Terra Overview
Terra is the leading decentralized and open-source public blockchain protocol for algorithmic stablecoins. Using a combination of open market arbitrage incentives and decentralized Oracle voting, the Terra protocol creates stablecoins that consistently track the price of any fiat currency. Users can spend, save, trade, or exchange Terra stablecoins instantly, all on the Terra blockchain.
Luna provides its holders with staking rewards and governance power. The Terra ecosystem is a quickly expanding network of decentralized applications, creating a stable demand for Terra and increasing the price of Luna.
Project Development
Terra was created in January 2018 with the singular vision of facilitating the mass adoption of cryptocurrencies by creating digitally native assets that are price-stable against the world’s major fiat currencies. Keeping in mind that previous innovations in the technology of money was bootstrapped by large payment networks (Alipay with Taobao, Paypal with eBay, Visa with banks), Terra was born with the support of the Terra Alliance, 15 large e-commerce companies in Asia that collectively process 25 billion USD in annualized transaction volume and 45 million users.
The vision of the project is that with the adoption and user engagement of a massive payment network, it will be able to, for the first time, bootstrap a blockchain payment network to the scale it deserves and facilitate far more powerful products and use cases through its infrastructure.
During conversations between co-founders, Daniel Shin and Do Kwon, the concept of Terra began as a solution towards immediate and massive usage of the cryptocurrency and blockchain infrastructure being built around them. To them, price stability and adoption were important in preparing the first steps towards massive adoption of cryptocurrency and blockchain infrastructure. Daniel Shin, with his extensive experience in building one of the biggest e-commerce platforms in Asia, laid out the existing problems we face in payment networks that cannot be solved through just incremental improvements. Do Kwon, previously a founder of a wireless mesh network startup building decentralized application, explained how Terra can turn those problems into an opportunity to build money from the ground up.
Terra Team
Do Kwon
CEO at Terraform Labs. Do is the cofounder & CEO of Terra, a family of price-stable cryptocurrencies aimed at mass adoption. Prior to Terra, Do founded Anyfi, a wireless mesh network startup building one of the most sophisticated decentralized applications in real world use. Do was a software engineer at Microsoft and Apple, and studied Computer Science at Stanford. In 2019 Do was recognised as one of the Forbes 30 under 30 leaders in the Finance and VC category.
Brian Jung
Head of Assets at Terraform Labs. Brian was previously in the travel business division at TMON, one of Korea’s leading eCommerce companies, where he launched and ran hospitality booking, activity booking and car rental platforms. He studied Electrical and Electronic engineering from Yonsei University in South Korea.
Nicholas Platias
Head of Research at Terraform Labs. Nicholas founded Guru Labs, a Lightspeed backed machine learning startup that models risk and fraud in commercial insurance. He previously developed algorithms and distributed systems while at Nest (acquired by Google) and RelateIQ (acquired by Salesforce). Nicholas studied Math and Computer Science at Stanford and has won numerous medals at Math Olympiads.
Paul Kim
Head of Infrastructure at Terraform Labs. Paul has been building nationally acclaimed services for more than 25 years. His greatest hit includes Metin 2, a popular MMORPG game with 9 million monthly active users which led to a $78 million acquisition by WEBZEN. Prior to Terra, he served as CTO at different companies and launched a new influencer marketing platform.
$TERRA & $LUNA
The protocol consists of two main tokens, Terra and Luna.
$TERRA is stablecoins that track the price of fiat currencies. Users mint new Terra by burning Luna. Stablecoins are named for their fiat counterparts. For example, the base Terra stablecoin tracks the price of the IMF’s SDR, named TerraSDR, or SDT. Other stablecoin denominations include TerraUSD or UST, and TerraKRW or KRT. All Terra denominations exist in the same pool.
$LUNA Initial Supply Breakdown
$LUNA is the Terra protocol’s native staking token that absorbs the price volatility of Terra. Luna is used for governance and in mining. Users stake Luna to validators who record and verify transactions on the blockchain in exchange for rewards from transaction fees. The more Terra is used, the more Luna is worth.
About Terra
The Terra blockchain is unique because it is able to host a multitude of algorithmic stablecoins on its network.
One part of Terra’s value contributions, payments, in essence replaces the complicated payments value chain, including credit card networks, banks, and payment gateways with a single blockchain layer. Through this, it can offer merchants a significantly cheaper transaction fee, saving them money that can be reinvested in something else. Further, in concert with the efficiencies that Terra has provided payment channels for both merchants and consumers, it continues to steadily provide infrastructural improvements and tools for the foundations of laying down a credibly neutral, distributed, and radically transparent ecosystem. Bolstered through the initial mass adoption of Terra’s blockchain infrastructure powering its partner, CHAI, Terra moves naturally towards ecosystem building that offers competitive programmable payments, logistics, and infrastructure to power the plethora of industry that will be built on efficiency and scale.
To learn more about the Terra project visit their official website.
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