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What is the New Terra network based on a new governance plan?

The Terra network has been divided into two chains based on the new governance plan. Terra Classic with Luna Classic tokens (LUNC) will be the old chain, whereas Terra with LUNA tokens will be the new chain called LUNA 2.0. The old LUNA will co-exist with LUNA 2.0 rather than being entirely replaced.

How does the Terra protocol work?

The Terra protocol incentivizes validators and delegators with staking rewards from gas fees and inflation rewards: Gas: Compute fees added on to each transaction to avoid spamming. Validators set minimum gas prices and reject transactions that have implied gas prices below this threshold.

What is a terra validation?

Validators are the miners of the Terra blockchain. They are responsible for securing the Terra blockchain and ensuring its accuracy. Validators run programs called full nodes which allow them to verify each transaction made on the Terra network.

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