Cryptocurrency Q&A
What is the difference between Terra and Terra Classic?
What is the difference between Terra and Terra Classic?
Chloe_emma_researcher
Fri Jul 26 2024
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7 answers
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Could you elaborate on the key distinctions between Terra and Terra Classic? I'm curious about how the two differ in terms of their underlying technology, tokenomics, and the reasons behind the fork that led to the creation of Terra Classic. Understanding these differences would provide valuable insights into the evolution and diversity of the cryptocurrency landscape.
7 answers
AltcoinAdventurer
Sun Jul 28 2024
The first chain to emerge from this division is Terra Classic, which will retain the Luna Classic tokens (LUNC) as its native currency. This chain represents the legacy system, preserving the history and integrity of the previous Terra network.
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KimonoGlitter
Sun Jul 28 2024
In contrast, the new chain, aptly named LUNA 2.0, will operate under the Terra banner and utilize the upgraded LUNA tokens. This innovative iteration of the network is designed to cater to the evolving needs of the cryptocurrency landscape.
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Daniela
Sun Jul 28 2024
A key aspect of this transition is the coexistence of the old LUNA tokens with their successor, LUNA 2.0. Rather than implementing a complete replacement, the developers have opted for a more inclusive approach, allowing users to continue leveraging their existing holdings while embracing the advancements of the new chain.
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WindRider
Sun Jul 28 2024
The decision to maintain the old LUNA tokens underscores the network's commitment to ensuring a smooth and seamless transition for its users. It also acknowledges the significant value and utility that these tokens continue to hold within the cryptocurrency ecosystem.
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ThunderBreezeHarmony
Sun Jul 28 2024
The Terra network has undergone a significant transformation, resulting in the bifurcation into two distinct chains. This strategic move is rooted in the newly implemented governance plan, aimed at enhancing the network's functionality and adaptability.
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