stablecoins, stating that it combines the borderless benefits of cryptos with the day-to-day price stability of fiat currencies. It maintains its individual peg using an algorithm that adjusts the stablecoin supply automatically based on its demand. This is done by incentivizing LUNA token holders. The LUNA and stablecoins are swapped at cost-effective rates as needed to either increase or reduce the stablecoin supply to match its demand.
Terra has established a number of partnerships with payment platforms, particularly in the Asia-Pacific region. In July 2019, Terra announced a partnership with mobile payments application for enabling purchases using the e-commerce platforms via the Terra blockchain network. Each transaction is subject to a fee of about 2%–3% charged to the merchant.
Advantages
Improved Security: Terra Classic provides a secure environment for remotely accessing data and applications without a need for physical storage devices that can be easily lost or stolen. Terra Classic also provides advanced security features such as Two-Factor Authentication (TFA) and data encryption, to protect confidential data.
Cost-Effective: Terra Classic is a cost-effective solution for businesses that require access to data and applications from multiple locations. Instead of investing in high-priced hardware and infrastructure, Terra Classic can be used for remote data access.
Scalability: Terra Classic is highly scalable, making it ideal for business organizations of all sizes. It allows to easily add or remove users, without the need for additional hardware or infrastructure.
Security
The Terra blockchain is secured using a Proof-of-Stake (PoS) consensus algorithm. The LUNA holders can stake their tokens as collateral to validate transactions and receive rewards for the staked tokens. Token holders may also delegate other users to validate transactions on behalf of them. Thus, they share their revenue with other users. Terra provides additional guidance to validator nodes on the best network security practices.
CertiK, a blockchain verification and penetration testing firm conducted a security audit of the network, immediately after the live of Terra's mainnet in May 2019. It examined Terra’s economic model to test against the market operation, its architecture, and its coding language. CertiK found that the "modeling and mathematical reasoning" of the Terra network was considered sound, without considering the blockchain's performance.
Conclusion
Terra Classic is a powerful LUNC software that offers multiple benefits to small to large businesses. However, businesses must also consider the risks and challenges associated with this technology, such as internet connectivity, dependency on third-party providers, and data privacy.
To implement Terra Classic in business, it is essential to conduct a thorough risk assessment and ensure the necessary infrastructure and security measures are in place.
Tokenomics
Token Name: Terra Classic
Ticker Name: LUNC
Total Supply: 6,846,325,666,851.72 LUNC
Circulating Supply: 5,823,851,005,757.1 LUNC
Max Supply: Infinity
Market Cap: $532M
How to Buy LUNC?
Follow the below steps to buy LUNC coins,
- Signup with KoinBX.
- Fill in the basic details to create an account.
- Complete your KYC verification process.
- Add your bank account.
- Deposit Fiat to your KoinBX account.
- Click Buy to start buying LUNC with Indian rupees (INR) & Tether (USDT).
How to Sell LUNC?
Follow the below steps to sell LUNC coins,
- Signup with KoinBX.
- Complete your KYC verification process.
- Link your bank account.
- Click the Selloption to find a buyer for LUNC.
Once a buyer for LUNC is found, you can start selling LUNC with Indian rupees (INR) & Tether (USDT).
How to Trade LUNC?
LUNC/INR -> https://koinbx.com/trade/LUNC-INR
LUNC/USDT -> https://koinbx.com/trade/LUNC-USDT
To make your LUNC trade anywhere, anytime with the great trading experience with KoinBX Android and iOS app.
