Terra has indicated that the blockchain’s revival plan does not suggest a fork of the present chain, but rather the establishment of a new one. In the recent past, the crypto community was eager to know about future plans of Terra and a few were expecting a possible fork of the present chain.
According to information, Terra’s revival plan has suggested renaming the existing network Terra Classic, LUNA Classic (LUNC), and creating a new Terra blockchain in the last week. The new revival plan is termed as Terra governance prop 1623.
Misunderstandings about Terra fork
In a series of tweets on May 23, Terra explains a misunderstanding concerning the new blockchain. It claimed that a few community members (including those from Terraform labs) have described the proposed new blockchain in Prop 1623 as a fork instead of a genesis chain. Terra highlights that the revival plan proposes the establishment of a new blockchain rather than a fork of the existing Terra network.
1/ Recently, a few community members (including some from TFL) have referred to the proposed new blockchain in Prop 1623 as a “fork” as opposed to a genesis chain.
Note: The revival plan is not proposing a “fork” of the existing chain, but rather the creation of a new one 🧵.
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 23, 2022
What if Terra had a plan for a hard fork
On Twitter, it explained that a (hard) fork may signify a change in that blockchain protocol, resulting in two blockchains. Out of them, one implements the previous protocol and another that supports the new one. In terms of history, the new chain is identical to the original.
2/ What is a fork?
A (hard) fork refers to a change in a blockchain protocol that results in two blockchains – one that follows the previous protocol & one that follows the new version. The new chain shares all of its previous history with the original.
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 23, 2022
It further explained that the main distinction of our planned Terra 2.0 with forked blockchain is that forked blockchain retains all of its history with both the original (chain), but Terra 2.0 does not have that.
4/ Terra 2.0 = the genesis of a new blockchain 🚀
If Prop 1623 passes, a brand new blockchain (Terra) shall be created starting from genesis block 0 that will not share history with Terra Classic.
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 23, 2022
If Prop 1623 succeeds, a new Terra blockchain would be constructed from start beginning with genesis block 0, with no ties to Terra Classic’s past. DApps or assets from the previous chain (Terra Classic) would be incompatible with the new Terra and would need to be moved. According to Terra’s latest tweets, most major dApps created on Terra Classic have also already committed to transferring, including Prism Protocol, Stader Labs, randomearth and others.
Coinbase Cloud will stop supporting Terra
According to sources, Coinbase Cloud, Coinbase’s infrastructure arm would no longer support Terra. The Coinbase Cloud team took this decision in consultation with Terra’s users and ecosystem players.
The Terra ecosystem exploded earlier this month, sending the LUNA token to zero.
